Troy corporate travails continue

PETER Stern retained his board seat at Troy Resources but shareholders voted against the two other resolutions put to them at the under-pressure company’s AGM in Perth.

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Adoption of the remuneration report and the resolution giving authority to issues shares for fund raising purposes both got the thumbs down, while a representative of Republic at the AGM took umbrage at Stern’s presumption that the disgruntled Singapore-based firm would be voting against his appointment.

The representative also reminded Stern that the unsuccessful board spill called-for by Republic and voted on last month had been a close call for the incumbents (Stern and John Jones), and as such was reflective of widespread dissatisfaction.

Still, Stern reiterated the Troy board’s assessment that none of the proposed board replacements put up by Republic at the time would have brought anything to the table that would...