Kingsgate board survives spill motion

KINGSGATE Consolidated’s incumbent board headed by executive chairman Ross Smyth-Kirk has reportedly survived a board spill, the second such survival act performed by a long-standing ASX resource sector company stalwart in recent months.

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The spill motion initiated by disgruntled Kingsgate shareholder Metal Tiger was unsuccessful, with all Kingsgate directors to remain, though actual vote results yet to be seen on the ASX platform.

A similarly unsuccessful board spill motion in October saw Troy Resources’ board, including 30-year director John Jones, also survive

Coincidentally, the bid to oust Jones et al was headed by Greg Foulis, a former MD of Kingsgate Consolidated.

Despite the failures, both company boards are expected to remain under close scrutiny given the struggles of recent times that led to the spill motions.

For Kingsgate’s Smyth-Kirk, a big legal win against Kingsgate’s insurers and the Kingd...