AVZ Minerals shareholders have cast their votes amid a boardroom ousting campaign at the company’s annual general meeting yesterday.
AVZ Minerals shareholders have cast their votes amid a boardroom ousting campaign at the company’s annual general meeting yesterday.
The West Perth company was recently the target of a campaign named 'Make Manono Great Again', which AVZ claimed to be associated to an entity named Fat Tail Holdings and former company director Peter Huljich.
Earlier this year, the campaign group called for the immediate resignation of AVZ board of directors and its chief executive Nigel Ferguson at the company’s annual general meeting, to be replaced by Mr Huljich, Michael Carrick, and Ty Ludbrook.
There were 21 director nominees at AVZ’s AGM yesterday, but it was the six names in the company’s AGM resolutions who were voted in.
In an ASX announcement this morning, AVZ Minerals said Fat Tail’s proposed nominees were strongly voted down.
“Your board trusts that this resounding rejection by shareholders of Michael Carrick, Peter Huljich and Ty Ludbrook as potential AVZ directors ends any notion that these nominees or their strategies are welcomed by shareholders,” the company said.
Mr Huljich received 32.9 per cent of the votes for his election to the board, compared to 67.14 per cent against.
He was a non-executive director at AVZ for more than three years but resigned in August 2022.
AVZ directors Graeme Johnston and John Clarke were re-elected while Casta Tungaraza, Serge Ngandu and Salome Thaddaus Sijaona’s nominations were all carried.
Mr Johnston’s re-election was passed with 62.7 per cent of the votes for and 37.3 per cent against while Dr Clarke received 57.9 per cent of votes for his re-election, and 42.1 per cent against.
Dr Tungaraza was appointed with 67.4 per cent of the votes, Mr Ngandu received 67.3 per cent, and Ms Sijaona had 67.4 per cent of votes for her nomination.
AVZ managing director Nigel Ferguson thanked shareholders for the vote to return the current board, calling it overwhelming.
“We have spoken with many of you. We understand your concerns and we share your desire to expedite the development of the globally significant Manono Lithium and Tin Project and to reinstate AVZ securities for trading,” Mr Ferguson said.
“We are working hard with the authorities in the Democratic Republic of Congo and with stakeholders from around the world to advance the Manono project and to secure diverse critical minerals supply chains for the benefit of our shareholders and most importantly the people of the DRC.
“We will continue to pursue our objectives with care, while being sympathetic to the needs of our partners in country.”
About 70 per cent of shareholders voted at the AGM, according to AVZ.
