GoldStone Resources (AIM: GRL) shares tumbled nearly 48% in early trade after its annual general meeting saw a major board change and a setback to fundraising plans.
While most resolutions passed, shareholders overwhelmingly, by more than 80%, voted against the reappointment of Angela List as a director, triggering her immediate departure. Campbell Smyth has been appointed interim non-executive chairman.
The company also disclosed that former chairman Bill Trew had revealed confidential details of a rejected offer made to the board earlier this year. GoldStone has launched an investigation into the breach.
On the operational side, July gold production slipped to about 214 ounces due to lower-grade ore being mined. Management is in discussions with potential funding partners and may convene another shareholder meeting to revisit its failed proposal to increase share issuance authority.
The result of the poll for each resolution are as follows:
|
Ordinary Resolutions |
For |
% |
Against |
% |
Votes Withheld |
|
|
Ordinary Resolution 1 |
To receive and adopt the annual financial statements of the Company for the year ended December 2023 and December 2024 (the “Accounts”), together with the reports of the directors and the auditors. |
320,278,467 |
84.29% |
59,676,000 |
15.71% |
2,080,660 |
|
Ordinary Resolution 2 |
To ratify and approve the remuneration of the directors as set out in the Accounts. |
380,978,225 |
99.82% |
696,000 |
0.18% |
360,902 |
|
Ordinary Resolution 3 |
To confirm the re-appointment of Ms Angela List as a director of the Company. |
72,763,454 |
19.23% |
305,670,660 |
80.77% |
3,601,013 |
|
Ordinary Resolution 4 |
To confirm the re-appointment of Dr Orrie Fenn as a director of the Company. |
427,214,742 |
95.84% |
18,546,300 |
4.16% |
61,930,660 |
|
Ordinary Resolution 5 |
To confirm the appointment of Mr Campbell Smyth as a director of the Company. |
318,207,661 |
62.71% |
189,234,041 |
37.29% |
250,000 |
|
Ordinary Resolution 6 |
To appoint Moore Stephens Audit & Assurance (Jersey) Limited as auditors of the Company until the conclusion of the annual general meeting of the Company to be held in 2026, on terms and conditions (including remuneration) to be agreed by the directors. |
320,347,467 |
100.00% |
7,000 |
0.00% |
61,680,660 |
|
Special Resolution 7 |
To provide the directors with a further general authority to allot up to an aggregate maximum of 474,594,899 Ordinary Shares, representing approximately 50 per cent. of the Company’s issued ordinary share capital at the date of notice of this Resolution. |
319,570,133 |
62.96% |
187,971,569 |
37.04% |
150,000 |
The Company notes that it is in ongoing discussions with potential funding partners and, to the extent needed, will convene a further General Meeting in due course to allow shareholders to vote on increasing the Board’s share issuance authorities.
