Canada’s Cornerstone Capital Resources said on Wednesday that it intended to requisition a general meeting to replace the entire board of LSE- and TSX-listed SolGold.
Cornerstone, which is currently the subject of a hostile takeover from SolGold, owns 7.58% of the company, with other large insider independent shareholders including diversified major BHP (13.64%), gold miner Newcrest Mining (13.57%) and investment manager BlackRock (5.24%).
“The time has come to put an end to SolGold’s suspect corporate governance and self-dealing practices. As one of the largest shareholders of SolGold, it is obvious to Cornerstone that the current SolGold board is incapable of managing the affairs of SolGold for the benefit of all shareholders in a prudent and transparent manner,” said Cornerstone chairperson Greg Chamandy.