Tirupati clarifies rationale of certain corporate actions amid minority shareholder pressure
London-listed emerging graphite miner Tirupati Graphite has, in a statement to shareholders on June 5, explained its rationale for appointing certain board members rather than those suggested by a group of underlying shareholders who hold a combined 5.8% of shares in the company.
The group of shareholders have accused Tirupati of unnecessarily dismissing actions proposed by certain individuals and not giving due regard to certain candidates for executive directorship.
The minority group of shareholders have sought the removal of chairperson and MD Shishir Poddar, joint-MD Puruvi Poddar and Alastair Bath from office as directors of the company and instead want Mark Rollins, Leo Koot, Isabel de Salis and Murat Erden appointed as directors.
Tirupati advises that Rollins was referred to the company as a possible director by Optiva Securities in July 2022, but following due diligence and considerations, Tirupati deemed his candidacy unsuccessful.
Further, it says Optiva also referred Erden as a potential executive director responsible for finance. Erden was instead appointed as a nonexecutive director and tasked with securing financing for the group, Tirupati states.
The company indicates that there was a disagreement between the board members over the terms of one possible transaction, leading to Erden and De Salis’ resignation from the board.
Tirupati recently announced the appointment of nonexecutive chairperson Michael Lynch-Bell and is advising shareholders to vote against all resolutions under consideration at a general meeting requisitioned by the group of shareholders, to be held on June 11.
Tirupati maintains that the proposed replacement directors do not have the requisite skills and experience to operate in the complex and specialist graphite sector.
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