LONDON (Alliance News) - EMED Mining Public Ltd Wednesday said a subsidiary of Trafigura Beheer BV has asked the company to hold an extraordinary general meeting to vote on proposals to remove seven directors of the company.
EMED said Urion Holdings (Malta) Ltd, a unit of the Dutch commodities trader which holds an 18% stake in the business, has requested a meeting to proposed the removal of seven directors of the EMED and the addition of four.
EMED did not name the four directors Urion has proposed for admission to its board, but the removal of the seven directors would result in the departure of all independent non-executive directors on its board, and all its executive directors, to be replaced by four appointees from Trafigura.
Urion has proposed removing Chief Executive Isaac Querub and Chief Operating Officer Alberto Lavandeira, along with non-executives Ronnie Beevor, Roger Davey, Robert Francis, Jose Nicolas Sierra Lopez and Ashwath Mehra.
Trafigura acquired the stake in EMED, the Europe-focused minerals development and exploration company, in July.
EMED shares were up 1.5% to 6.60 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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