Zincox Resources Plc Share News (ZOX)

The general meeting requisition is going ahead at ZincOx Resources even though the company claims the support of shareholders owning more than 50% of the share capital.US SDR LLC and Aldersgate Investment Managers own 5% of ZincOx, a developer of waste recycling plants to recover zinc and iron from steel industry waste. The two shareholders want to remove ZincOx's chairman Andrew Woollett, managing director Peter Wynter Bee, finance director Simon Hall, technical director Jacques Dewalens, project development director Simon Mulholland and non-exec Gilles Masson. They would be replaced by Russ Robinson of US SDR and Barry Hamilton. Robinson is an industry veteran and he founded US SDR's main business, which recycles electric arc furnace dust, in mid-2006.Robinson favours Waelz kiln technology and believes that ZincOx will waste cash trying to develop its own technology. ZincOx argues that its Rotary Hearth Furnace technology is superior in terms of recovering zinc and pig iron. ZincOx also says that it is more environmentally friendly. ZincOx adds that the development of its Ohio recycling plant has restarted. Management believes that it will be able to prove its technology and start generating revenues within 18 months. According to ZincOx: "The directors are aware that on 14 April 2005, Mr Russ Robinson and Metaleurop SA (a French company of which he was a director) were fined by the Sanctions Committee of the AMF in France as a result of their intention to conceal the deterioration of the Metaleurop group's financial situation. By a decree dated 13 December 2005 the Court of Appeal of Paris reduced the financial penalties to, respectively, €90,000 (from €150,000) for Mr Russ Robinson and €140,000 (from €200,000) for Metaleurop SA. By a decree dated 30 May 2007, the Court of Cassation dismissed an appeal by Mr Russ Robinson."Numis says that it would "consider its position" as nominated adviser if Robinson wins the votes at the general meeting, which will be held on 23 April.