Metal X (ASX:MLX) board attempts to obstruct activist shareholder representation

The board of Metals X (ASX:MLX) has unanimously advised shareholders to vote against the appointment of Brett Smith as a Director at the upcoming AGM.

Activist shareholder, APAC Resources Strategic Holdings requested the appointment of Brett Smith, a current Executive Director and the Deputy Chairman of APAC Resources. Metal X says that Mr Smith is “not an appropriate fit” for the board as he lacks the background, experience and qualifications appropriate for the role.

They expressed concerns over his ability to act in the best interests of Metals X given his position within APAC Resources as that company’s objectives and plans are misaligned with Metal X’s, particularly as they relate to the Nifty Copper Operations and the Nifty Reset Plan.

The board took the opportunity to remind the market of their recent successful $32.7 million fully underwritten capital raising saying this is evidencing support for its management and strategy.

Shares in Metals X (ASX:MLX) last traded at 18 cents.
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Source: Finance News Network