Galt joins Finders board in restructure

TAURUS Funds Management has withdrawn a request to remove three Finders Resources directors after a number of changes to the board this week that included the appointment of Taurus principal Gordon Galt.
Galt joins Finders board in restructure Galt joins Finders board in restructure Galt joins Finders board in restructure Galt joins Finders board in restructure Galt joins Finders board in restructure

Former Norseman Gold boss Barry Cahill has replaced Chris Farmer as managing director.

Farmer remains on the board and as president of Finder's Philippines subsidiary.

Gary Comb was re-elected as chairman of the company, a week after being replaced when the board questioned his independence.

"The board of Finders reaffirms the independence of Gary Comb," the company said this morning.

"Gary has no association with Taurus Funds Management or any other substantial shareholder."

Galt also joined the board, representing Taurus, while another major shareholder, Provident Capital, also has a seat on the five-member board.

"The current board changes do not ‘transfer control' of Finders to Provident and Taurus," Finders said.

Russell Fountain, Stephen de Belle and Stephen Lonergan all resigned on Wednesday after being with the company since its formation.

Taurus had proposed the removal of the three to be replaced with Galt, a proposal rejected by Finders last week, saying it would have put the company in the control of major shareholders.

The company also highlighted a potential conflict of interest, given that Taurus is also a shareholder of Intrepid Mines, which has sought access to Finders' data room.

Finders said it left the company highly vulnerable to an opportunistic and undervalued takeover offer.

The Sydney-based company is developing the Wetar copper project in Indonesia, recently receiving the final forestry permits needed to move to full development.

Today Finders said it was in discussions with a number of investors and companies over the development, though potentially conflicted directors would not participate.

As a result of today's changes, Taurus has withdrawn its request for a general meeting vote.

"The restructured board and management team is the right one for the next phase of Finders' development with a good mix of Indonesian, construction and financing expertise," Comb said.

"The changes announced today enjoy the support of all the major shareholders of Finders."

Finders shares were untraded at A22.5c.

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