Finders directors clear out

THREE longtime Finders Resources directors have resigned from the board only days after the company rejected a proposal by major shareholder Taurus Funds Management to remove them.
Finders directors clear out Finders directors clear out Finders directors clear out Finders directors clear out Finders directors clear out

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

Taurus had proposed the removal of the three to be replaced with Taurus principal Gordon Galt.

Finders last week rejected that proposal.

Today's news comes after executive directors Rob Thompson and James Wentworth resigned last week.

It leaves only managing director Chris Farmer and directors Gary Comb and Gavin Caudle on the board.

Comb was replaced by Fountain as chairman last week after the company said he was no longer an independent director, having aligned himself with Taurus.

Caudle is a representative of the company's other major shareholder, Provident Capital.

Finders rejected the Taurus proposal 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.

Shares in Finders gained half a cent to A22.5c.

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