Paramount Board challenge fails

Shareholders in Paramount Mining Limited have voted strongly to retain the company’s...

  Shareholders in Paramount Mining Limited have voted strongly to retain the company’s existing Board – rejecting an attempt by a group of Perth business people to replace the diamond explorer’s current Directors.Around 84 percent of shareholders who voted at this week’s meeting favoured the retention of founding Executive Chairman – renowned diamond explorer Maureen Muggeridge – as well as fellow non-executive Directors, Dr Bram Janse and Charles Devenish. The endorsement for the Board status quo and its growth strategy was voted on by Paramount shareholders at a General Meeting in Perth necessitated by a requisition of interests associated with Cleo Holdings Pty Ltd. Ms Muggeridge said the result was clear-cut and would allow Paramount to continue its project development strategies. “We can now move on from [the meeting’s] outcomes in the interests of all shareholders, including those who originated the meeting, to work towards establishing a commercial diamond mine operation either in Australia or on the African continent,” Ms Muggeridge said. The vote count from the General Meeting comprised 240 voting shareholders, representing a total of 49,406,040 million shares. Of those, 202 shareholders, representing 30,334,873 million shares, voted in favour of retaining Ms Muggeridge, with similar support for the non-executive board members, Dr Janse and Mr Devenish.