Global Metals Exploration (ASX:GXN) announced they received a notice from one of their largest shareholders wherein they have been asked to call a general meeting and vote on the appointment of Julian Ramirez to the board of directors, and to remove Lia Darby as managing director.
We obviously aren’t too happy with the recent share price performance, but are unsure if Julian Ramirez is the guy who will be able to turn things around. At this point we do not have any information about his qualifications and credentials and thus aren’t convinced he is the best choice.
Now Andrew Mortimer has resigned, it might be a good time to appoint an independent director to Global’s board, but we prefer it to be another geologist to assist Carl Swensson or someone with a capital markets background instead of a polarizing person who could make things worse.
We continue to believe the acquisition of the graphite project could have been the opportunity to turn things around, but unfortunately the proposal was voted down at the meeting. The share price obviously is a big concern, but all this company needs is one good drill hole at Jutson Rocks and then we’re off to the races.
Download the press release here (pdf)
Disclosure: Global Metals Exploration NL is a sponsoring company. Please see our disclaimer for current positions.
