Firefinch Shareholders Calls for Director Changes
Firefinch Limited
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Firefinch Shareholders Calls for Director Changes

Firefinch Limited (ASX:FFX) has recently received a Notice under Section 249D of the Corporations Act and has provided an update to its shareholders regarding the matter. The Notice, which was received on July 18, 2023, was issued by a group of shareholders collectively known as the "Convening Shareholders. " The Convening Shareholders, who hold approximately 6% of the Company's fully paid ordinary shares, have requested a general meeting to consider certain resolutions.

The Proposed Resolutions put forward by the Convening Shareholders are twofold:

The removal of Mr Brett Fraser, Mr Mark Hepburn, and Mr Bradley Gordon as directors of the Company with immediate effect.

The appointment of Mr Garry Peter Lougher and Mr Gareth John Edwards as directors of the Company with immediate effect.

In response to the Notice, Firefinch Limited will adhere to the requirements outlined in the Corporations Act and take the necessary steps to convene a general meeting. The Company will provide further details regarding the meeting, along with the Board's recommendations, in due course.

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The Board has expressed its unanimous view that the Proposed Resolutions are not in the best interests of the Company or its shareholders.

Furthermore, the Board intends to recommend that shareholders vote AGAINST the Proposed Resolutions and plans to vote their own shares accordingly. It should be noted that each of the directors mentioned in the Proposed Resolutions - Mr Brett Fraser, Mr Mark Hepburn, and Mr Bradley Gordon - are independent directors of Firefinch Limited and have demonstrated strong leadership since their appointment.

The Board emphasises that the aforementioned directors possess the necessary knowledge, skills, and experience to ensure the successful execution of the Company's strategy, particularly in delivering superior value and liquidity to Firefinch shareholders through the ongoing Process. The Board is concerned that implementing the Proposed Resolutions at this crucial stage in the Company's future may have a significant destabilising impact.

Firefinch Limited has also reminded the Convening Shareholders of their obligation to provide disclosure under Section 671B of the Corporations Act should they begin to hold a substantial stake in the Company.

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