Global Lithium Resources (ASX:GL1) alleged in an application to the Australian Takeovers Panel that parties with alleged undisclosed associations, holding about 30% to 40% voting power in the firm, attempted to gain control of its board and the company since at least February 2024, according to a Jan. 10 Australian bourse filing.
This included causing previous independent directors to resign or be removed, the firm alleged.
Global Lithium is seeking final orders from the panel, requiring that the alleged associates' 30.03% stake in Global Lithium either be vested in the Australian Securities & Investments Commission for sale within 18 months or that a voting restriction of three years be applied and the alleged associates make corrective substantial shareholder notices.
It is also seeking orders for the appointment of at least two independent directors to its board and for the alleged associates to pay the indemnity costs of the applicant.
These associates allegedly acquired stakes in Global Lithium in contravention of rules and failed to fully disclose their association, according to the firm.
The firm further alleged that an annual general meeting of the firm's shareholders, including resolutions requisitioned by the alleged associates seeking to change the board's composition allowing these alleged associates to secure a majority of board positions, is scheduled for Feb. 14.
The panel said it has not yet made any decision to conduct proceedings.
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