Articore Group's (ASX:ATG) board recommended that shareholders vote against all resolutions proposed by Martin Hosking and members associated with Martin Hosking and Richard Cawsey, seeking the removal of the firm's existing board and the election of their four candidates as directors, at the upcoming extraordinary general meeting which they require Articore to call, according to a Thursday Australian bourse filing.
The board said that it determined that the proposed resolutions are not in the best interests of the firm or its shareholders, and that the extraordinary general meeting is "unnecessary, expensive, and disruptive."
The board added that it added US-based expertise to align with the firm's international footprint, and that it is focused on maintaining an effective, independent, and appropriately skilled governance structure.
The firm's shares jumped nearly 5% in recent trading on Thursday.
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