Shareholders' Association Opposes Austal's Resolutions to Elect, Issue Shares to Non-Executive Director

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The Australian shareholders' association decided to oppose Austal's (ASX:ASB) resolution to elect Non-Executive Director (NED) Richard Gibb as nominee of substantial shareholder Tattarang Ventures and a second nominee of Tattarang and an additional non-independent NED, according to a Tuesday statement by the Association.

The association also opposed the resolution to issue Gibb, share rights to the value of 25% of their basic fees on a salary-sacrifice basis, the statement said.

It also decided to vote against the resolution to ratify the issue of the company's placement shares as it believes the size of the company's AU$20 million share purchase plan should be at least equal to the shares held by retail investors, the statement added.

Shares of the company rose nearly 1% in recent Tuesday trade.

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