Today Coppermoly held a General Meeting at the Gold Coast Turf Club to consider several resolutions to replace the existing four man board with four nominees.

The incumbent board was returned, but by a very close margin. The average vote of the four resolutions to remove the current board was 47.3% for and 52.7% against. This is a difference of only 5.5%, or 5.9 million of the votes cast. In effect 3.0 million votes determined the outcome. Further, only 62.9% of eligible shareholders voted.

It is worth watching this stock. Because there is no convincing winner, we can expect further action, such as a bid, that could be very good for shareholders.

Disclosure: Market Capital holds securities in Coppermoly Ltd as at the date of publication of this article.

10 April 2013 Companies