Altona Energy Shares Drop As Resolutions To Remove Directors Fail

LONDON (Alliance News) - Altona Energy PLC on Monday said the resolutions to remove Zhang Qinfu ...

Alliance News 14 January, 2019 | 2:40PM
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LONDON (Alliance News) - Altona Energy PLC on Monday said the resolutions to remove Zhang Qinfu and Ma Chi as directors were not passed.

Shares in Altona were down 32% at 46.00 pence on Monday afternoon.

In early December, the mining and exploration firm said it had received a general meeting requisition notice from shareholders Leon Hogan, Nicholas Lyth, and Robert Hales.

These shareholders held roughly 15% of Altona's shares and were requesting the removal of Qinfu and Chi. The resolution failed, and so the two directors will remain.

A representative of Qinfu gave a statement at the general meeting and said the company's focus should be on "coal mining and underground coal gasification".

Qinfu's representative said the company's initial focus should be on investigating the feasibility of product extraction from its Australian coal resources.

"We have communicated with the South Australian government; we have visited the pilot plant of Linc Energy in Brisbane to investigate its technology; and we have invited Chinese experts to South Australia to do an on-site investigation," the representative said.

"I believe that is the company's future. If the directors make wrong decisions about the company's development direction, it is unlikely we will ever recover our lost value," Qinfu's representative continued.

Qinfu has recommended Altona invest in a Chinese vanadium mining project, in which Qinfu owns more than 40%.

"The profit margin for this project is high. If we could include this vanadium mine company into Altona, it will give Altona an opportunity to receive an immediate major boost and give us the funding to develop the coal resource in Australia further," said Qinfu's representative.

By Anna Farley; annafarley@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Altona Energy PLC 16.50 GBX 0.00 -
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