A group of aggrieved shareholders in Merlin Diamonds planning a board spill say they will report the company to the corporate watchdog after their fellow investors voted to increase the shareholdings of the family of recent bankrupt “Diamond” Joe Gutnick.
On Tuesday, the majority of Merlin shareholders voted to approve parts of a $2.3 million recapitalisation proposal from companies associated with the Gutnick family for exploration purposes. Shareholders voted against a third part of the recapitalisation.
Sources close to the shareholders said they were concerned about whether the notice of meeting issued on August 5 was in line with rules regarding …
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