A major shareholder in failed manganese company Mesa Minerals has lost its bid to have administrators replaced after the Supreme Court ruled there was no evidence of bias between Pitcher Partners and Mesas largest stakeholder, Mineral Resources.
Mighty River International, a 13.5 per cent shareholder in Mesa, alleged that the failed Perth-based companys decision to appoint Bryan Hughes and Daniel Bredenkamp of Pitcher Partners as administrators was made under biased circumstances and in a pre-emptive manner.
Its argument was that conversations had begun between Pitcher and Mesa directors – including non-executive director Chris Ellison, who is also managing director of Mineral Resources, which in turn is a 59.4 per cent shareholder in Mesa…
Read the full article at: https://www.businessnews.com.au/article/Court-rejects-Mesa-shareholder-claims
