Board stoush

Shepparton News - Country News - - DAIRY NEWS -

A board­room bat­tle for con­trol of Tas­ma­nian in­fant for­mula mar­keter Bel­lamy’s is con­tin­u­ing in the lead-up to a spe­cial meet­ing on Fe­bru­ary 28.

A group of share­hold­ers is try­ing to re­move some of the di­rec­tors of Bel­lamy’s, and a pri­vate trust which has the mys­te­ri­ous name of the Black Prince Foun­da­tion, is a sig­nif­i­cant player in the moves.

Bel­lamy’s chair­man Rob Wool­ley has writ­ten to share­hold­ers urg­ing them to not vote for the spe­cial res­o­lu­tions call­ing for the re­place­ment of di­rec­tors.

The Black Prince Foun­da­tion holds about 14 per cent of shares in Bel­lamy’s. This month, share­holder and prom­i­nent busi­ness­woman Jan Cameron de­clared she was aligned with the Black Prince Foun­da­tion.

Mr Wool­ley said Ms Cameron and Black Prince had on mul­ti­ple oc­ca­sions sought the im­me­di­ate res­ig­na­tion of four of Bel­lamy’s in­de­pen­dent di­rec­tors and the req­ui­si­tion of the up­com­ing meet­ing was part of an on­go­ing cam­paign against the in­cum­bent board.

‘‘Black Prince has still not ad­vanced any strat­egy or plan for Bel­lamy’s,’’ he said.

‘‘Black Prince has not ex­plained how it would ad­dress the loss of cor­po­rate knowl­edge which would re­sult from re­mov­ing four of Bel­lamy’s ex­ist­ing in­de­pen­dent di­rec­tors.

‘‘It has also not ad­dressed the com­pany’s con­cerns about the lack of listed com­pany di­rec­tor­ship ex­pe­ri­ence amongst the can­di­dates pro­posed by Black Prince.’’

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