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.’’