Australia's Takeovers Panel will not investigate Jervois Mining Ltd.'s claims that shareholder Scandium Development International Pty. Ltd. has formed an alliance with other shareholders in an attempt to overthrow the board.
The panel said Oct. 6 that it did not believe Jervois had provided sufficient evidence to justify making further inquiries into the alleged association.
Jervois believes that Scandium Development has acquired a relevant interest in the company in excess of the 20% takeovers threshold through various associations.
Scandium Development is a private company that holds 0.03% of Jervois' issued capital and has failed on several occasions to increase its direct interest but is believed to have formed an alliance with other shareholders that collectively hold a 26% interest.
Jervois received a first strike vote against its remuneration report at its 2015 annual general meeting and is trying to avoid a second strike and potential board spill at a Nov. 29 annual general meeting.