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Karelian Diamond shareholders again seek board overhaul

Karelian Diamond Resources PLC shareholders reportedly owning an 11.86% stake in the company requisitioned an extraordinary general meeting seeking a board overhaul.

The shareholders are looking to remove Richard Conroy, Maureen Jones, Seamus FitzPatrick, Sorċa Conroy and Louis Maguire as directors, and replace them with Alan Osborne, Stephen Grimmer, Martin Doyle and Kevin Taylor.

The company said Sept. 2 that the resolutions are identical to those that were proposed at a recent meeting held in late July and failed to pass.

The board noted that the proposed requisition is "vexatious and designed to hamper the company in the orderly conduct of its business."