Australia’s Global Lithium Resources (ASX: GL1) is seeking to postpone its upcoming annual shareholder meeting until March next year due to concerns over a potential breach of foreign ownership rules.
The West Perth-based developer fears that Chinese national and minority shareholder Liaoliang “Leon” Zhu is attempting to gain control of the firm and its assets located near Kalgoorlie by joining the board and reducing the number of directors.
Global Lithium executive chairman, Ron Mitchell, called shareholders on Monday to vote against the appointment of Zhu and elect instead chief financial officer Matthew Allen as director. The lithium company said on Friday it had approached the Western Australia Supreme Court, requesting more time for the Foreign Investment Review Board (FIRB) to examine the situation. The shareholder meeting is currently slated for Nov. 20.
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