Two-thirds of Yowie Group (ASX:YOW) shareholders have voted against the removal of director Louis Carroll from the board following a request of resolutions by major stakeholder Keybridge Capital.
Keybridge, which holds over 5 per cent of shares in Yowie Group, had sent a letter to the company requesting a general meeting on 4 June “pursuant to section 249D of the Corporations Act.”
Its resolutions called for the removal of Yowie board directors Tim Kestell, Glen Watts and Louis Carroll, however Keybridge elected not to provide a statement of reasons to shareholders as to why the directors were to be removed.
The result of the general meeting held on Monday (5 August) saw the resolutions withdrawn for the removal of Kestell and Watts, while Carroll received 67.96 per cent of votes from shareholders against his removal from the board.
Despite the resolution withdrawal, Yowie released a statement advising Watts' resignation and Yowie company secretary Neville Bassett to join the board as director.
On 5 July, The Australian Securities and Investment Commission (ASIC) had appointed Morgan Stanley Wealth Management Australia to sell 28 million shares in Yowie Group, with Total Sale Shares representing approximately 12.92 per cent of Yowie’s issued capital.