Infant formula maker Bellamy’s Australia has declined to comment on reports that its chairman, Rob Woolley, could quit if moves by the company’s largest single shareholder for a boardroom shake-up succeed.
The Black Prince Private Foundation, which holds a 14.48% stake in Bellamy’s, has given formal notice to requisition a general meeting of the company’s board in two months’ time in a bid to replace four non-executive directors with its own candidates. The move comes after trading in the infant formula maker’s shares were voluntarily suspended following problems with exports to China.
Woolley has opposed the move, which he said was “an unwanted distraction for the board and senior management” as the company works towards lifting the voluntary suspension of trading in Bellamy’s shares”.
According to a report in The Sydney Morning Herald, Woolley “is expected to quit over the next few months if the tussle by dissident shareholders for control of the company succeeds”.
Bellamy’s did not respond to requests by just-food for comment on the report.
Meanwhile, Bellamy’s has said this week its shares remains suspended from trading until the earlier of the release of an announcement by the company or the start of normal trading on 13 January.
Bellamy’s originally requested trading of its shares be suspended early last month. At the time, the company said the suspension was “necessary for the company to manage its continuous disclosure obligations whilst it continues with a review in order to finalise an updated announcement of the impact of trading conditions on the company’s expected financial results”.
The company later asked for the trading halt on its shares to be extended until it determined the impact talks with “key supplier/manufacturers” would have on its financial results.