Sacked Ten Sixty Four boss Ryan Welker has backed down over his plans to oust the gold miner’s chairman Jeffery McGlinn.
Mr Welker, who is the former husband of Gina Rinehart’s daughter Hope, on Friday agreed to withdraw a 249F notice which sought to call a shareholders meeting for September 28 to remove the NRW Holdings founder and former boss as Ten Sixty Four’s executive chairman.
The backdown follows legal arguments by the company, which argued the notice did not comply with the Corporations Act.
Ten Sixty Four informed Mr Welker’s private company Vitrinite and associate Arbiter Partners Capital Management that their notice was invalid because Vitrinite did not hold the required shares in the company and Arbiter was not a shareholder.
The company said it had also identified what it believed to be further irregularities with the 249F notice of meeting.
Mr Welker lodged his original notice of meeting in July, which included a bid to remove non-executive director Andrew Hunt.
But he later dropped Mr Hunt from the notice because together with their proposed nominees, it would have left fewer than two Australian taxpayers on the company’s board, representing a breach of the Corporations Act.
Mr Welker’s move against the pair came after he was sacked as managing director of Ten Sixty Four for failing to disclose a direct financial interest in a drilling company that entered into “an important commercial contract” with an entity within the group.
He had tendered his resignation just days earlier and been serving out six months notice.
Mr Welker’s March appointment came after Ten Sixty Four, formerly known as Medusa Mining, bought early-stage copper and gold assets in Queensland from a company he founded via scrip.
Ten Sixty Four operates to Co-O gold mine in the Philippines.
Its shares were up 3¢, or 5 per cent, to 64¢ at the close.