Share Coverage
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Jan not happy: Cameron seeks to unseat Bellamy's directors
Wednesday, 4 Jan 2017 12:42:18 | Michael Janda
Bellamy's assorted baby food products. (Bellamy's)
Businesswoman Jan Cameron is leading a push to roll four of Bellamy's independent directors after the company lost half its value in a share market rout late last year.
Kathmandu founder Ms Cameron has been a long term investor in the Tasmanian-based infant formula producer and is now seeking a place on the company's board.
The Black Prince Private Foundation, an investment vehicle that owns 14.48 per cent of Bellamy's shares, delivered a notice to the company on December 30 requisitioning a general meeting for the purpose of removing four of its independent, non-executive directors.
Black Prince is seeking to remove Patria Mann, Launa Inman, Michael Wadley and Charles Sitch and have them replaced by Ms Cameron, Chan Wai-Chan, Vaughan Webber and Rodd Peters.
The ABC understands that Black Prince is associated with Ms Cameron, although its exact ownership structure is unclear.
Under the Corporations Act, Bellamy's is obliged to hold the meeting within two months of receiving the notice requesting it.
However, the company's chairman Rob Woolley said Bellamy's will be resisting the push, adding that he does not consider it in the best interests of all shareholders.
"I support my fellow directors in opposing the proposal from Black Prince, which is an unwanted distraction for the board and senior management as we work towards lifting the suspension of trading in Bellamy's shares," he said in a statement.
Bellamy's shares have been halted, and then suspended, from trade on the ASX at the company's request since December 12, following a trading update on December 2 that sparked a share price collapse.
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