Can anybody please enlighten me as to the state of play around the YTC board tensions. Recall that before the 18 Nov 2011 AGM there was a letter circulated drawing attention to the state of the board where the Yunnan interests had 17% of YTC stock - yet 50% of the board was aligned with Yunnan. At the AGM Dr Guoqing Zhang (Yunnan) was not re-elected by an ~ 80 / 60 margin. Then the resolutions re election of Mr Woodham and Mr Chambers were withdrawn. Were they ever re-elected ? Both are still on the board. So why were they slated for re-election if they can just stay on the board anyway ? The board now. Mr Anthony Wehby (Chairman) Mr Rimas Kairaitis (Managing Director) Mr Robin Chambers (Non Exec. Director) Mr Wenxiang Gao (Non Exec. Director) Mr Richard Hill (Non Exec. Director) Ms Christine Ng (Non Exec. Director) Mr Stephen Woodham (Non Exec. Director) Dr Guoqing Zhang (Non Exec. Director, Alternate Director) Mr Yong Chen (Alternate Director)
I note Dr Guoqing Zhang is back - after being voted off at the Nov 2011 AGM - so what has happened here ? How did he get re-appointed ? Is the board still 50% aligned with Yunnan ? We now know that Glencore started buying their 6.5% stake on 7 Nov 11 and by 5 Dec had 3.6% of YTC, bought over the period including the AGM. Then on 9 January Dir Mr Woodham sold his 3.5million odd shares to Glencore - which put them on ~4.9%. Then after waiting 8 weeks Glencore bought 3.75million which put them on ~6.5% where it stands now. Would appreciate hearing what other views and info.
YTC Price at posting:
45.0¢ Sentiment: LT Buy Disclosure: Held