Led by Tom O’Gorman, who owns 3m shares in the company, the rebels claim to have been approached by a third party that is prepared to take a position in Glencar and run the business.
“One of the people involved in the company has a producing mine in Ghana and is prepared to take over as chairman,” said O’Gorman. “He would be joined by a geologist, who would become CEO.”
Hugh McCullough and Kieran Harrington, Glencar’s executive directors, were not available for comment.
O’Gorman, who has been involved in the restructuring of two other small exploration companies, including Lapp Plats, is seeking support to remove the existing directors when the Glencar shareholders meet on Thursday.
At that meeting both McCullough and William Cummins, a non-executive director, will be up for re-election. “I want to put in a new board because there’s no point trying to meld new directors with the old ones — that would cause problems,” said O’Gorman.
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The latest row has been sparked by Glencar’s loss of $674,272 (€557,644) on its gold exploration and development interests in Africa, and a proposal to consolidate the stock by issuing one new share for each block of 10 held.
Following the announcement on June 7, shares fell to 4p in London. In addition to being dissatisfied with the performance, O’Gorman is concerned that the consolidation will make the shares less liquid.