Perth based Global Lithium Resources is calling for government intervention on an alleged Chinese takeover of its flagship Manna lithium project.
Global Lithium management made the allegations in filings with regulators, specifically claiming that director Dianmin Chen is working with a group of foreign-linked investors.
These investors were reported to be holding between 30% and 40% of shares and looking to take control of the board and the Manna project.
Global Lithium management, being led by Executive Chairman Ron Mitchell, has since advised shareholders to reject proposals to reappoint Chen, appoint other Chinese-born directors and cap the board at three directors.
In addition, government assistance has been requested, following the Australian Takeovers Panel’s decision just last week to reject Global Lithium’s application to investigate the alleged breaches of foreign ownership rules.
This all comes ahead of the key vote set for Thursday, which was rescheduled from November 2024 amidst a ruling from the Western Australia Supreme Court around the same issue delivered in November.
At the time of reporting, Global Lithium (ASX: GL1) shares were sat at $0.22, up 2.38%. Its market cap was $56.27 million.
