Adelaide Brighton's (ASX:ABC) major shareholder Barro Properties has nominated Rhonda Barro to be a new Board Director for election at the Company’s AGM.
Barro Properties and its associates have a relevant interest in 43 per cent stake of the Company’s issued capital, and, two of the current Directors are nominees of Barro Properties.
However, Adelaide Brighton says if the new Director is appointed and the independent Directors standing for election are not re-elected, the Board will no longer consist of a majority of independent Directors.
The current independent Directors believe it's important that the Company comply with the ASX recommendation that there be a majority of independent Directors on the Board. As such, the Board will continue to discuss Board composition in the lead up to the AGM.
Shares in Adelaide Brighton (ASX:ABC) are trading 1.89 per cent lower at $4.66.