Share holders at Sundance Resources Limited (ASX:SDL)
have expressed a measure of resistance to the appointment of ex-Leighton Holdings CEO Wal King as Chairman of the Board.
At the company AGM yesterday, 40 per cent of voters were against the appointment with Mr King only narrowly scraping in with majority vote.
Shareholders were also up in arms about the company’s remuneration report with 55 per cent of the vote against package. Mr King says the opposition was not completely unexpected as major shareholder Hanglong Mining Investment was against the wage deal.
Hanglong Mining was involved in a failed takeover bid for Sundance in 2012 and retains a 14 per cent stake in the explorer.
Mr King says the company will now focus on cost cutting measures in view of the falling iron ore price.
Sundance Resources made a loss of $33 million for the 2014 financial year.