Shareholder discontent at Ten Sixty Four has seen the WA-based gold enterprise lose its highly regarded non-executive chair, Putejurra woman Kate George, after less than a year into the role.
In November Dr George became the second ever, and only current, Aboriginal woman to chair an ASX-listed company.
She stepped down with immediate effect on Friday and said persistent disputes at the shareholder level, which began well before she joined the board, "had caused ongoing disruption to realising value from our assets".
An extraordinary general meeting is planned for Tuesday to vote on a resolution moved by former managing director Ryan Welker's Vitrinite to remove Ten Sixty Four's current directors and appoint five of its own directors, the second attempt by Vitrinite in the past eight months to install its own directors.
The West Australian reported that in her resignation letter Dr George said board renewal was needed and she hoped her resignation would be a catalyst for change.
"I strongly believe share register deadlocks of this type are a handbrake on value creation, especially where they are long-running and unresolvable without change," she said.
"I also believe the best interests of all shareholders are served by the appointment of new independent directors following the forthcoming shareholder meeting.
"These disputes preceded my appointment to the board and, as you know, I have tried to find resolutions and stability. Unfortunately, given the legacy issues and the depth of enmity between personalities involved, a resolution has not been possible despite my best efforts.
"The forthcoming shareholder meeting is another public punctuation point in the dispute and I see no end in sight without change."
Dr George also said she believed the shareholder deadlock would continue beyond Tuesday's meeting.
"The board is confident neither Vitrinite nor any of its proposed directors have a full understanding of the serious issues currently being resolved by the company and therefore it would be reckless and a great risk to shareholders for the entire board to be replaced at this time," Ms George's note to shareholders said.
