(MENAFN - ProactiveInvestors - Australia) Australian & Sino focused ASF Group (ASX:AFA) has withdrawn a request to requisition a shareholders meeting to remove certain directors of Rey Resources (ASX:REY).
ASF Group holds 22.7% or 6.01% of Rey Resources.
Yesterday, Rey Resources non-executive chairman, Ronnie Beevor and non-executive director, Brett Clark resigned from the board of the company, effective immediately.
Maree Arnason has also resigned as a director and will also cease as an executive of the company effective immediately.
Canning Basin Energy Pty Ltd, a wholly owned subsidiary of ASF Group and substantial shareholder of Rey had originally requested a meeting of Rey Resources shareholders to consider various motions.
The Rey Resources board now comprises two ASF Group Nominees, Min Yang and Geoff Baker, and managing director Kevin Wilson.
The prize at Rey Resources is a plum: the Duchess Paradise Project, which has moved from exploration into the pre-development phase.