The company’s stock has been in a trading halt since December 12 after its market value plunged more than $500 million following the announcement that new Chinese import regulations had hurt sales in China and could result in its full-year revenue being less than the $244.6 million made in 2015/16.
Black Prince Private Foundation, which owns 14.48 per cent of Bellamy’s shares, has asked for non-executive directors Patria Mann, Launa Inman, Michael Wadley and Charles Sitch to be removed.
In their place, the fund wants Kathmandu founder Jan Cameron, Chan Wai-Chain, Vaughan Webbet and Rodd Peters. But Bellamy’s chairman Rob Woolley condemned the request as “an unwanted distraction” that was not in the best interests of shareholders.
“I support my fellow directors in opposing the proposal from Black Prince, which is an unwanted distraction for the board and senior management as we work towards lifting the suspension of trading in Bellamy’s shares,” he said in a statement on Wednesday.
“The depth of experience and independence that the current non-executive directors bring to the board will assist to deliver long term value to shareholders. If the proposals were to succeed, it would be disruptive to the company.”
Woolley stressed that each of the four directors in question had been elected by shareholders. He said Bellamy’s would remain in a voluntary trading halt until January 13, unless the company makes a statement earlier.