Global Lithium Resources hit with second notice after failed attempt to boot directors

[Pelican Press 0]

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Global Lithium Resources hit with second notice after ******* attempt to boot directors

A property developer seeking to oust two board members from Global Lithium Resources has served the company with another round of notices trying to get himself on as a director.

Shareholder Sincerity Development hit the explorer with notices earlier this week calling a shareholder meeting to boot independent non-executive directors Greg Lilleyman and Hayley Lawrance off the board.

Notices filed with the ASX show Sincerity Development, controlled by Liaoliang (Leon) Zhu, has been steadily building a 6.93 per cent foothold in GL1 since October 2023 in transactions totalling more than $8 million.

The Ron Mitchell-chaired company determined the first and second attempt notices by Sincerity were invalid, but has on Friday been served with a new and valid motions from Sincerity’s Mr Zhu, who is calling a meeting to get himself on the board.

As well as trying to kick off former Fortescue and Rio Tinto executive Greg Lilleyman, Sincerity also wants to cut the number of GL1 directors from five to three.

A previous notice to have an as yet unidentifiable Mr Barry Mitchell added to the board has since been withdrawn by Sincerity, with GL1 noting that “no consent to be a director” was ever received from him.

GL1 says it is now “considering” the revised notices and will continue to keep shareholders — the list of which includes major investor Mineral Resources — updated. It’s understood Hancock Prospecting has less than a 5 per cent stake in the company.

On its LinkedIn page Sincerity Group describes itself as a “comprehensive real estate property development company” specialising in residential developments. Mr Zhu has been CEO of the company for 15 years, according to his LinkedIn.

GL1 owns two lithium projects in WA. A definitive feasibility study is underway for the Manna project about 100km east of Kalgoorlie. It also owns the Marble Bar project 150km south-west of Port Hedland in the Pilbara.

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