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Cyclone Metals Ltd ( (AU:CLE) ) has issued an announcement.
Australia’s Takeovers Panel has declined to conduct proceedings on an application by former Cyclone Metals director Antony Sage, who alleged an undisclosed association between certain shareholders in connection with a requisitioned general meeting that removed him from the board. The Panel found there was insufficient material to justify further investigation and concluded that, even if the alleged association were proven, there was no reasonable prospect of declaring unacceptable circumstances because the situation did not appear to affect control or potential control of Cyclone, leaving the outcomes of the shareholder meeting and current board composition unchanged while the Panel prepares to publish its detailed reasons.
The most recent analyst rating on (AU:CLE) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on Cyclone Metals Ltd stock, see the AU:CLE Stock Forecast page.
More about Cyclone Metals Ltd
Cyclone Metals Limited (ASX: CLE) is an Australian-listed company in the resources sector, with a shareholder base that has recently been active in using general meetings under the Corporations Act to influence the composition of the company’s board.
YTD Price Performance: -1.85%
Average Trading Volume: 3,050,647
Technical Sentiment Signal: Strong Sell
Current Market Cap: A$58.62M
For an in-depth examination of CLE stock, go to TipRanks’ Overview page.