A battle for control of Canadian miner, Guyana Goldfields Inc (GGI) is set to culminate on May 22 and the Board of Directors on Tuesday hit back at accusations that they have mismanaged the company, outlining a number of actions taken since terminating the services of former Executive Chairman Patrick Sheridan.
Sheridan is leading the charge for the current Board of Directors to be ousted and has accused them, among other issues, of being responsible for the loss of over CDN$1 billion in shareholder value since 2016. GGI, a Canadian based mid-tier gold producer, operates the Aurora gold mine in Region Seven here. The shareholders calling for the ouster of the current Board collectively own no less than 5 per cent of the issued and outstanding shares of the company, according to reports.
In a statement on Tuesday, GGI announced that it will hold its Annual Meeting along with a Special Meeting of Shareholders on May 22, 2019. It noted that a meeting was requisitioned by a group of dissident shareholders led by Sheridan, whom it termed the “Sheridan Dissidents.” Sheridan had been terminated from his executive position by the Board on July 30, 2018.
