MinRes fails to stop Wildcat director’s $28.8m lithium windfall
Wildcat Resources shareholders have signed off on a $28.8 million windfall for director Alex Hewlett after he made the connection that ultimately led to Chris Ellison’s Mineral Resources emerging as a major backer.
The vote granting Mr Hewlett an introduction fee of 30 million shares in the white-hot lithium explorer passed despite analysis of the poll showing MinRes was opposed.
Mr Hewlett was due an introduction fee for his role in Wildcat acquiring the Tabba Tabba lithium project via a deal struck in May with James McClements-founded Resource Capital Fund and RCF-controlled Global Advanced Metals.
Wildcat Resources executive director Matthew Banks. Shareholders green-lit the issue of 7,142,857 shares to him. AFR
MinRes, which is chaired by Mr McClements, revealed that it had become Wildcat’s biggest shareholder with a 19.9 per cent stake.
MinRes paid $158.7 million for a block of shares traded by RCF and Global Advanced in building its stake. The shares that changed hands were valued at about $6.5 million in May.
The shareholder vote at the Wildcat annual general meeting in Perth on Monday delivered a massive on-paper payday for Mr Hewlett.
The poll results indicate MinRes tried to vote down all resolutions on share issues to Wildcat directors and abstained from voting on other matters, including the remuneration report.
Wildcat’s market capitalisation was just $19 million in May, but the backing from MinRes and excitement around Tabba Tabba exploration work took it to nearly $1 billion on Monday. Wildcat’s shares have surged from 3¢ in May to 91.5¢ on Monday.
Tabba Tabba is close to the Wodgina lithium mine jointly owned by MinRes and New York-listed Albemarle in WA’s Pilbara region.
MinRes and Gina Rinehart’s
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