Bellamy’s Australia Limited’s eagerly awaited half-year results are not expected to be released until Wednesday, Thursday or Friday, in a development likely to further annoy shareholders plotting a board coup.
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Disgruntled shareholder and board aspirant Jan Cameron on Sunday called for the Launceston-headquartered baby food and formula company’s latest results to be released immediately so investors were “fully informed” ahead of the February 28 meeting in Melbourne where board positions would be decided.
However, Bellamy’s chairman Rob Woolley on Tuesday said he expected the results to be released “later in the week”.
He declined to respond to Ms Cameron’s call for immediate release.
Speaking on behalf of the Let’s Save Bellamy’s group on Sunday, Kathmandu co-founder and former Chickenfeed boss Ms Cameron said: “Releasing the results any time past Tuesday would give investors unreasonably little time to analyse them.”
“If the board delays any longer, its corporate governance statement is clearly just an exercise in lip service.”
She said Sunday would be the deadline for proxy votes.
Bellamy’s hit difficulties in the key Chinese market last year and its share price collapsed, prompting the coup attempt amid allegations of inadequate disclosure and the looming threat of potential class actions.
The rebels are targeting independent directors.
The battle has turned increasingly bitter in recent weeks.
Each camp has accused the other of not having a strategy for the company’s recovery.
The rebels have lashed the board on its performance, while Bellamy’s has pointed to a lack of listed company directorship experience among the potential new directors and the fact one of the four nominated replacement candidates had withdrawn.
Ms Cameron is linked to the Caribbean-incorporated Black Prince Private Foundation.
Black Prince and related entities hold 17.67 per cent of the voting power in Bellamy’s.
Ms Cameron earlier denied any link between herself and Black Prince.
She said Let’s Save Bellamy’s had put forward highly qualified candidates “who have a greater knowledge of the market where the future of Bellamy’s lies”.
On February 13, Mr Woolley said acting chief executive Andrew Cohen and the executive team had been developing a business plan “to establish a platform for sustained and profitable growth”. He said Mr Cohen would update the market when results for half-year ending on December 31 were released in the week starting on February 20.
