A Cooper Energy shareholder vote has narrowly voted down a motion to install Edward Smith and Bernard Crawford as directors of the company.

 

The motion was put to a General Meeting which saw 57.5 per cent of votes support the current board, narrowly avoiding a spill.

 

The resolutions to remove Gregory Hancock, Stephen Abbott and Christopher Porter were not put to shareholders, following the resignation of those directors on 12 October 2011.

 

Managing Director, David Maxwell thanked shareholders for their support.

 

"We are pleased that following the announcement of the new strategy and plans for the Company as well as the Board appointments and changes on 12 October, our shareholders have supported the new Board and given the Board the opportunity to execute what we firmly believe is the strategy that will increase shareholder value," Mr Maxwell said.

 

"The calling of the General Meeting provided the Company with a valuable opportunity to engage in discussions with our shareholders regarding the Company's new plans and underlying value. The Board recognises that the Company's performance needs to improve and along with the new Board, I am determined that we will deliver this.