Gold Enterprise Ten Sixty Four's Kate George Steps Down from Board

Owing to shareholder discontent at WA-based gold enterprise, Ten Sixty Four, the company’s non-executive chair, Putejurra woman Kate George has stepped down after year of taking over the role.

Dr George was appointed in November, making her the second ever, and only current, Aboriginal woman to chair an ASX-listed company.

Dr George decided to step back from her position with immediate effect on Friday. She stated that the unending disputes at the shareholder level, "had caused ongoing disruption to realising value from our assets".

A general meeting has been scheduled for Tuesday to vote on a resolution to remove Ten Sixty Four's existing directors. The resolution also proposes that five new directors of its own will be appointed.

As reported by The West Australian, Dr George stated in her resignation letter that the board renewal was required and she hoped her resignation would be a catalyst for change.

"I strongly believe share register deadlocks of this type are a handbrake on value creation, especially where they are long-running and unresolvable without change," she said.

"I also believe the best interests of all shareholders are served by the appointment of new independent directors following the forthcoming shareholder meeting.

"These disputes preceded my appointment to the board and, as you know, I have tried to find resolutions and stability. Unfortunately, given the legacy issues and the depth of enmity between personalities involved, a resolution has not been possible despite my best efforts.

"The forthcoming shareholder meeting is another public punctuation point in the dispute and I see no end in sight without change."

"The board is confident neither Vitrinite nor any of its proposed directors have a full understanding of the serious issues currently being resolved by the company and therefore it would be reckless and a great risk to shareholders for the entire board to be replaced at this time," Ms George's note to shareholders said.