The shares of Oliver’s Real Food (ASX:OLI) advanced and even came close to 12-month highs since OLI chairman and founder Jason Gunn defended the firm’s strategy in October, urging shareholders to not vote in favor of two new director nominees Dr Michael Green and Kimley Green.
As per media sources, the nominations were done by units linked with Gelba Pty Ltd, holding 18% of OLI shares, represented by Dr Michael Green’s brother Martin Green in association with the convenience food group.
Martin Green took indignation with Gunn’s statements and turned the wrangle even higher last week by writing a letter to shareholders having new claims, among them the contention that Gunn had offered him a board position on 3 August.
In the letter itself, Green maintained that he rejected the offer and was not able to consider it until Gelba’s lawyers received a response to governance worries over the conversion of 20 million options into shares for directors in March.
Gunn outrightly denies the claim.
Meanwhile, the OLI stock traded at $0.091 with a market capitalisation at $26.53 million at 03:24 PM AEDT.