Rene Nominees controls around 10.56% of the company’s share capital and earlier this month Banks clarified that he did not intend to make an offer the company.
Banks previously communicated he was unhappy over the company’s move into hemp and wants it to make more of its iodine capability during the coronavirus crisis.
Iofina had until 30 March to call the general meeting and the board had expressed its surprise at the request, given that Banks is a long-time supporter of the company.
The directors feel that Banks’s nose might have been put out of joint by the board’s decision not to proceed with a hemp project in Belize that Banks was associated with.
The board is categorically opposed to the proposed resolutions and believes they are not made in the best interests of the wider shareholders.