Unhappy Pyne Gould Corp shareholders made their feelings known at Tuesday's annual meeting in Christchurch, with about a quarter of the votes cast opposing the appointment of two directors.
The ill-feeling comes as cornerstone shareholder George Kerr mounts a "low-ball" $47.2 million takeover bid with fellow substantial investor Baker Street
Capital, a California-based hedge fund.
That saw some 23 per cent of votes cast oppose the re-election of independent director Bruce Irvine, who will retire in February anyway, and 25 per cent oppose the election of John Duncan to the board.
Chairman Bryan Mogridge, who earlier this week stepped down as a director of Kerr's vehicle Torchlight Investment Group, told shareholders the takeover hadn't been formally made, and he was limited as to what he could say until the target company statement was issued.
"There has been considerable misunderstanding about the position the company has been in over the past few weeks," Mogridge said.
