An attempt by Glencar Mining’s second-largest shareholder to replace two of the gold explorer’s board members with its own nominees at yesterday’s annual general meeting of the group was unsuccessful.

However, the IEX and AIM-listed company adjourned a vote on a resolution relating to the issuing of a tranche of shares to South African gold producer Gold Fields.

This transaction forms part of a funding deal which is currently being finalised between Glencar and Gold Fields.

Instead, Glencar will put the entire Gold Fields deal to shareholders for approval at an extraordinary general meeting once it is finalised. “If we had passed that [resolution] today, we would have pre-empted that approval,” chief executive Hugh McCullough told The Irish Times.

“It’s a question of reflecting the concerns of shareholders,” he said.

According to Glencar, Macquarie Bank (which has a 6.9 per cent stake in the company) is dissatisfied with the Gold Fields deal and it had lobbied other shareholders to vote against the resolution.