TNG shareholders rallied behind Wilson, a former columnist with, with 49.92 per cent of the votes cast at the meeting in his favour. But this was not enough to beat the negative vote of 50.08 per cent.
TNG sources said that before the meeting Salgaocar indicated it was supportive of the incumbent board. But when it came to the vote, it decided to abstain. The “victory” looked slightly hollow when set against the 30 per cent plunge in the TNG share price on Wednesday morning.Wilson hinted on Wednesday at having a second go at the TNG board.“We removed the chair, the CEO is in the process of stepping down, and one of the two new directors that was stacked in has also resigned.“We also set a new benchmark for digital activism in Australia, and sent a potent signal across the junior mining sector that poor governance will not be tolerated.