The campaign, led by Eucalyptus President Jon Christian Evensen, aims to replace incumbent directors with a slate of independent nominees, including Sandra Bates, Dušan Petković, and Michael Horner. Eucalyptus contends that the Klip family has treated the royalty company as a private vehicle, pointing to over $2.4 million in cash compensation paid to the family since 2017 while the company remains pre-revenue and has failed to complete any new royalty acquisitions.
Eucalyptus alleges a pattern of mismanagement, highlighting the issuance of over 90 million shares and questionable timing regarding option grants and stock sales by Kirill Klip. The dissident group further criticizes the board for delaying the upcoming shareholder meeting by three months and failing to file a management information circular, which they argue is a tactic to entrench current leadership. If successful, the new nominees intend to establish independent audit, compensation, and nominating committees to restore shareholder trust and improve capital management.
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