Frank Poullas re-elected as chair of Magnis Energy despite share price probe

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Frank Poullas, the Chairman of ASX-listed company Magnis Energy, has been re-elected at an investor vote, The Daily Telegraph reports.

This comes despite Mr Poullas confirming that the Australian Securities and Investments Commission (ASIC) has requested documents relating to the irregular trading of the company’s shares.

The AFP raided his home in September as part of the ASIC investigation.

But Mr Poullas told investors on Monday he had no involvement in possible artificial inflation of the Magnis share price – a practice known as “pump and dump.”

Magnis Energy hub in Townsville.

Sources suggest the ASIC investigation is focused on posts about Magnis Energy on messaging platform Telegram and on stockmarket discussion board HotCopper.

Mr Poullas told investors that no director was involved in the Telegram group that was discussing Magnis shares.

The company has had a string of resignations in the last few months including Richard Petty, who joined the board in March and chaired the company’s audit and risk committee, the ex-Macquarie executive Warwick Smith and former NSW deputy premier Troy Grant.

Source: The Daily Telegraph.

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