A disgruntled Bellamy's Australia shareholder group linked to Jan Cameron is standing by the embattled dairy formula company's chief executive and chairman, for now.
But it is looking to spill the board with the help of rich Tasmanian families.
Kathmandu founder and former Business Review Weekly (BRW) rich lister Jan Cameron says she, along with the Bellamy's biggest shareholder, Black Prince Private Foundation, represents a larger group looking to roll the board.
“I don't have any connection to the Black Prince Foundation, but we are part of a group that represents about 35 per cent of the share register," Ms Cameron said.
She felt some directors didn't have enough "skin the the game", making them less motivated, and that a new board would do a better job running the company.
"The requisitioning shareholder believes the company will only be truly accountable and responsive to market needs in the hands of a new board," she said.
Ms Cameron, who has a personal stake of about two per cent in Bellamy's, said her group was also backed by one of the baby food maker's biggest shareholders and initial investor, the family company of BRW rich lister Bruce Neill.
She said fellow initial Bellamy's investor Graeme Cureton also backs her.
According to a company announcement, the Singapore-based Black Prince has a stake of 14.48pct and is seeking to dump four non-executive directors including former Billabong CEO Launa Inman, Patria Mann, Michael Wadley and Charles Sitch.
Bellamy's chairman Rob Woolley is not a target.
The foundation proposes that Ms Cameron, Hong Kong consultant Chan Wai-Chan, Vaughan Webber and Black Prince representative Rodd Peters be appointed to the board.
Mr Webber helped run the float of Bellamy's at Bell Potter Securities.
Mr Wai-Chan has extensive FMCG experience in China, Ms Cameron said.
"I was on the board when Bellamy's floated and I live in Tassie, so I've always had a special interest in the company," Ms Cameron added.
"We thought for the sake of continuity and corporate knowledge that Rob Woolley should stay on in a temporary capacity.
“He would stay on until we found an appropriate chairman."
However, Ms Cameron continued to back CEO Laura McBain.
"Right as the moment she is the best one to run the company and steer it out of this situation.
“She still owns 1 million shares and she's got options ... she has every incentive to make this work," she said.
Mr Woolley said the proposal was not in the best interests of all shareholders, calling it an "unwanted distraction for the board".
"The depth of experience and independence that the current non-executive team directors bring to the board will assist to deliver long-term value to shareholders.
"If the proposal were to succeed, it would be disruptive to the company."
Ms Cameron added this was not about her personal reputation, and she offered to help fund the company and an anticipated shortfall in cash flow over coming months as a result of the recent surprising downgrades to projections in sales.
"I'm beyond thinking about my reputation.
I'm reputation-free and willing to do what it takes to make [Bellamy's] work," she said.
Bellamy's stock remains in suspension until January 13 when it will make an anticipated announcement about its future.
The stock last traded at $6.68 compared with a high of $16.50 earlier this year.
- This story first appeared in the Sydney Morning Herald
