An attempt by a shareholder in Orion Minerals to oust three of its directors and liquidate the company has failed.
Orion is a small investment company listed on the alternative market, holding just over $8 million in cash as its only asset.
The company held a special meeting in Auckland on Wednesday, in which it gained from shareholders to set up a scrap metal business in Australia.
But seven other resolutions proposed by investor John Sorensen, who owns 5.4% of the company, were not approved.
Mr Sorensen wanted to oust Orion chairman Roger Gower and two other directors and appoint two more as their replacement. He also wanted the company to liquidate, so his investment could be returned.
Neither he nor Mr Gower were available for comment, but in a letter sent to shareholders before the meeting, Orion said the board did look at liquidating the company, but thought all shareholders would be better served by investing its money in a business opportunity.