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Iodine producer Iofina urged its shareholders to reject an attempt by investor and Brexit campaigner Arron Banks to remove chairman and co-founder Lance Baller from its board and install himself as a director.
Iofina claimed that Banks had become hostile towards the board after it decided not to invest in a hemp project in Belize that he was associated with.
The company said it received a notice from entities associated with Banks requisitioning a general meeting to vote on his proposals.
It had until 30 March to call the meeting and said it would do so in due course.
Banks has raised objections to the company's decision to invest in hemp producer Organic Vines.
'The board is categorically opposed to the proposed resolutions and believes they are not made in the best interests of the wider shareholders, but are in fact self-serving to Mr. Banks and his business associates,' Iofina said.
The company also claimed that its current board, including Baller, had delivered 'excellent' company performance and was on track to deliver further record production and earnings growth in 2020.
Iofina also said its board was making 'good progress' restructuring the company's debt.
At 1:51pm: (LON:IOF) Iofina PLC share price was +0.13p at 19.23p