At an extraordinary general meeting on Friday, shareholders voted to keep Boon in the top job with the chairman securing 51 per cent of the 432 million votes.

Prior to the meeting last week, PaperlinX directors publicly attacked Price in a statement to the ASX saying his actions had threatened the organisation’s stability at this most critical time.

The statement published on March 19 said, “His [Price’s] motion to displace Harry Boon, his stated intention to somehow control the restructuring process, and his expectation of extraordinary authority and remuneration, will put the company’s recovery plan at substantial risk.”

In February Price and his investor group invited Boon to resign, a request he resisted, so the group then lodged a request for the EGM.

Following the meeting, the PaperlinX board released a statement saying there has been no change in the composition of the board.

James Orr, executive general manager says, “The board will continue with its previously stated strategy of restructuring PaperlinX with the objective of restoring the company to a sustainable and profitable footing.”

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