Former taoiseach and chairman of Bula Resources Mr Albert Reynolds said today at the company¿s a.g.m. he will not seek re-election to the chair after three years in the post.
Mr Reynolds's move came after a group of disgruntled shareholders said they intended to oppose his re-election over the company's recent performance and the suspension of its shares.
Bula's shares were suspended last April, leaving its 40,000 shareholders unable to deal in the stock.
In advance of today's meeting, shareholders had been collecting proxies to remove Mr Reynolds as chairman.