Dissident shareholders headed by Gerard Fitt and Russell Goodman have succeeded in forcing an extraordinary general meeting, at which they will attempt to replace the existing board with their own nominees.

Goodman is a former non-executive director of the company.

Fitt is a professional investor and former chief executive officer of Global Sportsbet, which he reportedly built into a $40 million business before it was sold to Sports Acumen.

They say if they succeed in deposing the current directors they will switch the emphasis back onto the production of high quality electric bikes.

Vmoto got into the electric bike business by buying E-max, and the former managing/investor partner of E-max, Farid Rahi, is being put forward by the dissidents as one of their nominees for a new board of directors.

They acknowledge the E-max machines did and still do have issues, but they believe they can be fixed.

The existing directors strongly oppose the rebellion, but in defending themselves have made no sales or profit forecast and no update on the big Vietnamese order that was once hailed as a crucial cash generator for the business.

The Punter is inclined to cast his votes for the rebels, if only on the grounds that they could hardly do worse than the current team.

He will, however, await developments and leave casting his proxy vote until nearer to the meeting on November 29.

On a happier note, Korab’s (KOR) latest drilling results in the Northern Territory are looking good.

Visible sulphides thought to contain nickel, copper and iron have been found across a 163m transect at Korab’s Bachelor project.

This has now been followed by confirmation of more sulphides at the adjoining Green Alligator project.

Assays are still awaited, and relatively few holes have been drilled, but the news has at least steadied the share price.

Meanwhile, in the interests of tidying up his portfolio, the Punter has written off both the Island Sky options (ISKO) and the Panax Geothermal (PAXO) options.

Both are clearly worthless and will expire in any case before the end of the year.

The Punter has no financial qualifications and no links to the financial services industry. He owns shares in a number of companies featured in this column.