Former-managing director Laurence Roe, and directors Kim Gardiner and Leith Wale, had said they would not stand for re-election if Fontaine was reinstated.

But the shareholders spoke with a show of hands, electing Fontaine back onto the Board with 56% of the vote.

In addition, two Drillsearch Energy directors – Graham Reveleigh and Charles Ross – were elected to the Board.

Bounty hinted the vote might not swing their way before the election, after calling for a last-minute emergency meeting to attempt to resolve the dispute with Fontaine.

“The current Board of Directors do not want to disenfranchise parties who have an interest in the matters to which I have referred,” then chairman, Leith Wale, told shareholders in regard to the legal proceedings with Fontaine.

“I propose to solicit the support of members present today to agree to adjourn this meeting… to see if a resolution to the management can be reached.”

Wale also said Bounty was in “critical need” of a capital rasing, as it was “approaching the position where it will not be able to pay debts as and when they fall due.”

The AGM concluded an ongoing saga between the former-directors and Fontaine, involving courtroom attempts to stop the other from hosting meetings of shareholders.

Less than two weeks before the AGM, another director Didier Murcia, announced his resignation. Murcia was one of the directors Fontaine had been seeking to replace.