On 2 April 2020, Golden Investments (Australia) Pte Ltd. announced an on-market offer of $1.00 per share, for all of the ordinary shares of Stanmore Coal Limited that it did not already own or control. In its Bidder's Statement in relation to the Offer, Golden Investments advised it was its intention if it obtained control of Stanmore to "replace some or all of the directors (other than Jimmy Lim) and restructure the board so that it comprises a majority of Golden Investments' nominees". As at 7 May 2020, Golden Investments has a 60.25% shareholding in Stanmore.

In light of Golden Investments' stated intentions and to provide certainty to all shareholders, the Independent Directors (Mr. Stewart Butel, Mr. Stephen Bizzell and Mr. Neal O'Connor) have provided notice to the Company and informed Golden Investments that they intend to resign as directors of Stanmore with effect from the earlier of the close of the Offer period (4pm on 18 May 2020) or the appointment of another director to the board of the Company. Mr. Ian Poole has also resigned as CFO and Company Secretary and is now working out his notice period. The Board would like to thank Ian for his outstanding contribution to Stanmore Coal over the last three years and wish him well in the future.