Rebel Bellamy's shareholder Jan Cameron has moved to uncloak mystery surrounding her links with the Black Prince Foundation, the single largest holder of shares in the beleaguered organic infant formula company.
Ms Cameron told The Australian Financial Review the current Bellamy's board – which she wants to overthrow – was "deflecting from their own woes" by focusing on the ownership of Black Prince and she wanted to clarify her relationship with Black Prince.
She has previously said she has no connection to Black Prince, which hails from the tax haven of Curacao, a Dutch territory in the Caribbean. This has made it difficult to determine who the ultimate beneficial holder of Black Prince actually is.
Black Prince has written to Bellamy's to explain it has a relationship with Ms Cameron's charitable organisation, the Elsie Cameron Foundation.
Black Prince, which acquired its 14.9 per cent stake from Ms Cameron, directs any profits or dividends from its shares to the Elsie Cameron Foundation, which was named after Ms Cameron's mother and was established for Ms Cameron's environmental work.
"I don't have any financial benefit or personal interest in the Black Prince Foundation," Ms Cameron told the Financial Review.
Board spill
Ms Cameron, who says she speaks for shareholders representing an estimated 35 per cent of the shares of the troubled company, said she personally held a 2 per cent holding.
Ms Cameron wants to rejoin the board as part of a push to oust Bellamy's' four independent directors Launa Inman, Patria Mann, Charles Sitch and Michael Wadley.
At a meeting last week the rebel shareholder group also discussed a possible replacement for chairman Rob Woolley, who was expected to remain in the short term.
Ms Cameron has said Laura McBain, who was dumped as chief executive when the Tasmanian company returned after a five week trading suspension last week, was a "scapegoat".
Ms Cameron said Ms McBain was currently taking some time off and was skiing and that she had not had discussions with her about whether she would return as the chief executive if her rebel group is successful in overthrowing the current board.
"Hopefully she will come back refreshed," Ms Cameron said.
