14th May 2015 13:48
LONDON (Alliance News) - ADVFN PLC Thursday said that shareholders Sweet Sky Ltd, Shellhouse Ltd and Zack Keinan have decided against going ahead with their previous call for a vote on the removal of the company's directors.
ADVFN said it has been given no explanation for the decision.
"Beyond the initial requisition attempt, we received no communication of intent from Sweet Sky, Shellhouse or their connected parties. Neither have we received any indication or comfort that the entities behind the creation of Shellhouse and Sweet Sky will not continue their efforts to take control of ADVFN by other means," ADVFN Chief Executive Clem Chambers said in a statement.
"This episode clearly demonstrates the value of ADVFN as a significant internet financial property and brand and its significant worth to outside parties. We will continue to press ahead with our long term strategy," Chambers said.
ADVFN said it has been told that ownership the 25.71% stake held by the shareholders will revert to the beneficial owners of Sweet Sky and Shellhouse, with the exception of Zack Keinan. The shares were previously held by Bank of New York (Nominees) Ltd.
"We are informed that, following such changes, none of Zack Keinan, Sweet Sky Ltd or Shellhouse Ltd will have any interest in the ADVFN shares and none of the beneficial owners referred to above will have a shareholding of 10% or more in ADVFN," ADVFN said.
ADVFN said shareholders should seek independent financial advice before dealing in shares in the company.
"Despite the requisitioning shareholders' decision not to proceed with the requisition, the board is of the view that the requisition was an attempt to gain control of the company without paying a fair value for it and there is no certainty that the such attempts will not be made again in the future," ADVFN said.
ADVFN shares were down 3% at 97.00 pence on Thursday.
By Samuel Agini; [email protected]; @samuelagini
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