11th Sep 2015 07:43
LONDON (Alliance News) - The Hotel Corp PLC on Friday highlighted the announcement earlier this week by AIM-listed investing company Guscio PLC that its shares had been suspended, noting that one of the shareholders to have requisitioned a general meeting at the company is a director at Guscio.
Last week, two Hotel Corp shareholders published a letter outlining their reasons for requisitioning an extraordinary general meeting in order to push for the appointment of one of them to the board and the removal of a non-executive director.
Marcus Yeoman and Mark Jackson, who collectively own a stake of around 17% in Hotel Corp through three investment vehicles, have requested an extraordinary general meeting, due to be held on September 16, claiming the investment strategy the board has recommended to shareholders is "not a well planned strategy".
Yeoman is a director at Guscio, which had its shares suspended this week after it failed to implement its investing policy in time.
In its response to Yeoman and Jackson's requisition, Hotel Corp criticised Yeoman over his position on the board of other quoted cash-shell companies which have yet to undertake any transactions.
"The board believes that shareholders should be in possession of this information when considering how they wish to vote on the proposed resolutions," Hotel Corp said Friday, referencing Yeoman's position on the Guscio board.
Shares in Hotel Corp were down 6.7% to 1.4701 pence on Friday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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