5th Jul 2019 10:32
(Alliance News) - Management Resource Solutions PLC said Friday it has received a letter from certain shareholders requisitioning a general meeting.
Shares in the mining and civil support services company were down 6.8% at 2.42 pence on Friday.
The shareholders are said to be nominees acting on the instructions of one or more funds managed by Barclays Direct Investment Nominees Ltd and Interactive Investor Services Nominees Ltd.
The requisition puts forward resolutions for the removal of certain directors on Management Resource Solutions, including Non-Executive Chair John Zorbas, Finance Director Timothy Jones, Non-Executive Director Robert Hackett, and any director appointed between the date of the requisition and when the general meeting is convened.
The requisition is also looking to appoint John Copley and Robert Wall to the board as new directors.
MRS's board is now required to call a general meeting with 21 days of receiving the requisition and will send a notice for a meeting to shareholders in due course.
The company said its board regrets that this action has been taken a short time after separate requisitions were not passed, and considers the latest an "unwelcome distraction" from the company's objectives.
In mid-May, shareholders Hargreaves Lansdown (Nominees) Ltd and Smith & Williamson Nominees Ltd requisitioned a general meeting in May proposing the removal of Zorbas and Jones, and appoint new directors Nigel Burton, Trevor Brown and Daniel Smith. All resolutions in that meeting failed to pass.
"The board is unanimously of the view that the resolutions are not in the best interests of the company and its shareholders as a whole and intends to unanimously recommend that shareholders vote against the resolutions at any requisitioned general meeting," MRS said.
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