3rd Jun 2016 13:15
LONDON (Alliance News) - MBL Group PLC on Friday said it has received a request from the Allan Family Trust to convene a general meeting of the company in order to propose the removal of MBL's chairman and other directors from the board.
The Allan Family Trust, which holds a 26% stake in MBL, has requested the removal of Chairman David Johnson and Non-Executive Director Christopher Williams, the latter which joined the board in April, as well as any directors appointed between May 27 and the date of the general meeting.
The shareholder also wants to appoint David Grundy as a director and proposes that the remaining directors appoint a new chairman and conduct a strategic review of the business after the meeting.
MBL is a distributor and wholesaler of CDs and DVDs, mainly for export, and also has a division selling mail order garden bird and wildlife products.
Shares in MBL were trading up 16% at 14.50 pence on Friday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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