30th Oct 2015 09:44
LONDON (Alliance News) - PeerTV PLC said Friday that after further consultation with its legal advisers it will no longer be putting the proposed appointments of a group of new directors to shareholders at its general meeting next week.
This is a reversal of a statement the internet television products and electronic components company gave just three days ago, when it said it would put the proposals forward. At that time it said it had received received notices proposing the appointment of Narendra Dhana, Kavi Dhana, Leon Hogan and Andrew Heyting as directors of the company, and after consulting with its legal advisers had determined the notices are valid.
However, Friday the company said the resolutions "legally cannot, and therefore will not" be put forward at the general meeting, which is scheduled for next Monday.
"This is due to the requirements to protect the interests of shareholders who will not be at the general meeting and who will not have had an opportunity to consider or express their views on the proposals," PeerTV said.
Thursday the company said that Wes Wilcox, the chief executive of its set-top box business PeerTV Ltd, has resigned, citing a number of reasons including "both personal reasons combined with the difficulties of financing and managing the proposed turnaround of the set-top box business and the personal demands that this would make."
Shares in PeerTV were down 20% at 0.0180 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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