11th Sep 2013 08:05
LONDON (Alliance News) - RAM Active Media PLC said Wednesday that a request to hold a general meeting by a group of shareholders aligned with former chairman Tim Baldwin has been withdrawn.
On August 27, RAM Active Media said that it had received the request from three shareholders, Brand Play Group Limited, Hill Street Investments PLC and Alpha Prospects PLC, two of which former chairman Tim Baldwin is a director. The meeting was to call for the removal of current Chairman David Binding and Chief Executive Richard Prosser.
The company's trading on AIM was suspended last Thursday whilst it sought a resolution to the conflict, saying that it had cast doubt over its financial position. At the time, RAM Active Media had said that a resolution would come either in the form of the requisition being withdrawn, or the board calling a general meeting.
RAM Active Media is a holding company that invests in media companies. Its shares opened trading Wednesday morning down 20% at 2.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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