25th May 2016 08:36
LONDON (Alliance News) - Investment company Teathers Financial PLC on Wednesday said it has received a letter from a number of shareholders requisitioning a general meeting to consider replacing its board.
Teathers did not say which shareholders had requisitioned the meeting, but said the resolutions tabled would remove all current board members and make three new appointments.
Teathers said its directors "strongly believe that the proposals are not in the best interests of the company".
In particular, they said that should the resolutions be passed, shareholders may not be able to participate in the GBP1.0 million investment the company said has been identified by its directors.
The directors do not believe this investment will proceed if they are removed, Teathers said.
Teathers shares are currently suspended.
By Sam Unsted; [email protected]; @SamUAtAlliance
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