Bglobal PLC Requisition of General Meeting (5064Q)

TIDMBGBL

RNS Number : 5064Q

Bglobal PLC

15 October 2013

Bglobal plc

Requisition of General Meeting

The Board of Bglobal plc ("Bglobal" or the "Company") announces that on 10 October 2013 the Company received from Peter Kennedy (the "Ousted Chairman") a requisition to convene a general meeting of the Company for the purpose of considering resolutions to remove Tim Jackson-Smith and James Newman as directors of the Company.

The notice contains no justification or reasons why the Ousted Chairman believes it is in the best interests of the Company and its shareholders to remove Tim Jackson-Smith and James Newman as directors of the Company.

Shareholders should be aware that the Ousted Chairman delivered a requisition in the same terms by email at 5.45p.m. on 27 September 2013 which the Ousted Chairman then withdrew by email only 4 days later stating that it would be withdrawn until the outcome of the KPMG strategic review is known.

Shareholders should note that at the Company's Annual General Meeting on 30 September 2013, over 62 per cent. of votes cast in respect of the resolution to re-elect James Newman as a Director were in favour of his re-election (excluding shares held by the Ousted Chairman and his family, that represented over 98 per cent. of votes cast). Shareholders should also note that all of the resolutions proposed at the general meeting of the Company in August this year were supported by Tim Jackson-Smith, James Newman and Steven Fawkes and that all of those resolutions were passed with overwhelming majorities when the votes of the Ousted Chairman and his family are excluded.

Notwithstanding this, and the fact that the Company is not aware of any change in shareholders' opinions since then, the Ousted Chairman has refused to withdraw the requisition received on 10 October 2013.

The Board is required to convene a general meeting to consider the Ousted Chairman's proposed resolutions by 31 October 2013, accordingly the Board proposes to do so shortly.

Unfortunately, even if shareholders representing more than fifty per cent. of the Company's issued share capital are known to be supportive of Tim Jackson-Smith and James Newman, the Board must still comply with its legal obligation to hold the meeting and is unable to claim the costs associated with the organisation and holding of the general meeting.

The Board will seek to minimise the costs incurred by the Company in dealing with this distraction and would like to thank shareholders in advance for their continued support while they conclude the strategic review which received the backing of shareholders at the general meeting on 15 August 2013.

A further announcement will be made in due course.

For further information, please visit www.bglobalplc.com or contact:

 
John Grant, Chairman  Mark Taylor         Rebecca Sanders-Hewett 
 Bglobal plc           Charles Stanley     Dwight Burden 
 Tel: +44 (0)1254      Securities          David Ison 
 819 600               Nominated Adviser   Redleaf Pohill 
                       and Broker          Tel: 020 7382 
                       Tel: 020 7149       4730 
                       6000

This information is provided by RNS

The company news service from the London Stock Exchange

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