Petards Group PLC Cancellation of General Meeting (1036W)
2013年1月22日 - 9:56PM
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RNS Number : 1036W
Petards Group PLC
22 January 2013
22 January 2013
Petards Group plc
("Petards" or "the Company")
Cancellation of General Meeting
Petards announces that the General Meeting that had been
requisitioned by Water Hall Group plc ("Water Hall") pursuant to
section 303 of the Companies Act 2006 will no longer take place on
25 January 2013 following the withdrawal of the requisition by
Water Hall.
During the course of the last few days it had become evident
that there were sufficient shareholders supporting the resolutions
to be proposed at the General Meeting that would mean that those
resolutions would be carried.
In light of this the Independent Directors of the Company
determined that it would be in the best interests of shareholders
as a whole if they engaged further with Water Hall to avoid the
additional costs of holding the General Meeting and to obtain
certain assurances from Raschid Abdullah and Water Hall regarding
several matters on which shareholders intending to vote against the
resolutions had expressed concern.
The matters covered in a meeting and subsequently agreed in an
exchange of letters with Water Hall are an acknowledgement of the
need for organic growth while considering strategic complementary
acquisitions, the limitation of directors' remuneration for the
financial year ending 31 December 2013 for Raschid and Osman
Abdullah to the present pro-rata levels received by the chairman
and Osman Abdullah in 2012, and no changes to the Board for a
reasonable period of time. Consequently Tim Wightman has agreed to
resign as a director with immediate effect and the Board has
invited Raschid Abdullah to join the Board as a director in the
capacity of executive chairman.
The Board would like to express its thanks to Tim Wightman for
his significant contribution to the Company over the past ten years
and looks forward to working with Raschid Abdullah in continuing
the development of Petards business for the benefit of all
shareholders.
For further information:
Petards Group plc www.petards.com
Andy Wonnacott, Finance Director Tel: 0191 420 3000
WH Ireland Limited www.wh-ireland.co.uk
Mike Coe / Marc Davies Tel: 0117 945 3470
This information is provided by RNS
The company news service from the London Stock Exchange
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