News blog
Davenham Group
- BY: Andrew Hore |
- POSTED: 01/12/2010 |
David Anthony has requisitioned an EGM at Davenham Group, the asset-backed finance provider that is winding down its operations.
Anthony’s purchase of 14.9% of Davenham pushed the share price up in September even though the board says that the shares have no effective value. The board and members of the syndicate of banks that are owed money by Davenham spoke to Anthony but he wants to go ahead with the requisition.
Anthony wants Gary Jennison and himself appointed to the board and Paul Burke and James Kerr-Muir removed from the board.
Anthony has three times as many shares as the next largest shareholder, Jupiter. Aviva and UBS have sold stakes in recent weeks.
The AGM is due to be held on 21 December. The date of the EGM has yet to be set. It is still possible that the EGM could be held on the same day but the board may decide not to.
In August, Davenham failed to obtain approval from shareholders to cancel its AIM quotation.
Only 67.5% of the shares voted were cast in favour of the proposal to cancel the AIM quotation. Davenham required 75% of the shares voted to be in favour in order to pass the resolution.
At 1.25p a share, Davenham is valued at £326,000.
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