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Evolve Capital
- BY: Andrew Hore |
- POSTED: 10/09/2010 |
- COMMENTS: Add yours
Evolve Capital will hold its requisitioned general meeting on 28 September.
Rebel shareholders want to remove Oliver Vaughan from the board of the investment company but the rest of Evolve’s directors advise other shareholders to vote against the resolution. The board owns 14.6% of Evolve.
Some shareholders believe that there has been a lack of comprehensive communication by Evolve and the board promises to try and rectify that. Evolve will carry out a strategic review of investments and strategy. The interim figures will be reported at the end of September and they will include information on each investment.
The general meeting is being held even though the recent open offer diluted the rebel shareholders’ stake to 3.65%. The open offer raised £524,000 at 0.5p a share. A further £480,000 was raised from Kimono, a British Virgin Islands-registered investment company where Oliver Vaughan’s children Jamie, Jeremy and Tara are the beneficial owners, in the form of a loan note issue.
At 1p a share, up 0.25p, is valued at £2.83m.
Download the September edition of AIM Journal at http://www.hubinvest.com/AIMPDFSeptember2010_12.pdf
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