News blog

Travelzest

• BY: Andrew Hore |
• POSTED: 22/07/2013 |

Former director Mark Molyneux has requisitioned a general meeting at tour operator Travelzest in order to remove chief executive Jonathan Carroll as a director.

A notice of the general meeting is likely to be sent by 30 July if the requisition is not withdrawn.

Molyneux owns 10.7% of Travelzest. He left the board in April. In January, Molyneux was one of three independent directors who could not agree a sale of the company’s main Canadian operations to a team headed by Jonathan Carroll and finance director Adrian Cobbold. At that time the board talked about the need to renegotiate bank loans and facilities because they were unsustainable. This has not been done and it is reliant on its primary lender for support. The credit facilities have been extended to the end of August. The bank says that it will then reassess the position.

Interim results are due to be released in the next few days. 

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJuly2013_46.pdf