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Astaire Group
- BY: Andrew Hore |
- POSTED: 19/08/2010 |
The Astaire Group general meeting requisitioned by former Ruegg boss Brett Miller and Rock (Nominees) will be held on 16 September.
In July 2009, Astaire paid for small company adviser Ruegg with 6m of its shares at a price of 5.25p each. That is equivalent to just under 3% of Astaire. The Astaire share price is currently 0.65p, which values the Aim adviser at £1.33m and the shares issued to buy Ruegg at £39,000.
There are three proposed resolutions. The first says that Astaire should return cash “in excess of regulatory and working capital requirements to shareholders”. The net asset value of Astaire was £14.3m at the end of 2009 and there was still net cash of £7.81m. That cash figure is probably lower now.
The second resolution is that Astaire should sell its businesses or solicit offers for itself. Astaire is currently speaking to potential investors or acquirers of its Astaire Securities business.
The third resolution is to remove the finance director Chris Roberts, who was reappointed finance director on 6 November 2009 having stepped down at the end of 2008 after a decade in the job.
Astaire says it does not believe that the resolutions are in the best interests of the company and it asks shareholders to vote against them. It also plans to ask shareholders to increase the authorised share capital of the company by two-fifths to £700,000 and allow directors to allot the shares that are unissued if they see fit.
The requisitionists have more than 5% of Astaire’s share capital. The Astaire directors own 0.87% of Astaire. No mention is made of the majority shareholder Evolve Capital.
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