Smart meters installer Bglobal has set a date for the requisitioned general meeting to remove its chairman and force a strategic review of the business.
The meeting will take place on 15 August. Forest Nominees wants to remove executive chairman Peter Kennedy and replace him with John Heathcoat Grant. The independent directors admit that change is needed and they are recommending that shareholders vote in favour of the resolutions.
Kennedy, who owns 23.7% of Bglobal, argues that the supporters of the resolution to remove him are keen for the business to be sold. Along with the finance director he is voting against the resolutions.
In the year to March 2013, revenues fell from £16m to £11.6m, although software sales increased. A profit from continuing operations of £671,000 was turned into a loss of £2.1m.
BlackRock recently reduced its shareholding to 3.99%.
At 3.88p a share, down 0.63p, Bglobal is valued at £4.13m. Net cash was £2.05m at the end of March 2013.
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