Peter Kennedy, executive chairman of smart meters installer Bglobal, has reiterated his opposition to his removal from the board and he has proposed new directors for the business.
Hawkwood Capital, which owns 9.8 per cent of Bglobal through Forest Nominees, wants to remove Kennedy from the board. The requisitioned general meeting to will take place on 15 August. Hawkwood also wants to force a strategic review of the business and replace Kennedy as chairman with John Grant. It argues that the newer initiatives taken by Bglobal have yet to produce improved revenues and profit. Trading has been disappointing as the roll out of smart meters has been delayed in the UK.
Kennedy, who owns 23.7% of Bglobal, wants shareholders to vote against all resolutions. Kennedy says that senior management of Bglobal supports him. He has also spoken to institutional investors who have indicated they will vote against the proposals at the general meeting.
If he remains on the board Kennedy plans to remove chief executive Tim Jackson-Smith and non-executive James Newman, both of whom support Hawkwood. John Polatch would become non-executive chairman and Kennedy move to non-executive.
Nick Kennedy would become interim chief executive until a permanent replacement is found, which could take three months.
At 6.88p a share, Bglobal is valued at £7.31m.
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