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Bglobal

  • BY: Andrew Hore |
  • POSTED: 15/10/2013 |

Peter Kennedy, the former executive chairman of smart meters installer Bglobal, is requisitioning a general meeting to remove two directors - Tim Jackson-Smith and James Newman.

Bglobal says that a similar requisition was withdrawn at the end of last month until a strategic review is completed but Kennedy has changed his mind.

Kennedy was removed from the board of Bglobal following a general meeting in August and he was been replaced as chairman by John Grant.
Bglobal finance director Nick Kennedy has been suspended following his support for Peter Kennedy who is his Father and who had suggested that his son should become interim chief executive. The other board members supported all of requisitioner Hawkwood Capitalís resolutions at that general meeting.
The resolution to remove Kennedy from the board was supported by 56.87% of the shares voted, while the appointment of John Grant as chairman was supported by 63.59%. Bglobal believes that it still has enough backing to defeat Kennedy at another general meeting.

A review of the companyís strategy is being carried out by KPMG and this could even lead to a sale of the companyís businesses.

At 7.75p a share, Bglobal is valued at £8.24m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFSeptember2013_48.pdf

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