News blog
Davenham Group
- BY: Andrew Hore |
- POSTED: 10/03/2011 |
Asset-backed finance provider Davenham Group has won all the votes at a general meeting requisitioned by rebel shareholders – for the second time this year.
There were just over 7.3m shares voted in favour of each of the four motions and 10m shares voted against. The resolutions included an attempt to appoint David Anthony, who owns 14.9% of Davenham and was behind the requisition, and Gary Jennison to the board.
Davenham is still in discussions with its 29.1% shareholder Kingswood Property Finance about a reconstruction. Kingswood and Davenham’s banking syndicate have entered into an exclusivity and standstill agreement so that more detailed discussions can happen. Moor Park Capital Partners, a potential investor, is also part of the standstill agreement.
The banking syndicate agreed not to call in loans before the end of March 2011 – as long as board changes did not occur at the general meeting.
At 1.88p a share, down 1.5p, Davenham is valued at £490,000. There were more trades in the shares today than any other day in the past month. Management has said on a number of occasions that it is unlikely that the shares will have any value.
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