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Investor Bob Morton is attempting to remove chairman Roger Parry from the board of Media Square.
Shares in Media Square rose 0.5p to 16.75p each, which values the marketing services provider at £5.24m.
Morton’s Hawk Investment Holdings owns 6.86% of Media Square and he also has the backing of Serrafina Holdings and Retro Grand. Morton bought the majority of his holding on 28 October.
At the AGM in August, Media Square shareholders voted against resolutions enabling the marketing services company to issue new shares and buy back existing shares.
AIM-quoted Prime Active Capital, which owns 21.5% of Media Square, wanted its executive chairman Peter Lynch to be appointed to the marketing company’s board at the AGM on 26 August. However, it decided to withdraw the AGM resolution. Media Square’s operational management said that they opposed Lynch’s appointment.
Tony Gill, who owns owns 10% of Prime Active Capital, has a separate 16.1% stake in Media Square. If Prime Active and Gill backed Morton he would be in a strong position.
Media Square admits that it will make an operating loss in the six months to August 2009. Cost savings could help Media Square to make a full year operating profit.
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