News blog
Universe Group / Brulines
- BY: Andrew Hore |
- POSTED: 29/10/2009 |
Brulines says that it will vote in favour of Universe Group’s contract with a major supermarket chain but it is unhappy with the Universe directors.
Brulines says that it wrote to John Scholes, the chairman of the payment and loyalty systems supplier, consenting to the contract “notwithstanding the specific change of control clause in relation to Brulines”. This was subject to the request “that no announcement will be made about the contractual arrangements referred to in the memorandum which make any either specific or inferred reference to Brulines without the prior written consent of Brulines”.
Brulines says that it was not shown a copy of the announcement or asked permission to include its name. It does add that it is “pleased with the renewal and extension of the particular contract”. Brulines says that the proposed general meeting to gain shareholder approval for the contract is an unnecessary expense.
At 4.875p a share, Universe is valued at £5.59m.
At 135.5p a share, up 7p on the day, Brulines is valued at £37.8m.
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