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LONDON (Alliance News) - ADVFN PLC Tuesday said it believes it would be "inappropriate" to accept the requisition for a general meeting from three shareholders who are calling for the removal of all the directors from the company's board, because ADVFN has not received vital information from the shareholders regarding their stakes in the company.
Shareholders Sweet Sky Ltd, Shellhouse Ltd and Zack Keinan in March requested a general meeting, calling for the removal of all the directors of ADVFN and a vote on appointing an entirely new board. At the time, the ADVFN board said the requisition was "an attempt to take control of ADVFN without paying a fair value for the company".
On Tuesday, ADVFN said the three shareholders have declared a combined shareholding of 25.7% in ADVFN, and the company said it has asked repeatedly for more details from the shareholders concerning their stakes in the company. Sweet Sky is the largest single shareholder in ADVFN, with a 24.44% stake, according to Morningstar Company Intelligence.
ADVFN said it is requesting the information because its wholly-owned subsidiary, ALL IPO PLC, is regulated by the UK Financial Conduct Authority, which means any shareholders seeking to own more than 10% or 20% of ADVFN must be granted permission from the regulator under its change of control provisions.
"Despite repeated requests by the company to the requisitioning shareholders for the relevant information required to allow ADVFN to ascertain whether correct FCA approvals have been sought, this information has, to date, not been provided," the company said.
"The board has taken the view that it would be inappropriate to accept the requisition and convene a general meeting without a clear confirmation that prior FCA approval has been granted for the requisitioning shareholders' interest in the company," said ADVFN.
"As such, the board will not be taking any further action in relation to the requisition at this stage. The board strongly recommends that shareholders take no action," the company added.
In addition, ADVFN said it has received information that some of its shareholders have been contacted and "bullied in an attempt to acquire shares in ADVFN" from "unknown parties". ADVFN urged any shareholders who have experienced this to contact its help-line and said it has reported the incidents to the FCA.
"Despite the continued attempts by the requisitioning shareholders to gain control of the company without paying a fair value for it, the directors strongly believe that the company is poised for future growth," said the company in a statement.
ADVFN shares were untraded on Tuesday, last trading at 113.00 pence per share.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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