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LONDON (Alliance News) - ADVFN PLC Monday said two of its institutional shareholders have requested a general meeting in an attempt to remove all of the directors of the company and appoint a new board.
The financial markets website said Sweet Sky Ltd and Shellhouse Ltd have requested a meeting. ADVFN believes that the current requisition is not valid, but said it expects to receive a valid requisition from the two shareholders "in due course."
ADVFN did not reveal what shareholding both companies hold, although Sweet Sky has a 22.14% stake according to data on Morningstar.
"The company anticipates receiving a valid requisition from these shareholders in due course, following which the board will be writing to shareholders with its views on the requisition proposals together with a notice of general meeting," it said in a statement.
ADVFN shares were down 2.6% to 95.00 pence per share on Monday afternoon.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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