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ADVFN PLC - London-based provider of financial information websites for private investors - On Wednesday, says received letter from shareholder Yair Tauman requesting a general meeting to vote on his proposal to remove Chief Executive Officer Clem Chambers from the board and to appoint Anthony Wollenberg, Amit Tauman and David Gold as directors. The Taumans have a combined 19% stake. Chambers has a 3.9% stake, plus a 10.7% stake in Online Blockchain PLC, which has a 17.6% stake. Earlier this month, ADVFN launched a formal sales process, saying it wanted to explore options to deliver value to shareholders. At the time, ADVFN also cited the "currently tightly held and illiquid nature" of its ordinary shares as an obstacle to a fair valuation, and alluded to the potential for conflict amongst its shareholders. "The board is concerned that control may be being sought by long-standing group of shareholders whose total interests may not be aligned with shareholders as a whole," the company said.
On Wednesday, ADVFN said it is seeking legal advice regarding the validity of the meeting requisition and will make a further announcement.
Current stock price: 78.00 pence, up 5.4% on Thursday
12-month change: more than doubled from 31.50p
By Tom Waite; thomaslwaite@alliancenews.com
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