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LONDON (Alliance News) - Industrial firm Velocity Composites PLC said Friday it has failed to secure an injunction against its founders in a battle over the re-appointment of directors at its annual general meeting next Monday.
Shares in Velocity were 8.3% higher at 22.75 pence on Friday.
Velocity had sought an injunction against Jonathan Bridges, Christopher Banks and Gerard Johnson, who hold a combined 43% stake in the firm, which would have meant they could not use their voting rights to vote down the re-appointment of the directors of the AIM-listed firm.
Despite the failure to get the injunction, Velocity said Banks and Johnson have "given undertakings" to the firm to not accepts any jobs offers from the company.
In early November, the founding trio had requested "one or more" board members resign in order to make way for the return of Bridges and Peter Turner to the board. Bridges had left the board in late October 2018 after having stood down as chief executive in the preceding September.
Turner, meanwhile, left the firm in August 2018.
At the same time as the initial announcement, Velocity explained Johnson and Banks were "acting together" with Bridges to secure the changes.
The board room tussle comes after the firm had sought to undertake a restructuring and strategy change, which included cutting costs and using such funds to expand the customer base. This was after results began to suffer amid contract delays.
