Crystal Amber Fund Ltd - Guernsey-based investment company - Sends requisition notice to Allied Minds PLC - in which Crystal Amber is an 18% shareholder - to convene a general meeting in which it will table a resolution proposing the removal of Chair Harry Rein as director.
Concerns tabled by Crystal Amber Fund includes mismanagement of core portfolio firm Federated Wireless Inc, breaching the UK Corporate Governance Code by not using an external search consultancy to appoint Bruce Failing as non-executive director, and a failure to invite investors to the 2021 Capital Markets Day.
"In its engagement with Harry Rein, the fund has found him to be a major impediment to value protection and realisation. Moreover, his track record evidenced by the concerns outlined above, speaks for itself. Over recent months, on a number of occasions, the fund has asked Harry Rein to announce his resignation. He has declined to do so. Therefore, in order to safeguard against any further erosion of shareholder value, the fund is now seeking his removal," the fund states.
Crystal Amber's current stock price: 114.30 pence
12-month change: up 13%
Allied Minds's current stock price: 18.60 pence
12-month change: down 33%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Crystal Amber (CRS)