Strategic Equity Capital PLC - investor that seeks to create value through "constructive corporate engagement" with listed companies - Shareholders Ian Armitage and Jonathan Morgan, who together have a 7.7% stake, are "constructively engaging" with the company's board on the "surprising" resignation of director David Morrison.
Armitage and Morgan had called general meeting at end of March over the continuation of company.
In statement Wednesday, Armitage and Morgan say: "We were encouraged by the additional interest and support we received from a number of institutions and individual shareholders. We welcome the acknowledgment by the board that the persistent discount is an issue that needs to be addressed."
They add: " We believe it is in all shareholders' interests that best efforts should be made to tackle the persistent discount, and await the board's proposals with interest."
Current stock price: 277.33 pence, up 1.6% Wednesday
Year-to-date change: up 20%
By Paul McGowan; paulmcgowan@alliancenews.com
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Strategic Eqty (SEC)