(Alliance News) - Shares in Mobile Streams PLC more then doubled in value on Tuesday, after the company disclosed that it received notice last week from a shareholder requiring that the company convene a general meeting to vote on the replacement of directors.
Shares in the mobile entertainment content provider were quoted at 0.39 pence on Tuesday, having closed at 0.18p on Monday.
The requisition was handed to Mobile Streams on Monday of last week from Sriramakrishna Uthayanan, who holds more than 5% of an interest in the company.
At the meeting, shareholders will vote on whether to remove Chief Executive Officer Simon Buckingham and Non-Executive Director Jonathan Bill, and then appoint Uthayanan as a director.
Mobile Streams must convene a general meeting within 21 days of receiving the requisition.
Mobile Streams said it is in the process of seeking advice in relation to the notice.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Mobile Streams (MOS)