Share Prophets Article13 Aug 2021 19:57
From Share Prophets
The first of two EGM’s requisitioned by rebels at AIM-listed Block Energy (BLOE) saw the Chairman, Philip Dimmock, see off resolutions to give him the boot and appoint independent NED Charles Valceschini in his place. In the meantime, the company has appointed a new NED in the form of Jeremy Asher, current chairman of fellow Casino listed Tower Resources (TRP).
The poll result was 140,566,909 in favour and 240,980,994 against with regard to Mr Dimmock being shown the door, and 139,944,209 in favour and 230,388,805 against with regard to the change of chairman. A fair margin of victory, but I fancy it is not necessarily the end of the story.
For a start, proxy appointments which gave discretion to the Chairman were all voted against both resolutions – whilst we don’t know how many, there is the possibility of some of those realigning for the next requisitioned EGM to consider a demand for a full forensic into the company’s affairs when the date of the second meeting is released in due course.
But perhaps more importantly, from what we learn today Jeremy Asher can hardly be described as completely independent as Mr Dimmock comments:
I have previously served with Jeremy on a public company board, so I know first-hand the tremendous contribution he will bring and the benefits for the Company and all shareholders
Perhaps more of a concern to the rebels might be the share price performance of Tower Resources: here is the share price chart over the past three years (courtesy of ADVFN):
It’s hardly awe-inspiring, is it?!
As such, keep your beer and popcorn at the ready for I’m not sure that the rebels have finished just yet.I