Member Info for shylock

I know that the progress of the strategic review is confidential to the BoD so there is no proper way for PK to know what's going on. Nor would he know whether the report would be published prior to his EGM so I don't think his requisition can be linked to it. AIUI, the management review didn't happen or didn't progress to a conclusive stage. Of course, it was to have been an internal review and therefore not properly independent. The much broader KPMG report will be much more credible. But had PK been unhappy with the performance of the CEO or any other director then he could have proposed their removal at any time. He didn't do so. Nor was he able to rally enough support at the last vote to oust the CEO. AIUI, both the directors he now seeks to oust are highly thought of by the new BoD and are particularly well qualified to see the company through the period ahead. Pettiness and petulance apart, the only motive that I can offer for his actions now, and in the past, is that PK wants to take the company private at the lowest possible share price.

The Companies Act 2006, Section 303 gives ample justification for rejecting his resolutions as vexatious and/or frivolous: ----- "(5) A resolution may properly be moved at a meeting unless— (a)it would, if passed, be ineffective (whether by reason of inconsistency with any enactment or the company's constitution or otherwise), (b)it is defamatory of any person, or (c)it is frivolous or vexatious." ----- Since one of the directors he seeks to oust was recently re-elected by a sizeable majority of all shareholders, then it is plainly frivolous or vexatious to requisition another member vote only a matter of weeks later - especially when no reasoning has been given. Hopefully, this will be nipped in the bud or, less likely, PK sees sense.

Sad to see the former chairman reduced to such irrationality.

As an aside to your aside, he had only been with BG for a year or so and wouldn't have had time to learn about every industry player. But as ever with big fish, it's your job to get to know them rather than the other way around.

I certainly agree with some of your thoughts, Kamel. I know the MD of British Gas Smart Metering and when I last spoke to him some months ago, he had never heard of bGlobal either - although, to be fair, any decisions about whether to buy any services from bGlobal would have been made by one of his senior execs (he told me he would make sure the guy knew about bGlobal). As for KPMG, while I'm prepared for the exercise to take 3 months, I'm hopeful that we will hear about the results within the next couple of weeks. I would be interested to know what research led to your conclusions that the company lacked ambition to fix its problems and that the business lacks effective leadership. Could it be that the leadership will now be more effective with PK out of the chair? And who are the talented employees who need to be mobilised? What are they doing now if not using their talent? In any event, the lie of the land should be clear soon. If they announce redundancies then I would view that as a forerunner to selling the business. I'm comfortable whichever way it goes. Our major shareholders will have the best possible insight and therefore will know whether it is in their interest, and ours, to play the long game.

I'm surprised that they were able to announce such potentially price-sensitive news at the AGM.

"Trading update The group has had a better than expected first half year of trading."

Tomorrow, as in Monday of course!

Anyone going up to sunny Chorley tomorrow? Live (or delayed) reports appreciated - or live Tweets... (after you've put your top-up order in obviously).

Good luck to you too, Kamel. I wonder whether PK is thrilled that his 23m shares have more than doubled in value.

Kamel, while it is obviously true that bad news would lead to a sell-off, it isn't the case that there was a sell-off after the initial upward move in the SP. Selling was minimal but the MMs thought there was an opportunity to flush sellers out by dropping the SP. They didn't succeed and the SP is back on the rise -- again based on very light trading. It's possible there is an as-yet invisible background buyer or that the MMs have taken a view on upcoming news but I suspect they are just experimenting to see where the trigger points are. I wish them luck because I doubt there are many traders and even PIs seem fairly determined to wait for the endgame. Of course, if there is a tussle between existing shareholders, perhaps to gain more votes at the AGM, then the SP could shoot up. But they might have to go to 12p to flush sellers out.

Hi dunks. I'm not reading much into this rise yet - but it serves as a reminder that with tightly held stocks you need to build your position when the the MMs allow it...which is never when the SP is on the rise.

MMs more desperate than ever this morning. Dummy trades via Barclays at 08:15: Max Buy = 10k @8.25p Max Sell = 150k @7.78p Maybe they think this is a gold stock - bGolden. Anyway, more to come. Not that it matters.

Oops - wrong board. Apologies.

Gold rises sharply on news of Fed decision not to start tapering QE yet.

Now 11% up and the MMs still won't allow any serious buying. Dummy trades via Barclays at 16:00pm: Max Buy = 25k (@7.70p) Max Sell = 100k (@7.38p) It obviously takes very little volume to move the SP up (or down) so imho nowt wrong with doing nothing until the SP settles, after news. My guess is that we're seeing some early buying ahead of the AGM in anticipation of some positive news then. That being so, the buying should gather steam over the next 10 days. (FWIW, I don't expect much/anything in the way of substantive news at or before the AGM.)

I'm sure the new chairman will be grateful for shareholder support in passing these resolutions. Nothing therein is a concern to me -- including the powers to issue new equity which are standard fare and could be useful if cash runs low in the future or if BGBL want to acquire a new asset with paper.

.....provided that the power hereby conferred shall be limited to: (a) the allotment of equity securities in connection with an issue or offering in favour of holders of equity securities and any other persons entitled to participate in such issue or offering where the equity securities respectively attributable to the interests of such holders and persons are proportionate (as nearly as may be) to the respective number of equity securities held by or deemed to be held by them on the record date of such allotment subject only to exclusions or other arrangements as the directors may consider necessary or expedient to deal with fractional entitlements or legal or practical problems under the laws or requirements of any recognised regulatory body in any territory; and (b) the allotment of equity securities (otherwise than pursuant to sub-paragraph (a) above) up to an aggregate nominal value not exceeding £106,307. This power, unless renewed, shall expire at the conclusion of the Annual General Meeting of the Company in 2014 or the date which is fifteen months from the date of this Resolution, whichever is the earlier but shall extend to the making, before such expiry, of an offer or agreement which would or might require equity securities to be allotted after such expiry and the directors may allot equity securities in pursuance of such an offer or agreement as if the authority conferred hereby had not expired. This power applies in relation to the sale of shares which is an allotment of equity securities by virtue of section 560 (2)(b) of the Act as if in this Resolution 6 above the words ‘pursuant to the general authority conferred on them contained in Resolution 5 above’ were omitted.

Please cast your votes with your broker by the end of this week. Ordinary Business 1. To receive the financial statements for the period ended 31 March 2013 together with the Reports of the Directors and Auditor thereon. 2. To elect Steven Fawkes, who has been appointed as a director since the last Annual General Meeting, as a director of the Company. 3. To re-elect James Newman, who is retiring by rotation in accordance with article 113, as a director of the Company. 4. To appoint Grant Thornton UK LLP, who have been appointed as the auditor since the last Annual General Meeting, as the Company’s Auditor until the conclusion of the next Annual General Meeting, and to authorise the directors to determine the Auditor’s remuneration. Special Business To consider and, if though fit, to pass the following resolutions which will be proposed as to resolution 5 as an ordinary resolution and as to resolution 6 as a special resolution: 5. That, subject to and in accordance with article 16 of the Company’s articles of association, the directors from time to time of the Company be and they are hereby generally and unconditionally authorised in accordance with section 551 of the Companies Act 2006 (the ‘Act’) to exercise all the powers of the Company to allot shares in the Company and to grant rights to subscribe for, or convert any security into, shares in the Company (‘Rights’) up to an aggregate nominal amount of £354,323, provided that: (a) such authority, unless renewed, shall expire at the conclusion of the Annual General Meeting of the Company in 2014 or the date which is fifteen months from the date of this Resolution, whichever is the earlier but shall extend to the making, before such expiry, of an offer or agreement which would or might require such shares to be allotted or Rights to be granted after such expiry and the directors may allot such shares and grant Rights in pursuance of such an offer or agreement as if the authority conferred hereby had not expired; and (b) all previous authorities under section 80 of the Companies Act 1985 and/or section 551 of the Act to the extent unused be and they are hereby revoked but without prejudice to any allotment of shares or grant of Rights already made or offered or agreed to be made pursuant to such authorities. 6. That, subject to and in accordance with article 17 of the Company’s articles of association and conditional on the passing of Resolution 5 above and in substitution for all subsisting authorities to the extent unused, in accordance with section 570 of the Act, the directors be and they are hereby empowered to allot equity securities (as defined in section 560 of the Act) for cash pursuant to the general authority conferred on them contained in Resolution 5 above as if sub-section (1) of section 561 of the Act did not apply to the allotment, provided that the power hereby conferred shall be limited to:.....

Tick-up, as promised. 7.4% as I write. Not that it matters. Even at the new price, MMs still won't allow any serious buying. Dummy trades via Barclays at 12:45pm: Max Buy = 10k (@7.5p) Max Sell = 150k (@7.0p) More to come, methinks.