Simon’s update31 Oct 2018 20:09
This is just what i got from simon as an update of what’s happening.
“Thanks for your email. The board change and the potential insolvency issues are not directly connected. It is clear Hudson has made its voice heard in the way it wants the company to be run, by voting down the proposed share issuance resolutions in the last two general meetings. It is very clear from those decisions that Hudson sees Bellzone as a valuable business and, having supported Bellzone for the last 4 years, does not wish to be diluted by further share issuance below the current 52% level.
An ongoing dialogue continues between the two remaining non-executive directors and Hudson. Michael Farrow was not directly part of that dialogue. It is clear that changes are afoot and Michael, who is 65 later this year, was due to retire anyway. As such, it was a sensible time for him to step down from both the Chairmanship, two months ago and now from the board completely.
I'm sorry that you interpret "tentative" as negative or unconvincing. There are genuine discussions taking place with parties other than Hudson that may lead to a proposal or proposals to enable Bellzone to continue as a going concern and these are in relation to Konta Port, as we stated in our RNS of Wednesday. "Tentative" was used to describe the discussions as there is no contractual proposal agreed at this stage - but of course we will announce any such contract immediately if terms can be agreed.
Last of all, please be assured that the board and the management team are doing everything in their power and as quickly as possible in order to secure a viable future for Bellzone. We are very aware of the time constraints.
Kind regards,
Simon”
Sign In
Follow the stocks
