RE: Many Commercial Opportunities23 Dec 2020 15:06
Buy now it good to recover if kick out of BOD
RNS Number : 6781J
Gareth Wynn Vaughan Cave
23 December 2020
23 DECEMBER 2020
Dr Gareth Cave
Remote Monitored Systems PLC ("RMS" or the "Company")
Response to Latest Board Announcement
Intention to requisition a GM to remove the Board
Shareholders in RMS will have noted the announcement of the admission to trading today of 4,000,000 placing shares in RMS, which is massively dilutive to existing shareholders. Furthermore, the Company made no formal announcement prior to admission of the placing shares that there was growing shareholder opposition to the issue of warrants. The Company also makes a number of unfounded allegations against Dr Cave which he refutes completely and over which he is taking legal advice.
Over 450 shareholders have expressed opposition to the actions of the current board, and its lack of independent oversight. This support, if deployed at a General Meeting, would be more than sufficient to block the issue of warrants in their current form.
Dr Cave will today be requisitioning a general meeting to remove the existing directors and to appoint a new board with proper independent board oversight.
Egremont is now taking steps to contact all those who have been in touch to start the process of verifying identities and shareholdings and has been approached by individual private investors with a view to the establishment of a formal shareholder action group to underpin the support for board changes.
Dr Cave commented:
"I am disappointed that despite constructive discussions with RMS's advisers yesterday, that appeared to be leading to a sensible compromise for the benefit of shareholders, the Board of RMS has chosen to ride roughshod over shareholders' concerns. I believe that these would now be best satisfied by the cancellation of the warrants in their current form and comprehensive board changes which will allow myself, Alex Vergopoulos and the Pharm 2 Farm team to concentrate on the many commercial opportunities presenting themselves."
ENDS
Enquiries
Jonathan Hall
Egremont Capital Limited
jonathan.hall@egremont.com
0203 697 9496