11 Jul 2023 07:00
Certain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as applied in the United Kingdom. Upon publication of this Announcement, this information is now considered to be in the public domain.
11th July 2023
Bidstack Group Plc
("Bidstack" or the "Company" or the "Group")
Requisitioned General Meeting
Bidstack Group Plc (AIM: BIDS), the in-game brand activation platform, announces that, further to the Company's announcement on 5 July 2023, it has today posted notice of a general meeting to be held at WeWork, 17 St Helen's Place, London, United Kingdom, EC3A 6DG at 11:00 a.m. on the 27th July 2023.
This follows the request from Interactive Investor Services Nominees, Hargreaves Lansdown (Nominees) and Lawshare Nominees on behalf of underlying investors holding in aggregate, 68,318,975 ordinary shares representing 5.25% of the issued ordinary share capital of the Company to requisition a general meeting.
The resolutions to be proposed at the General Meeting are to remove Glen Calvert and Lisa Hau as directors of the Company and to appoint Nicholas Hargrave a director of the Company.
The Board has been in communication with the Company's major shareholders and has agreed that:
· it will actively review the composition of both the Executive and Non-Executive members of the Board with the goal of reducing both, plus overall Board size;
· it will make a determined and conscious effort to enhance Investor Relations with institutional and retail investors alike; and
· it will conduct a review of the advisors to the business.
The Directors have recommended that shareholders vote against all the proposed resolutions, as the Directors intend to do in respect of their own holdings of Ordinary Shares, which in aggregate amount to 45,160,438 Ordinary Shares representing 3.47 per cent of the votes attaching to the existing issued shares of the Company.
The Directors have received commitments to vote against all the Resolutions from Shareholders holding 205,438,596 shares representing 15.79 per cent of the votes attaching to the existing issued shares of the Company.
In addition, the Directors have received commitments to vote against the resolution to appoint Nicholas Hargrave to the Board from Shareholders holding a further 120,077,161 shares representing another 9.23 per cent of the votes attaching to the existing issued shares of the Company.
The general meeting notice will be available for viewing on the Company's website at https://www.bidstack.com/public-documents/notice-of-general-meeting-2023/
-ENDS-
Contacts
Bidstack Group Plc
James Draper, CEO
SPARK Advisory Partners Limited (Nomad)
Mark Brady / Neil Baldwin / James Keeshan
+44 (0) 203 368 3550
Stifel Nicolaus Europe Limited (Broker)
Fred Walsh / Tom Marsh
+44 (0) 20 7710 7600