LONDON (Alliance News) – Gas storage company InfraStrata PLC said late Friday that two of its major shareholders have requisitioned an general meeting to put forward proposals to remove the entire board and replace them with two of its own nominees.
Wealth Nominees Ltd and Hubwise Nominees Ltd have called for the meeting and has proposed that Adrian Pocock and Peter Wale are appointed to the board with immediate effect.
In turn, the pair have proposed removing all five existing directors sitting on the InfraStrata board, comprised of Non-Executive Chairman Kenneth Ratcliff, joint Managing Directors Stewart McGarrity and Anita Gardiner, and the two Non-Executives Andrew Hindle and Maurice Hazzard.
The last proposal is to prevent any new director being appointed to the board between Friday and the date of the meeting.
Pocock and Wale, the two individuals who could join the board of InfraStrata if the proposals are successful, hold a combined 5.05% stake in the London-listed company.
Shareholders are advised not to take any action at present, with the date of the meeting still to be set.
“The company is committed to working constructively to assess any opportunity which may be beneficial to the company and its shareholders. Consequently, it is the company’s intention to engage in a constructive dialogue with the requisitioners as soon as possible,” said InfraStrata.
InfraStrata shares closed 1.4% higher on Friday at 0.649 pence.
By Joshua Warner; firstname.lastname@example.org; @JoshAlliance
Copyright 2017 Alliance News Limited. All Rights Reserved.