Bglobal shareholders force out Kennedy
PETER Kennedy, the executive chairman and founder of Darwen smart meter firm Bglobal, has been forced out by a shareholder revolt.
London-based asset manager Hawkwood Capital, which holds 9.7% of the shares, joined forces with three directors and other shareholders to oust Mr Kennedy at a general meeting today.
Around 46 million shares were cast in favour of removing Mr Kennedy with immediate effect, while 34.9 million were cast in opposition.
In a statement Bglobal said 89% of shareholders who voted, other than Peter Kennedy and his family members, voted in favour of Mr Kennedy’s removal as a director.
It also said that his son Nick Kennedy, the firm’s chief financial officer, had been suspended with immediate effect pending an investigation of his conduct.
Shareholders also backed a plan to bring in Hawkwood partner John Grant as chairman and for the directors to conduct a strategic review of the business.
Mr Kennedy, who remains the firm’s largest single shareholder with around 23%, opposed the moves claiming Bglobal was on the cusp of some big deals with housing associations and local authorities, and that Mr Grant would oversee a fire sale of the business.
He declined to comment on his loss of office when contacted by TheBusinessDesk.com, but said: “What was also carried was a resolution to carry out an independent review of the business and I welcome that and I hope that’s done and it’s done quickly.” He said he hoped to be involved as the company’s largest shareholder.
Hawkwood’s action was supported by Bglobal’s chief executive Tim Jackson-Smith and two non-executives, James Newman and Steven Fawkes.
Shares in Bglobal, which is listed on the Alternative Investment Market, have fallen in value from 63p five years ago to a low of 3.6p but have rallied in recent days to around 7p, valuing the business at around £7m.
