Bglobal’s Kennedy fights back

PETER Kennedy, who was ousted as chairman of Darwen smart meter technology firm Bglobal in August, is attempting to have the chief executive and a non-executive director removed.

Mr Kennedy, who holds 23.6% of the shares, has called for a general meeting to consider resolutions to remove chief executive Tim Jackson-Smith and non-exec James Newman.

In a statement the company said it had a legal obligation to hold the meeting but did not hide its antipathy and stressed Mr Kennedy had given “no justification” for the move.

It said: “Unfortunately, even if shareholders representing more than 50% of the company’s issued share capital are known to be supportive of Tim Jackson-Smith and James Newman, the board must still comply with its legal obligation to hold the meeting and is unable to claim the costs associated with the organisation and holding of the general meeting.

“The board will seek to minimise the costs incurred by the company in dealing with this distraction and would like to thank shareholders in advance for their continued support while they conclude the strategic review which received the backing of shareholders at the general meeting on August 15.”

It added that Mr Kennedy delivered a requisition in the same terms by email at on September 27 which was withdrawn four days later. London-based asset manager Hawkwood Capital, which holds 9.7% of the shares, led the action to oust Peter Kennedy in the summer. The move was supported by Mr Jackson-Smith, Mr Newman and another non-executive Steven Fawkes. They all said a change was required due to a poor financial performance and a muddled strategy.

After Mr Kennedy was forced out his son Nick, the company’s finance director, was suspended pending the outcome of an investigation into his conduct. KPMG has been appointed to carry out a review of the business.

The board will convene a meeting by the end of the month.