Kennedy fails to dislodge Bglobal execs
THE bid by former Bglobal chairman Peter Kennedy to have the company’s chief executive and a non-executive director removed has been knocked back by other shareholders.
By November 20 some 99% of votes, excluding rights held by Mr Kennedy or his family, went against the resolution to have the directors sacked at the Darwen-based smart meter technology company.
There were 25.9 million votes for and 53.5 million votes against.
Mr Kennedy, who holds 23.6% of the shares, had called for the removal of chief executive Tim Jackson-Smith and non-exec James Newman. He also wanted a general meeting on the matter but this request has now been withdrawn.
In a statement chairman John Grant said: “Shareholders have expressed to the board their frustration at the waste of company resources incurred in the requisition of this general meeting, which never had credible support from any shareholders apart from Peter Kennedy and his family.
“I have assured Peter that the board will always listen to the views of shareholders. I and my fellow directors hope this will encourage him to refrain from requisitioning further meetings, and to refrain from burdening Bglobal with additional and unnecessary expense.”
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 and he has since been sacked.
