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" The Board were asked for an EGM by Coltrane. Under LSE rules, this has to take place within 20 days. The date proposed by IRV exceeds this."
CC2015,
You are wrong about that. The meeting must be called within 28 days.
The request was made on 26th Feb, and the meeting has been called for 26th March - 28 days.
https://www.companylawclub.co.uk/calling-general-meetings
"If the request is properly made, the directors must within 21 days call the meeting for a date not more than 28 days after the date of the notice calling the meeting."
It is debatable how you read this but it could well mean 21 days plus a further 28 days.
"If the request is properly made, the directors must within 21 days call the meeting for a date not more than 28 days after the date of the notice calling the meeting."
Correction the request from Coltrane was made on the 6th Feb.
The EGM was called by IRV on the 26th Feb (within 21 days of the request).
And the date of the EGM was set for 26th March (28 days after IRV announced it).
Thanks Kenj for your research of the meeting dates. It's really helpful.
I am remain, let me say concerned about the Board here. Their major shareholder, calls a meeting and the Board have more or less dragged the timing out to the longest possible time. Clearly they are entitled to do this. However, it doesn't seem to be doing anything to work with their biggest shareholder, more frustrate the process. And this I suspect is the problem. Are the Board acting in a way which is too skewed towards the bondholders. They may be legally within their rights but it seems to do nothing but annoy Coltrane. Of course their Board membership and the jobs of their colleagues are at risk and that may be introducing unconscious bias towards the bondholders
One other thought for you Feileb. Coltrane cannot buy more than 29.9% without making a bid for the company so in order to introduce more leverage they need another party to get them up to 50%.
CC
Agreed. In a hostile takeover Coltrane could force an immediate General Meeting.
But as stated, I don't think it is Coltrane buying shares.
Be interesting to see if yesterdays rise was just a blip or this continues today.......
Interserve have said "“currently the only plan that is capable of implementation in order to provide sufficient liquidity, cash and bonding facilities to allow the group to service short term obligations and secure a stable platform”
Currently.....leaving an opening?
I doubt it though, even if Coltrane's deal is more fair, better for all stakeholders than the current proposed deal and the Lenders were willing to move towards it ....I think the BoD (advised by their advisors) would still stop it.
Why? because they have just spent £75m on advisors to put their deal together and if another deal that cost £0 is the way forward instead, they are going to have to think of some clever explanations......
They haven't just spent £75m on advisers. that's the total of the April 2018 advisers and the bit they've spend recently on this round. I think (it's in the deleveraging plan published yesterday) they've spent around £13m in the last couple of months on advisers and see themselves spending around another £20m to complete this funding round.