Business
Impairment of investment & General Meeting
Impairment of investment & General Meeting.
About this update from Blue Star Capital Plc
[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 9250B Blue Star Capital plc 25 February 2011 \n\n25 February 2011\n \nBlue Star Capital plc (\"Blue Star Capital\" or \"the Company\")\nImpairment of investment in Pedagog and Requisition of General Meeting\n \nThe Company announces that on 25 February 2011, the Board of the Company considered that the value of its investment in Pedagog Limited should be impaired to zero following Pedagog's ongoing severe difficulties in raising finance in the current climate and concerns about its viability. Dr Richard Leaver has stepped down as a director of Pedagog, by virtue of the Company's investment in it, with immediate effect.\n \nThe book value of Pedagog in the Company's Sept 2009 Annual Report and Accounts was £1,212,642 (0.807p per share) and this value is now impaired to zero corresponding to an impairment of 0.807p per share.\n \nThe Company further announces that on 25 February 2011, it received a requisition to hold a general meeting (the \"General Meeting\") from Highland Fund Management Limited, SPDV Holdings Limited and Cloverleaf Investments Limited (the \"Requisitioners\") pursuant to section 303 of the Companies Act 2006 and Article 47 of the articles of association of the Company to propose the following resolutions :\n \n1. That Mr. Anthony Fabrizi be appointed a director of the Company with immediate effect;\n \n2. That Mr. Noel Lyons be appointed a director of the Company with immediate effect; and\n \n \n3. That all the directors who are in office at the date of the meeting other than The Lord Dear, General Sir Michael Wilkes, Mr Anthony Fabrizi and Mr Noel Lyons be removed from office with immediate effect.\n \nThe effect of the last resolution, 3. above will be the removal of Dr Richard Leaver and Mr Peter Varnish as directors of the Company. \n \nTogether the Requisitioners are the registered holders of 22,380,468 ordinary shares in the Company representing 14.9% of the current issued share capital of the Company.\n \nWhile Blue Star Capitalintends to comply with its statutory obligations in relation to the General Meeting, the Board considers that the requisition is an...