Business
Board response to recent GM request
Board response to recent GM request.
About this update from Iofina Plc
[{"type":"text","content":"\n \n \n RNS Number : 5686F\n Iofina PLC\n 10 March 2020\n \n \n \n \n \n \n \n 10 March 2020\n \n \n \n \n \n Iofina plc\n \n \n (\"Iofina\", the \"Group\", or the \"Company\")\n \n \n (LSE AIM: IOF)\n \n \n \n \n \n BOARD RESPONSE TO THE RECENT GM REQUEST \n \n \n by Rene Nominees (IOM) Limited A/C POOLED\n \n \n \n \n \n Board unanimously recommends voting against proposed resolutions \n \n \n \n \n \n Record year of production, sales and earnings growth - Iofina in strongest position ever\n \n \n \n \n \n Board believes requisition is a reaction to decision not to proceed with Belize operation\n \n \n \n \n \n 1. Introduction\n \n \n On 9 March 2020, the Board received notice that, pursuant to section 303 of the Companies Act 2006, Rene Nominees (IOM) Limited A/C POOLED (the \n \"Requisitioner\") on behalf of beneficial owners, Southern Rock Insurance Company Limited and ICS Risk Solutions Limited, accompanied by a statement from Arron Banks (being an ultimate beneficial owner of the said beneficial owners) wished to exercise its right to requisition a general meeting (\"GM\") of the Company's shareholders, proposing resolutions to remove Mr. Lance Baller as a Director of the Company and to appoint Mr. Arron Banks as a Director of the Company (the \"Proposed Resolutions\"). This notice, and the statement from Mr. Banks comprised within the notice, differs from two previous versions of the statement which were previously released on 2 and 3 March 2020 via the Twitter account of a close business associate of Mr. Banks, Mr. Andrew Wigmore, and which have subsequently been deleted.\n \n \n \n \n \n The Company has until 30 March 2020 to call the GM and will do so in due course. In the meantime, the Board's response to the requisition and accompanying statement is set out below.\n \n \n \n \n \n A link to the statement can be found here \n http://www.rns-pdf.londonstockexchange.com/rns/5686F_1-2020-3-10.pdf\n \n \n \n \n \n \n 2. The Board's response \n \n \n The Board was surprised by the requisition for the GM given that Mr. Banks, being an ultimate beneficial owner of the Requisitioner, has been such a long-standing supporter of the Company. It feels that the statements made by him are inherently flawed and a reaction to the Board's...