Business
Update re Plutus PowerGen plc requisition
Update re Plutus PowerGen plc requisition.
About this update from Tooru Plc
[{"type":"text","content":"\n \nRNS Number : 5102X RiverFort Global Opportunities PLC 19 December 2019 \n\n \n19 December 2019\n \n \nUpdate with respect to the Plutus PowerGen plc requisition\n \nA response from the requisitioning shareholders,\nChelverton Asset Management and RiverFort Global Opportunities plc\n \n \nTo shareholders of Plutus PowerGen plc\n \n \nDear Shareholders\n \nYou will have seen our letter to you that was circulated along with the notice of General Meeting by Plutus PowerGen plc (the \"Company\" or \"PPG\") on Friday 13 December 2019. Our letter clearly sets out why we believe that the Company needs a new board of directors if it is to stand any chance of survival. Unfortunately, we were limited to writing 1,000 words in that letter to set out our case and proposals. We are therefore taking this opportunity to give a more detailed response to the views expressed by the incumbent directors of PPG in the recently published circular and to update shareholders on recent developments.\n \nAs we said in our original letter, we have been seeking to work with PPG's board since May of this year, but have made little progress and, given the number of additional worrying events that have taken place since, we have been left with no alternative but to seek to replace the current board in order to save the Company.\n \nWe are now writing to clarify certain matters raised in our letter and/or points raised in the Company's circular, and more generally.\n \nExperience of the new team and strategy\n \nThe proposed Alternative Directors have significant experience of AIM listed companies and, in particular, of companies that have been in difficult situations, and we have a record of being able to successfully resolve those situations. Furthermore, the Alternative Directors have access to both proprietary capital and funds from other investors - something that the Company will need now or, most likely, very shortly.\n \nIf we were appointed, our initial strategy would be to stabilise the Company by reducing and controlling costs and to make sure that the Company has the necessary funds to enable it to continue to trade. We would also seek to rebuild relationships with the Rockpool-owned power companies. Once the Company has been stabilised, we...