The investment firms commented: ”In order for the strategic review process to reach an acceptable conclusion, it is critical that shareholders trust the Board’s ability to make independent decisions regarding the future of the company that will be in the best interests of all shareholders.
As the resolutions now have the support of a majority (50.4%) of shareholders of the company’s shares, Cycladic and Principle Capital urge Vernon Sankey and Serge Cransianski to resign immediately from the Board. This will save the company the expense of calling an extraordinary general meeting, prevent any disruption to the strategic review process and allow the board to make a decision about the sale of the vending division that can be supported by shareholders.
Cycladic and Principle Capital support the appointment of Martin Reavley, the current Senior Independent Director of the Company, as Interim Chairman of the Board and are confident that he and the other independent non-executive directors will be able to:
– stabilize the Company after the resignation of the Chairman and the Chief Executive;
– appoint competent successors in a short time frame;
– manage the potential sale of the vending division; and
– begin the turnaround required for future growth.
For the avoidance of doubt, contracts for difference ("CFDs") have only been included in the support level where it is expected that those CFDs can be effectively converted into ordinary shares and voted at an extraordinary general meeting."