ADVFN Plc (AFN)

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ADVFN Says Two Shareholders To-Request Replacement Of Board
Mon, 9th Mar 2015 15:30

LONDON (Alliance News) - ADVFN PLC Monday said two of its institutional shareholders have requested a general meeting in an attempt to remove all of the directors of the company and appoint a new board.

The financial markets website said Sweet Sky Ltd and Shellhouse Ltd have requested a meeting. ADVFN believes that the current requisition is not valid, but said it expects to receive a valid requisition from the two shareholders "in due course."

ADVFN did not reveal what shareholding both companies hold, although Sweet Sky has a 22.14% stake according to data on Morningstar.

"The company anticipates receiving a valid requisition from these shareholders in due course, following which the board will be writing to shareholders with its views on the requisition proposals together with a notice of general meeting," it said in a statement.

ADVFN shares were down 2.6% to 95.00 pence per share on Monday afternoon.

By Joshua Warner; [e-mail]; @JoshAlliance

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http://www.lse.co.uk/AllNews.asp?code=gsc6cz50&headline=ADVFN_Says_Two_Shareholders_To_Request_Replacement_Of_Board