18 April 2016 – general meeting
The company has announced the intention to adjourn the general meeting due to take place tomorrow. Following discussions with Slater Investments Limited and Steve Rawlings some changes have been agreed with immediate effect. Chris Geoghegan, Non-Executive Chairman, will be leaving the Board. Steve Rawlings, Ric Piper and Robert Legget will join the Board as Non-Executive Directors, Ric Piper as Chairman and Robert Legget as the Senior Independent Director. Jill Ainscough and Johnathan Ford will remain as Non-Executive Directors. This appears to be a sensible resolution for the time being and avoids further uncertainty in the near term. We continue to rate the shares as a SPECULATIVE BUY.