NLV EGM item reasons

[George]

Apologies if this is posted elsewhere, I have looke but couldn't see, I just wondered if there was information on why NLV were proposing what they are for the EGM

 

Specifically, what the minimum amount required is being dropped to 10k and why is Mo not being voted onto the interim board?

 

This is not a leading question, just a genuine request for information.

 

Thanks

[geosname]

Its not about getting Mo in.... its about getting the present board out

At present no one is allowed to buy any significant amount of shares because the board block the sale.... not all the board have the now required 50K.... bringing the 50K down to 10K will make the board more accessible.... the interim board will take charge of the business to allow continuity

 

In my opinion

[Ian der Laan]

who are the interim board likely to be?

[NEV]

Its not about getting Mo in.... its about getting the present board out

At present no one is allowed to buy any significant amount of shares because the board block the sale.... not all the board have the now required 50K.... bringing the 50K down to 10K will make the board more accessible.... the interim board will take charge of the business to allow continuity

 

In my opinion

 

wont the intrerim board have to hold another meeting to put it to the shareholders you cannot do any other buisness at this egm i think

[Ian der Laan]

Malcolm Hirst and 2/3 others from NLV I think.

 

Thanks. All from nlv?

[ChrisR]

The proposed interim board members are Mike Thompstone, Mark Sims and Michael Clough.

[lydiatevaliant]

Thanks. All from nlv?

 

I'm sure this isn't right. It's Mike Thompson (ex director), Mark Sims and someone else who's name escapes me but I'm sure it wasn't someone connected to NLV. I guess things will be more complicated than this though assuming V2001 vote against all the changes like the 24.9% rule and minimum 50k before they're voted out.

[Ian der Laan]

The proposed interim board members are Mike Thompstone, Mark Sims and Michael Clough.

 

I'm sure this isn't right. It's Mike Thompson (ex director), Mark Sims and someone else who's name escapes me but I'm sure it wasn't someone connected to NLV. I guess things will be more complicated than this though assuming V2001 vote against all the changes like the 24.9% rule and minimum 50k before they're voted out.

 

Thanks. BGC directors?

[NEV]

The proposed interim board members are Mike Thompstone, Mark Sims and Michael Clough.

 

dont the new board have to be vetted by the F A to see if they are fit and proper people ?

[George]

So if Mo's deal doesn't go through we could, in theory, be left with a board who between then have only invested 30k?

 

I'm trying to convince a couple of share holders I know to vote for change and they asked me some questions of which urea my don't k ow the answer too.

[Timothius]

So if Mo's deal doesn't go through we could, in theory, be left with a board who between then have only invested 30k?

 

I'm trying to convince a couple of share holders I know to vote for change and they asked me some questions of which urea my don't k ow the answer too.

 

Yes as an interim board, not a fulltime board. The interim board is to oversee things whilst the due diligence etc. takes place and would happen at any other company who were going through the same set of circumstances.

 

Why should shareholders not vote for change down to the makeup and shareholdong of a board who are put in place to run things for the benefit of the shareholders in the interim? The other options are to vote V2001 out, but with no one then in place to run the ship, (which of these options would any shareholder vote for?) or leave V2001 in power.

[ChrisR]

I stand corrected.

 

Clough as in Environ Group director?

 

That's him.

 

dont the new board have to be vetted by the F A to see if they are fit and proper people ?

Yes, although part of the special resolution seeks to remove such checks from the requirements of being a director, may be temporarily I'm not sure.

 

So if Mo's deal doesn't go through we could, in theory, be left with a board who between then have only invested 30k?

 

It's not exactly Mo's deal but yes, the proposed interim board would only own £30K worth of shares (Mr Thompstone), I understand that the other two directors are being sponsored by existing shareholders, 'a la' Graham Mudie.

[George]

Yes as an interim board, not a fulltime board. The interim board is to oversee things whilst the due diligence etc. takes place and would happen at any other company who were going through the same set of circumstances.

 

Why should shareholders not vote for change down to the makeup and shareholdong of a board who are put in place to run things for the benefit of the shareholders in the interim? The other options are to vote V2001 out, but with no one then in place to run the ship, (which of these options would any shareholder vote for?) or leave V2001 in power.

 

Thanks Tim.

[NLVMalc]

No one from NLV on interim board

 

All agreed by FA/FL already

 

The EGM is about removing the board and removing the 24.9 percent rule to allow investment and to undo the the stranglehold of the board with their minority shareholding.

[Ian der Laan]

So if Mo's deal doesn't go through we could, in theory, be left with a board who between then have only invested 30k?

 

I'm trying to convince a couple of share holders I know to vote for change and they asked me some questions of which urea my don't k ow the answer too.

 

I'm no expert but I'd expect the interim board to be very tempory.

 

The other issues on the agenda will pave the way for other investors to take control... 24.9% rule & 10k etc.