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Results of General Meeting and Board Changes

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD BE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION (EACH A “RESTRICTED JURISDICTION”)

The Company can confirm the results of the General Meeting of the Company held today, with all Resolutions which were put to the General Meeting being duly passed. In particular, Resolution 1, relating to the removal of Peter Kennedy as a director of the Company, received the overwhelming support of the shareholders of Bglobal who are not connected with Peter Kennedy with 56.87% of the votes being in favour of the Resolution and 43.13% of the votes being against the Resolution. 89% of shareholders who voted (other than Peter Kennedy and his family members) voted in favour of Peter Kennedy’s removal as a director.

94% of the shareholders who voted (other than Peter Kennedy and his family members) voted in favour of Resolution 3 to  appoint John Grant as a Director and Chairman of the Company

Given that no directors of the Company were appointed on or after 25 June 2013, Resolution 2 was not put to the meeting.

Each resolution was taken on a poll.

The Board also announces that Nick Kennedy, Chief Financial Officer, is suspended with immediate effect pending an investigation of his conduct.  Further details will be provided in due course.

All Board changes have become effective immediately.

Details of the votes received in relation to each of the Resolutions put to the General Meeting (which are more particularly described in the Notice of General Meeting) are as follows:

  For Against Total votes % of votes cast in favour
Resolution 1 46,101,788 34,967,866 81,069,654 56.87
Resolution 3 51,281,789 29,362,211 80,644,000 63.59
Resolution 4 46,077,633 34,925,367 81,003,000 56.88
Resolution 5 52,354,270 28,716,884 81,071,154 64.58

Proxy forms which gave the Chairman and other Directors discretion have been included in the “For” total.

The Board looks forward to working with the newly appointed Chairman, John Grant, in order to carry out an in-depth review of the business of the Company over the course of the coming weeks with a view to maximising the value of the Company for all shareholders.

The strategic review will be wide-ranging and may or may not result in some or all of the Company’s businesses being sold. Accordingly, this announcement commences an “offer period” for the Company as defined by the Takeover Code.

The Board will update shareholders upon conclusion of its review.

 

John Grant

John Grant (age 36) is currently a partner of Hawkwood Capital LLP. Previously he was a private client stockbroker at NCL Investments Limited (Smith and Williamson) and Brewin Dolphin Limited. He then spent time in Hong Kong raising money for Asian Funds and companies. He returned to the UK in 2005 where he worked for a number of financial services firms including Seymour Pierce Limited and XCAP Securities plc.  John Grant is also a director Glenmoriston Estates Limited and was a director of Glenmoriston Services Limited, a company which is now dissolved.

There is no further information to be disclosed under Rule 17 or Schedule Two paragraph (g) of the AIM Rules for Companies.

 

Tim Jackson-Smith, CEO

John Grant, Chairman

Bglobal plc

 

Mark Taylor

Charles Stanley Securities

Nominated Adviser and Broker

Tel: 01254 819 600

 

Rebecca Sanders-Hewett, Dwight Burden, David Ison

Redleaf Polhill

PR Adviser

Tel: 020 7382 4730

Tel: 020 7149 6000