Board reviewing latest info in battle for control of ADVFN

An apparent battle for control of ADVFN advanced on Wednesday, as the company said it was reviewing information on a number of proposed directors submitted by its former director Yair Tauman.

The AIM-traded firm had announced on 14 February that Tauman had requested a general meeting under the Companies Act, to remove chief executive officer Clem Chambers from the board.

Tauman also proposed Anthony Wollenberg, Amit Tauman and Lord David Gold be appointed as directors.

ADVFN said at the time that it had requested information from Tauman about the people he was proposing as directors.

“The company announces that information has now been provided and is being dealt with following normal and required review procedures,” the board said on Wednesday.

“Provided this process is concluded satisfactorily, the company will look to send to shareholders a circular containing a notice of general meeting on or by 18 March containing resolutions proposing the appointment of the new directors in the form requested by Mr Tauman.”

Yair Tauman, a professor of economics at the State University of New York, Stony Brook, was a director at ADVFN before resigning with immediate effect in December 2014.

Reports of Tauman’s attempts to wrestle for control of the company began to circulate in May last year, when the company disclosed that he had doubled his holding to 18.31%.

Its latest disclosure to the market showed Tauman and his associates had since increased their interest to 20.42%.

ADVFN conducted a strategic review and short formal sale process earlier in the year in response to Tauman’s increased shareholding, concluding in February that its best strategy was to grow its offering and reach through business partnerships, joint ventures and acquisitions.

“The board of ADVFN has noted several recent announcements of significant shareholdings and the board is concerned that control may be being sought by long-standing group of shareholders whose total interests may not be aligned with shareholders as a whole,” the ADVFN directors said at the launch of the review in January.

“Furthermore, the board believes that the company, having reached a stage of reported profitability, has valuable assets which could well be of interest to a number of parties.”

At 1100 GMT, shares in ADVFN were down 4.13% at 58p.