Prospex shareholders request general meeting over board

The AIM-traded firm said the requisition proposed that shareholders be asked to consider resolutions related to changes to the board, including the removal of existing and proposed directors and the appointment of new directors, and share authorities.

Having taken legal advice, the board said it had ascertained that the documentation as received was not a valid request under section 303 of the Companies Act 2006, as such a request must be made by a member of the company recorded on its register of members.

As a result, the board was not obliged to call the general meeting.

“The board has engaged with the group of shareholders as to the actions they need to take to validly call a general meeting, and has invited the group of shareholders to procure that a valid request under section 303 is submitted,” the board said in its statement.

At 1141 BST, shares in Prospex Energy were up 2.97% at 2.73p.