Mobile phone retailer PNC Telecom today abandoned an extraordinary general meeting called by a disgruntled shareholder aiming to unseat the bulk of the group’s board.
Geremy Thomas, founder of the group and 17.5% shareholder, had convened the meeting with the aim of removing the group’s board, with the exception of finance director David Bradfield.
However the group said today that following talks between the board and Thomas, a compromise had been struck and today’s meeting had been abandoned.
Thomas was seeking to remove chairman Lord Stevens of Ludgate, chief executive Ian Gray and three non-executive directors in order to take executive control of PNC, which owns the KJC chain of 51 mobile phone shops.
However, under today’s deal Thomas will join the board as a non-executive director, although Lord Stevens has resigned.
In a statement, the group said: “Consistent with the mutually agreed objective the combined board will work together to enhance shareholder value.”
EGi News 30/12/02
