| CATEGORY: SMALL CAPS NEWS SECTOR: OIL & GAS PRODUCERS |
D1 Oils sets out defence against Myerson |
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Fri 16 Jul 2010
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LONDON (SHARECAST) - D1 Oils will have a battle on its hands at a general meeting on Monday called by Evo Nominees on behalf of Principle Capital Investments Limited (PCIL), whose chairman has been banned from working for any company on a UK merger for the next three years.
City tycoon and activist investor Brian Myerson’s Principle Capital owns 27.5% of biofuels firm D1 and has been trying to get a general meeting arranged since May.
It wants D1 chairman Barclay Forrest, chief executive and finance director Ben Good, operations boss Martin Jarvis and Science and Technology director Henk Joos out.
Principle Capital directors Jonathan Saul Sieff and Andrew James Peggie will then be parachuted onto the board.
On Wednesday, Myerson failed to overturn an earlier ruling by the UK Takeover Panel that found him guilty of “a deliberate attempt to circumvent the requirement under Rule 9”.
The Panel decided to “cold-shoulder” Myerson and another two investors found guilty of breaking the rules when they bought shares in Principle Capital Investment Trust (PCIT) last year. It was the Panel’s first such move in 18 years.
D1 chiefs are urging shareholders to vote against the proposals. It thinks the appointment of representatives of Principle Capital to the D1 board is “inappropriate” under the circumstances.
But Myerson has form. He’s been behind the departure of Photo-Me International’s chairman and chief executive, the hiring of a new boss at Blacks Leisure, and the sale of posh department store Liberty.
He stepped down as chairman of D1 in March after directors rejected his plan to reverse Principle Energy, a cane sugar ethanol venture in Mozambique, into D1.
Last year, he lost a very public battle to reduce an £11m divorce on the grounds that his wealth had been zapped by the credit crunch.
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