ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

Shares Magazine - Trouble at t'mill

Share Forum

Share On Facebook
Creator Wilmdav Created 19 Feb 2004 Posts 1 Last Post 20 years ago
Free Annual Reports Add Favourite|E-mail Alert|Related Threads
Shares Magazine 19 February 2004

Trouble at t’Mill

The ongoing situation at Investment Management Holdings (IMH) continues, with each side bringing out conflicting comments.

That aside, it is interesting to note the problems that Andrew Campbell and his action group appear to have in being taken seriously.

The day after Campbell presented requisition forms to IMH’s solicitor Memery Crystal to call an extraordinary general meeting (EGM), comments appeared the press – purporting to have come from IMH – that Campbell did not have the support of more than 10% of shareholders. In effect, it was being suggested that Campbell either did not know what he was talking about, or that he did not have the support of those he thought he did.

Shares has seen a detailed spreadsheet held by Campbell noting all the different shareholders who have offered their support in this regard, as well as covering letters from two of the biggest shareholders confirming their support.

It also understands that Campbell has now written to IMH’s company secretary, Ingrid Blumberg, asking which, if any, of his supporters’ holdings IMH is contesting. As reported opposite, it now appears that some of his larger backer may have rescinded their support. If that is the case, then IMH should confirm this to all investors – via the London Stock Exchange’s RNS service – and, if it is not, provide information of when and where the requisitioned EGM is to be held.

Campbell for one is hoping the latest developments will ‘flush them out’ and to agree that he has the necessary support to move to the next stage. Latest developments suggest that that might not be the case, however. But even if he does succeed, he will have to garner further support of he is to be successful in actually ensuring that an independent solicitor is appointed to investigate the said claims.

The problem Campbell now faces is one shared by many other action group leaders, be it at Railtrack or at Room Service Group, in that he faces an uphill battle of spin, a war of words. One man against the combined forces of the Square mile. Campbell will have done very well indeed if he wins this David versus Goliath struggle.

The City is not geared to listen to individuals, and that is why people such as Campbell are often treated by the ‘old guard’ as cranks and troublemakers.

But he and his supporters obviously think they have valid points to make, and surely they should at least be allowed to make them.

Your Recent History

Delayed Upgrade Clock