Information  X 
Enter a valid email address

Sperati(C.A). (TEA)

  Print      Mail a friend

Wednesday 26 September, 2012

Sperati(C.A).

Re Notice of General Meeting

RNS Number : 2353N
Sperati(C.A.)(Special Agency)
26 September 2012
 



 

For Immediate Release

 

26 September 2012

 

 

C. A. Sperati (The Special Agency) PLC

("CAS" or the "Company")

 

Re Notice of General Meeting

 

 

 

 

Further to the announcement made by CAS on 25 September 2012 which sets out details of a general meeting ("GM") requisitioned by two of our shareholders (Oliver Fattal and Baron Bloom) for 5 October 2012 ("Requisition"), Kevin Jackson (Chairman and joint CEO), on behalf of your board (other than Oliver Fattal) ("Board") would like to make the following statement;

 

"Your Board do not understand or support the reasons for the Requisition nor for the four resolutions that have been proposed and having discussed the matter at length, strongly recommend that shareholders vote AGAINST all four resolutions.

 

I summarise below the recent history of CAS for your information.

 

Early in 2011, three investors Desmond Bloom, his son Baron Bloom and Oliver Fattal bought just under 30 per cent. of the shares in the Company from its largest shareholder. They immediately replaced the incumbent board with themselves. The market value of the Company at this stage was £1.15m based on the price they paid for their shares at £11.50 each. At this time, the Company had some £250,000 in cash (now less than £50,000).

 

The business plan was to change the existing business of CAS, being that of a supplier of buttons, buckles and trimmings to the clothing and allied trades, ("Buttons Business") into a property company and to that end had identified a property portfolio. As part of the process they needed to raise new money from investors and approached a stockbroker to assist.  At the suggestion of the stockbroker, Richard Woodbridge (FD) and I became involved to help execute the new business plan.

 

Over the next few months, it became readily apparent that the identified property portfolio was not worth pursuing and that the banks would not support it.  Baron Bloom and Desmond Bloom subsequently resigned from the board.

 

With the departures of Desmond and Baron Bloom from the board, the new board started to look around at other properties that would be suitable for CAS to acquire. This has been a detailed process and we are presently evaluating an opportunity which should secure the future of the Company.

 

In principle terms have been agreed, banking support in principle has been obtained and the Board agreed to pursue this acquisition in July 2012. A team of advisers have also been approached and appointed and I hope that in due course we will be writing to all shareholders to give full details.

 

Richard and I also took an active role in the existing Buttons Business and realised that the Company was in a difficult state and could run out of money within 12 months if its fortunes were not turned around. As a result, we have worked with the existing management team of the Buttons Business and now have a credible business plan that should secure this Company's future. 

 

Your Board remains extremely disappointed by the recent actions of Oliver Fattal and Baron Bloom. Richard and I have worked extremely hard over the past 6 months for no reward/salary/expenses to turn this Company around and to come forward with a credible business plan.  

 

We are therefore strongly recommending that shareholders support our plans for the Company and demonstrate their support in person at the GM on 5 October 2012 or by returning a form of proxy voting AGAINST the proposed resolutions.

 

Kevin Jackson

 

Chairman and joint CEO"

 

 

 

Contacts:

 

Kevin Jackson, Chairman - 01509 670314

 

Roland Cornish, Beaumont Cornish Limited - 0207 628 3396

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCUNUORUVAKUAR

a d v e r t i s e m e n t