PNC Telecom insists rebels' call for meeting is unlawful
The bitter battle for control of the ailing mobile phone distributor PNC Telecom intensified yesterday as the two sides continued to trade blows.
Rebel shareholders will today requisition an extraordinary general meeting that will call for the removal of five of the six board directors. But PNC Telecom insisted the requisition was not lawful and that a vote taken would carry no legal authority.
The move is the latest episode in a campaign by Geremy Thomas, PNC's founder, to retake control of the company.
Mr Thomas has called the EGM for 30 December, which will be held at the offices of its City lawyers, Olswang. Shareholders will be asked to remove Lord Stevens of Ludgate, the former newspaper baron, as chairman, along with the directors Ian Gray, Christopher Mills, John Peett and Peter Dicks.
He first called for the EGM in early November by fax, which PNC's lawyers said made the request defective. This was followed by a letter, which it was claimed also had irregularities.
Yesterday Mr Thomas, who is also the largest investor in PNC, said shareholders would now have the opportunity to vote on the issue. "The outcome of the EGM will be binding upon the company and its current directors and the company will be prevented from attempting to thwart the EGM taking place," he said.
A spokesman for PNC said the meeting would carry no authority. Both sides accept the issue may have to be decided in the High Court.
PNC has written to the Financial Services Authority and the Department of Trade and Industry about its concerns. The company says Mr Thomas' EGM is a bid to get control of the company "on the cheap". Mr Thomas emphatically denies this. PNC is worth £9m now compared with a value of £200m less than three years ago.
Mr Thomas said he was considering his legal remedies in connection with a statement made by PNC.
Meanwhile, Darren Ridge, a former chief executive whom PNC claims is supporting Mr Thomas's bid, has been served with a writ for alleged misappropriation of funds. Mr Ridge vehemently denies the claims.
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