Regina parades poor figures
The company has rushed out its interim figures two months early. It said the results showed why Mr Malik-Noor should not succeed in his move for re-election as a director.
Mr Malik-Noor was angered yesterday by Regina's appointment of two non-executive directors. He said it breached agreements made at the time of his departure last month, as one of the directors should have been his nominee.
The results show that in the six months to 28 February Regina sank pounds 269,000 into the red, against a pounds 143,000 profit last time. Turnover was down 42.7 per cent to pounds 683,000. Losses have exceeded pounds 1.7m in the last two and a half years.
At an extraordinary meeting next Monday Mr Malik-Noor, who with his family trust owns 25 per cent of Regina, will seek a return to the board.
Paul Geoghegan, the new chairman, said that shareholders had to be put in the picture. 'These are the last set of figures before Mr Malik-Noor was removed from office as chairman and chief executive,' he said. 'Now that all shareholders are aware of the losses, you will understand why he should not be allowed to return.'
Turnover was hit by a collapse in sales, particuarly in the Far East. Mr Geoghegan said that money was wasted on marketing in the US, and that there was not enough promotion in the UK.
Mr Malik-Noor's removal from the board followed a dispute over rises in directors' pay. Yesterday he said that he and his associates had invested pounds 1.5m in Regina in three years, without which it would have failed. The performance was because of difficult market conditions, and could not be blamed on an individual.
The share price was unchanged at 3 1/2 p.
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