Resignations clear way for Display IT `rescue'

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The Independent Online
Display IT, the troubled on-line business information company whose shares were suspended a month ago, said yesterday that founder Peter Levin, his wife Marjorie and fellow director Catita Edwards have resigned from the board.

The resignation of these last remaining directors has cleared the way for a shareholder-led rescue of the Ofex-listed company. Yesterday David Ward and Dr H Hanif, who described themselves as small shareholders in the company, were appointed as the sole directors of Display IT.

Mr Ward said: "We want to rescue the company, and to see that shareholders are treated fairly."

The new directors have called for an extraordinary general meeting for shareholders under the Companies Act to be held at Display IT's City headquarters at 46 Cannon Street at 4pm on 29 August.

The company also said yesterday that "shareholders will be notified of the reasons behind the resignation of the company's auditors Deloitte & Touche very shortly".

As well as the auditors, the company has suffered the resignation of its entire board, its Press advisers College Hill and its solicitors Taylor Johnson Garret over the last six weeks.

Display IT's shareholders have experienced a spectacular roller-coaster since the shares hit 810p earlier this year. The shares were suspended last month at 245p. The Securities and Futures Authority is investigating the wild fluctuations in price in its capacity as regulator of JP Jenkins, the market maker which runs the Ofex market. Ofex has already raised over pounds 100m for around 170 companies.

Display IT's suspension stemmed from its relationship with a Luxembourg company, Alsina.

The company originally said it had a pounds 5.7m contract with Alsina to supply share prices culled from the Internet, but two weeks ago said that the contract had "failed".

Mr Ward has stepped in as chairman of Display IT, and together with Dr Hanif will prepare an interim report for the egm.