The Board of Strategic Equity Capital confirms that the company has received a request to requisition a general meeting from two of its shareholders, Ian Armitage and Growth Financial Services Limited, a subsidiary of Harwood Capital Management, representing 5.02 per cent. of the issued share capital.
The proposed resolution Mr Armitage and Harwood wish to put to a general meeting purports to require Strategic Equity Capital to use all of its general buyback authority (taken at the last annual general meeting on 9 November 2016), to make market purchases of its ordinary shares at not wider than a 5 per cent. discount to the prevailing net asset value.
The company’s advisors are seeking clarification on the Requisition to enable it to be considered further by the Board. A further announcement will be made in due course.
Update 30 March 2017
The Board and its advisors have considered the requisition request. The Board has been advised that, in its current form, the requisition request is invalid for a number of reasons and will therefore not put it to shareholders. In the event that the Board receives a valid requisition request, the Board will put the proposed resolution to shareholders.
SEC : Call for buy back at Strategic Equity Capital