However, Milroy said that Dekker supports its proposal.
"Outside of this
Last month, Milroy said shareholders of
In the letter, Milroy proposed, as the four new directors, himself as non-executive chairman,
They would replace the current directors, who are Executive Chairman
The letter said the value of the company has fallen by over 95% in less than two years, and the current board lacks strong leadership. Without fundamental change, shareholders face a bleak future and a likely further dilution of their investment, the letter said.
It said that a proposed Far East acquisition by Wessex "would almost certainly constitute a reverse takeover, and result in enormous dilution for all shareholders."
In the statement, it insisted that the proposed acquisition would not be classified as a reverse takeover under AIM rules, and urged shareholders to vote against
"As the acquisition will only proceed if the resolutions proposed for the requisitioned general meeting are defeated, the directors strongly urge shareholders to vote against all the resolutions proposed by
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