Monday 14th October sees a second “First Hearing” in what is prosaically listed on the court sheets as “P996/13 Pet: Paul Murray &c for orders under Companies Act 1988”. The case is scheduled, according to the list, to go before Lord Tyre.
The case had originally called on 4th October and had led to two Stock Exchange announcements by RIFC PLC, the relevant parts of each being at the foot of this post.
The Board’s position was summed up in the pre-hearing announcement where it was stated:-
Whilst the Company intends to strongly resist the Petition the Board intends to take all possible steps to avoid unnecessary cost and disruption to the Company.
The case first called in court later on 4th October and after that hearing Paul Murray, prime mover in the Rebels and erstwhile Blue Knight, issued the following statement:-
We are delighted with today’s hearing and we look forward to having the opportunity of establishing the validity of our proposed director nominations on Monday 14 October at the full hearing.
In the meantime we would ask shareholders to firstly DO NOTHING until it is clear what they are being asked to vote upon at the AGM and secondly note the actions of this Board of Directors who seem hell bent on putting up every legal and technical blockage to our nominations.
Why are they so scared of a vote if they have all the shareholder support they claim to have? It is ridiculous that we are forced into going to the Court of Session in order to give the shareholders a democratic vote at the AGM.
The stalling tactics of this Board are indicative of why the shareholders felt compelled to make these requisitions in the first place.” Continue reading