[St Charles Owl]

King's email to Llambias and Leach:

"During yesterday’s call Mr Llambias advised me that the result of my requisitioning was a ’landslide’ in my favour.

“This was already recognised by messrs. Easdale and Somers last week resulting in their resignations to avoid the wasted cost of holding a general meeting.

“As a courtesy Mr Somers advised me that he would assist in the handover and he agreed to remain a director until the 6th March thereby ensuring that the requisite appointments could be effected without the cost of a meeting.

“I was subsequently disappointed that Mr Somers resigned on Monday with immediate effect. When asked to explain this sudden change of mind he advised that this was done at your joint request.

“You have now engineered an outcome whereby I require your cooperation to implement the requisitioned changes without the need for wasted costs and are using this in an attempt to extract a profitable exit from the company.

“I made it clear yesterday that I am not amenable to that. I point out to you both that your fiduciary responsibilities as directors of the company can not be exercised to your personal advantage.

“I call on you to immediately implement the appointment of directors as discussed with the club’s Nomad WH Ireland followed immediately by your resignations.

“If you fail to do so, and costs are incurred on the now unnecessary general meeting, you will be jointly responsible in your personal capacity for such wasted costs.

“Your attempts to resign from your management functions can only be dealt with after the changes to the board have been made and there is authority on both sides to act on any decision reached.

“Given the urgency (caused by your failure to act as your co-directors did) I call on you to immediately, on receipt of this email, confirm that you will proceed as requested. This should have happened last week.”

So it looks like the EGM will go ahead, whereby Llambias and Leach will be summarily removed from the board. I take it they still would require their contracts paid up as CEO and FD if King wants them removed completely?

As I said previously, I don't see Llambias or Leach going anywhere soon.

Isn't there still a legal requirement for the EGM to take place, even if its just for the official counting of any shareholder votes in attendance??  I understand King's desire for them to resign, but there is nothing that says they have to is there?  There is also a rumour going around that they have been given pay increases or new contracts so that they will get more when they are paid off, surely if true they would be classed as onerous contracts anyway??  Still waiting for anything from MA on the whole subject, I expect he cannot do anything about the removal of the current board, but may try to have some say on the new one due to the money owed to him, time will tell!!!