Thursday May 15, 11:33 AM
Venue Solutions urges shareholders to reject plan to oust senior management
LONDON (Thomson Financial) - Venue Solutions Holdings Plc. has urged shareholders to reject proposals at a forthcoming EGM on June 10 to remove chairman Stephen Thomson, CEO Dominic Berger and CFO Mark Boughton put forward by activist shareholders.
The venue management company said the proposals were opportunistic and wholly unwarranted.
The EGM was requisitioned by Synapse Capital Limited, which represents about 10 percent of the company's shareholders, and is calling on the board to explain its decision to conduct a dilutive capital raising in February as well as its management of the Destination Media Ltd. and Venue Solutions Ltd. businesses.
Synapse Capital wants Venue Solutions (LSE: VSH.L - news) to allow shareholders access to the company's records, management and staff.
The proposals also include the appointment of Nicholas Bryan-Brown as chairman and Mark Wilsher as a replacement director both of whom Venue argues lack the relevant business expertise to run the company.
In a trading update on May 9, Venue said it had made significant commercial progress after receiving 20,000 pounds of takings at its YourDay video capture service at amusement park Alton Towers following the sale of some 1,000 DVDs between April 28 and May 5.
It said revenue per park visitor averaged 56 percent more than 2007 performance levels since opening in late March, and that a further two rides should go live in June.
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