Statement to Widecells shareholders

October 22, 2018 | Posted by

We relay today to Widelcells Group Plc shareholders that following close liaison between Chairman Peter Presland and ourselves this last couple of weeks that the requisition we served in relation to Director changes at the company has now been withdrawn.

We believe that almost all of our intended changes to the Board will occur as evidenced by the RNS last week detailing Bridgland and Holland’s departures. As unpalatable as the proposed convertible loan facility is, sadly two other major shareholders have made clear their support of this and thus democracy re shareholder voting power is, in our opinion, likely to result in our opposition to this financing structure being voted down.

In the best interests of the company’s current capital position and in recognition of the best efforts basis of Chairman Peter Presland (with whom we have sympathy) these are the reasons for the withdrawal by ourselves and the co-requisitioners.