Bglobal undergoes boardroom revolt
AIM-listed Darwen smart meter firm Bglobal has removed its chairman and chief financial officer following a shareholder vote.The father and son, Peter and Nick Kennedy, were forced out after 89% of the shareholders, excluding family members, backed the chairman's removal. Nick has been suspended with immediate effect "pending an investigation of his conduct".
Hawkwood Capital, which holds 9.7% of the shares, backed three directors and other shareholders to remove Peter Kennedy and now plan to bring in one of their partners, John Grant, as chairman and for the directors to conduct a strategic review of the business.This could result in the sale of some or all of the business and Bglobal said this meant it was now in an offer period under the Takeover Code. The move was backed by chief executive Tim Jackson-Smith who stated action was required due to poor financial performance and a muddled strategy. The company recently sold its Australian division for £2.36m, with Peter Kennedy saying the business had a lot more exciting developments on the horizon.