Clever concedes on timing of BigAir sale
- 12 May, 2010 15:52
Clever Communications (ASX:CVA) has had to concede that it did start the process of selling off its stake in rival BigAir before its annual meeting announcing the move.
The company, which is fending off a board spill resolution from some of its significant shareholders, said in a correction that it had sold the first of its shares in BigAir one day before its AGM.
The board had previously told shareholders that it began selling off shares after the AGM.
The sale of BigAir is a key sticking point in the resolution to replace three board members.
The complainants, Microequities Asset Management and the LJ Catelan and ML Catelan Superannuation funds, allege that the sale of the 13.7% stake was premature, as it was at a price 80% below the current BigAir share price.
Another claim is that two independent directors are not, in fact, independent.
Clever has retaliated by stating that the sale was in the best interest of shareholders, that the board has determined the directors to be independent, and that the resolution is an attempt to stack the board with members who would be amenable to selling Clever to BigAir.