Billing Services Group: Corporate Action

RNS Number : 7876B

Manx Financial Group PLC

24 February 2011

 



FOR IMMEDIATE RELEASE 24 February 2011

MANX FINANCIAL GROUP PLC

BILLING SERVICES GROUP: CORPORATE ACTION

Manx Financial Group plc ("MFG") holds 1,700,000 shares in Billing Services Group plc ("BSG").  The carrying cost of this holding was £319,000 as at 20 June 2010.

MFG has joined with Galloway Limited (a company in which Jim Mellon has an indirect life tenancy) and Jim Mellon, in submitting a requisition (through its nominee Pershing Nominees Limited) requiring the directors of BSG to convene a shareholders' meeting of BSG (the "Requisition") for the purposes of proposing the resolutions set out in the Requisition. 

The Requisition resolutions are that:-

1)        Patrick D. Henegham, non-executive director, be removed as a Director of the Company pursuant to bye-law 96 of the Bye-Laws of BSG;

2)        Thomas H. Richter, non-executive director, be removed as a Director of the Company pursuant to bye-law 96 of the Bye-Laws of BSG;

3)        Admiral Leighton W. Smith, non-executive director, be removed as a Director pursuant bye-law 96 of the Bye-Laws of BSG;

4)        Denham Eke, be elected and duly appointed as a Director of the company pursuant to bye-laws 88 and 96 of the Bye-Laws of BSG; and

5)        Swen Lorenz, be elected as a director of the Company pursuant to bye-laws 88 and 96 of the Bye-Laws of BSG.

Jim Mellon is the Chairman of MFG and Denham Eke, the CEO of MFG, is a director of Galloway Limited.

Jim Mellon is directly interested in 36,557,600 shares in BSG and indirectly interested in 31,435,000 shares in BSG, including those held by MFG. The combined totals represent 24.54% of the issued capital of BSG.

For further information, please contact:

Manx Financial Group PLC

Denham Eke

Tel [phone]

Beaumont Cornish Limited

Roland Cornish

Tel [phone]

Britton Financial PR

Tim Blackstone

Tel [phone]

 

END

 

 

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