TEG seeks to oust rebel director
Article Date: Oct 08 2002Ofex-traded fertilizer specialist TEG Environmental is seeking the removal of non-executive director Michael Cox, who has accused chairman Allen Sykes and managing director Richard Bilborough of wasting money and being slow to impart bad financial news, writes Robert Tyerman.
Loss-making TEG, which came to Ofex four years ago with backing from the Aim Venture Capital Trust and others to develop its 'silo cage' fertilizer and compost system, has lately come in for stinging criticism from Cox. He has written to shareholders alleging executive directors have been secretive, over-optimistic about some of the company's key projects, slow to admit problems and lavish in marketing outlays.
TEG has called a special shareholders' meeting for 28 October, at which Cox's removal from the board will be proposed. Bilborough today said: 'Cox's letter is part of a demand for a ridiculous sum of money. We will issue a detailed response before the end of the month.'
Originally floated at £1, the shares are now quoted at 95p.
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