TRX

The UK Shareholders’ Association (UKSA), representing the interests of private investors in troubled software company Torex Retail (TRX:AIM), says it has sufficient support to call an EGM, at which it may propose ousting the board.

UKSA says small investors are not being properly consulted following

a ‘strategic review’ announced on 30 March. Last week Torex management revealed it was considering selling the business and had received ‘significant expressions of interest’.

Communications director at UKSA, Roger Lawson, says: ‘This could turn out to be a fire sale, where the buyers drive the price down. If it was sold for a reasonable figure or we held out and developed the business, shareholders might get a hell of a lot more.’

Lawson has written to 1,000 shareholders and received support from holders of more than 10% of the 414.8 million shares in issue, which under company law is sufficient to call an EGM. At the same time Lawson has written to new Torex chairman Steve Marshall asking whether private investors will get the chance to vote on a sale.

If you want to join UKSA’s Torex action group contact Roger Lawson at roger. lawson@btclick.com or call him on 020 8467 2686.