Source - RNS
RNS Number : 5718L
Sefton Holders
03 October 2016

Sefton Resources - EGM called to replace the board


This announcement is for shareholders of Sefton Resources ("the Company"), which was formerly listed on the Alternative Investment Market ("AIM").

On Sunday 02 October Matthew Benjamin Turney ("Ben"), submitted a requisition for an Extraordinary General Meeting of the Company seeking the removal of Clement Chambers and Michael Hodges as directors, to be replaced by Ben Turney and Stuart Langelaan.

Turney and Langelaan are shareholder activists who are currently leading the revival of Teathers Financial Plc. Turney and Langelaan are acting in a private capacity in this initiative. Turney holds 585,100,000 shares in Sefton, which equates to 12.2% of the Company.


Resolutions to be put to shareholders

The following resolutions will be put to shareholders to vote on:

1.   That with effect from the conclusion of the Meeting Clement Hadrian Chambers be removed as a director of the Company.

2.   That with effect from the conclusion of the Meeting Michael Hodges be removed as a director of the Company.

3.   That, with effect from the conclusion of the Meeting Matthew Benjamin Turney, having indicated his willingness to act, be appointed as a director of the Company.

4.   That, with effect from the conclusion of the Meeting Stuart Langelaan, having indicated his willingness to act, be appointed as a director of the Company.


Rationale for EGM

Turney and Langelaan believe the ambitions of Sefton's and Teathers' shareholders are harmonious. Both groups have suffered extreme losses in their investments and both groups hope to restore some value through re-entry of their shares onto a trade exchange. Turney and Langelaan believe it will be in the interests of both groups to explore the possibility of uniting the two companies into one clean, reinvigorated shell. Turney and Langelaan have the energy, vision and expertise to execute this plan quickly.

In addition, Turney has in-depth knowledge of Sefton's history and the situation the Company currently finds itself in. Turney has had an initial cordial discussion with Sefton's board and hopes all parties will reach a mutually acceptable deal.

Turney and Langelaan will publish an outline plan via RNS Reach in the coming days for the benefit of both Sefton's and Teathers' shareholders.


About Sefton Resources and voting at an EGM

Sefton Resources is a British Virgin Islands company and former AIM-listed Plc. The Company currently has 4,796,618,397 shares in issue.

Private investors hold the majority of Sefton's shares in standard brokerage accounts and retain their legal rights to participate in company votes, despite the Company having lost its listing. Sefton's shareholders are advised to contact their brokers to find out how they process votes for unlisted companies.

In the event a broker is unable to process votes for the EGM, it will be possible to nominate proxies through the Company's registrar, Computershare. More information will be provided on this, once the date of the EGM is confirmed.


About the proposed directors

Ben Turney is a financial writer and shareholder activist, with a specialist focus on AIM. Ben is best known for his roles as editor/contributor on the website ShareProphets, as founder of NWOGaction, the New World Oil & Gas shareholder action group, and, more recently, as the Executive Chairman of Teathers Financial Plc, having fought and won a successful shareholder action. Ben is a Sefton shareholder. Ben currently holds two directorships, in Teathers Financial Plc (registration #00092343), Technical Forecasting Ltd (registration #7884510), a private business consultancy.


Stuart Langelaan is a private investor and current director of Teathers Financial Plc (registration #00092343) and Teathers Financial Software Ltd (registration #09285287). Stuart founded the Teathers Shareholder Group and quickly recruited over 150 members. Stuart is a professional music producer and is well established within the industry. He has been investing on AIM for the last 10 years. Stuart has held one other directorship at his music production company, Lange Productions Ltd (registration # 03772960), since 1999.


For further information please contact:

Ben Turney - 0046 7697 290 66

This information is provided by RNS
The company news service from the London Stock Exchange