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Empresaria ousts chief executive and chair at requisitioned meeting

ALN

Empresaria Group PLC shares jumped on Thursday, after it reported that all resolutions passed at a general meeting the day before, with several board members replaced as a result.

The stock was trading 9.9% higher at 37.90 pence per share early on Thursday afternoon in London.

The Crawley, England-based staffing provider reported that each resolution was passed with just over 82% of votes in favour. The Wednesday afternoon meeting was requisitioned by an unnamed shareholder who, as of giving notice in late August, held a stake exceeding 5%.

Following the GM, Empresaria said, Chief Executive Officer Rhona Driggs’ employment has been terminated effective immediately. Chief Financial Officer Tim Anderson, however, remains in his current role.

Chair Penelope Freer was also removed from office, with Joost Kreulen now acting as chair. Kreulen was Empresaria’s CEO from 2012 to 2018, and ‘previously held a number of senior roles’ there.

Finally, Non-Executive Directors Stephen Bellamy and Ranjit de Sousa were removed from the board.

Incoming chair Kreulen is joined on Empresaria’s board by new non-executive directors Vonid Tailor, Arun Shankardass and Eckhard Kohn.

Additionally, Singer Capital Markets Advisory LLP has now ceased to act as Empresaria’s nominated advisor and joint broker with effect from the first resolution’s passing. The firm had said it would resign immediately if one or more of the resolutions were approved.

Empresaria has now appointed Allenby Capital Ltd as nominated advisor and joint broker, with immediate effect.

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