Blacks postpones EGM
24 February 2010 09:26
Blacks Leisure has said that it will be adjourning today's EGM, which had been called for shareholders to vote on the group's intended £20.3 million fundraising plan.
The group said that it had adjourned the meeting in order to buy it more time to conclude emergency talks with Sports Direct, which bought 28.5% of Blacks shares earlier this week. Sports Direct later said that it would seek to block the fundraising at the EGM.
In a statement, Blacks said: "In order to give the company more time to conclude its discussions with Sports Direct, the chairman of the General Meeting which has been convened for 11am today, intends to seek approval of the shareholders attending the meeting, to adjourn the meeting for an indefinite period.
"Once the discussions with Sports Direct have concluded, it is intended that not less than 7 clear days' notice of the date fixed for the adjourned meeting will be given to all shareholders. The company has been informed by Sports Direct that it intends to vote in favour of a motion to adjourn the general meeting".
However, the company added that "there can be no guarantee that these discussions will reach a successful conclusion".
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