NGE Notes: 3Legs Faces Shareholder Revolt

The board of directors of 3Legs Resources has confirmed that it has received a notice from Lynchwood Nominees Limited,  holding 10.27% of the Company’s issued share capital (the ultimate beneficial interest in which shares the board understands resides with William Jeffcock), requisitioning a meeting of the Company's shareholders (the "Requisition") pursuant to section 67(2) of the Isle of Man Companies Act 2006.

The Requisition proposes a number of ordinary resolutions (the "Resolutions") which include, inter alia, the removal of the majority of the board of directors (being all of the directors except for Robert Jeffcock, Barry Rourke and Clive Needham) and the appointment of certain new directors to the board being Brett Lance Miller and Rhys Cathan Davies (who the board understands are both representatives of Damille Investments Limited, a closed end investment fund and activist investor) and Richard John Hills of Guernsey.