Walls & Futures faces shareholder push to oust CEO

Walls & Futures REIT PLC on Friday said it has received a shareholder requisition to convene a general meeting aimed at removing its chief executive officer and reversing a planned delisting from the AQSE Growth Market.

The London-based designer and developer of specialist social housing said the requisition was submitted by Venture Finance Ltd and Malcolm Jordan, who together hold more than 5% of the company’s issued share capital.

The requisition calls for the removal of CEO Joe McTaggart and Non-Executive Director Ross Taylor, and for the appointment of Mark Taylor, director and controlling shareholder of Venture Finance, to the board.

It also includes a resolution to stop the company’s proposed withdrawal from the AQSE Growth Market, which was announced on April 29, alongside plans to re-register as a private company and adopt new articles of association.

Walls & Futures said it is seeking legal advice on the requisition’s validity but expects to call a general meeting in line with UK company law.

The board is considering incorporating the proposed shareholder resolutions into the general meeting, which is already intended to vote on the AQSE withdrawal and re-registration.

However, the board said it does not believe the resolutions are in the interests of the company or its shareholders and advised shareholders to take no action at this time.

A further update will be provided in due course, the company said.

Shares in Walls & Futures last traded at 17.50 pence on Thursday in the Aquis Stock Exchange.

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