Well the meeting to vote out the directors of RCL has failed. Sinclair research who own 25% of RCL, abstained from voting. That meant they didn't have the majority 75% vote needed to kick the RCL directors out. Here is a Statement from Paul Andrews about it
"
For Immediate Release - 2nd August 2018 - From Paul Andrews and Chris Smith
Paul Andrews and Chris Smith as joint 50% shareholders of Retro Computers Ltd, called for a shareholders meeting with the aim of removing the current directors of the company, David Levy (also a 25% shareholder in the company), Suzanne Martin, and Janko Mrsic-Flogel, and the replacement of them with an independent new director.
This shareholder vote was initially called with the backing of a Sinclair Research Ltd officer, as evidenced by a chain of emails. A separate representative for Sinclair Research Ltd attended the first shareholder meeting, and suggested that a two week adjournment be allowed for Retro Computers Ltd directors to produce financial and other information requested by Sinclair Research Ltd, allowing a fair and balanced decision to be made. It transpired Retro Computers Ltd failed to provide Sinclair Research Ltd with any information within that two week period.
At the second shareholders meeting David Levy used his power as chairman to rapidly close the shareholders meeting, and instead call for a vote by poll. He also used his powers to extend the time for that meeting to the maximum 30 days allowed under by law, setting it for 2nd August 2018.
In response to the BBC article of the 1st August 2018 regarding the SKY withdrawal of licenses from Retro Computers Ltd, Paul Andrews reached out to what is believed to be the power of attorney of the Sinclair Research Ltd majority vote to ask their intentions, but no response was received.
Paul Andrews and Chris Smith were informed today prior to the commencement of the meeting that Sinclair Research Ltd would be abstaining from the vote, and they would not be attending the meeting.
Without Sinclair Research Ltd in attendance or a proxy vote, the majority vote of 75% required to pass the two resolutions cannot be reached. This leaves the current directors in place.
However Sinclair Research Ltd, did in the notice to fellow shareholders and the current directors of the company make this comment
“It should be noted for the record that SRL have serious concerns regarding the solvency of the company and the ability to continue to trade and fulfil all of its obligations. The directors should consider the position and seek the appropriate advice as there is a real concern that the company is trading whilst insolvent.”
Both Paul Andrews and Chris Smith share these concerns.
As the outcome has been determined by default, Paul Andrews and Chris Smith did not attend the meeting, but wish backers to know they will continue working in good faith on their behalf.
"
