Rebel West Bromwich Albion shareholders unswayed in Peace battle
ANGRY rebel West Bromwich Albion shareholders are refusing to back down in their battle to block chairman Jeremy Peace’s controversial tidy-up plans.
They intend to take Peace to the High Court over his proposals to consolidate existing shares.
If the chairman gets his wish it would alter the current share structure which will effectively turn 10 shares into only one.
It would also mean single shareholders having to spend a further £720 on obtaining an additional nine shares, or putting their existing stake up for tender to fellow shareholders.
If that process fails to be completed by next Friday, November 21, Peace would be entitled to purchase that share for only £80.
The Peace plan was passed at last Thursday’s annual meeting but the rebels intend to stop the process by serving an injunction.
Rebel leader, Birmingham solicitor David Billings, believes the injunction, which will cost £25,000 alone, should be in place by Monday.
But the overall costs could well exceed £100,000 by the time the case reaches the High Court.
Billings said: “The interim injuction will probably be served either late this week, or early next week. We are just trying to get a final few things organised and speaking to various business people. Existing shareholders are more than willing to pursue this line of action because there is very strong feeling about it.
“I’m acting for people who have many more shares than myself but also for a number of smaller shareholders who are worried they will lose their stake in the club if this plan goes ahead.”
If the interim injunction is granted, it will halt the consolidation proposals which were due to be completed by the end of the month.