If Innovation cannot guarantee funding, they want a separate cash raise to be organised by broker Peterhouse
’s () directors have agreed to stand down, but only if former chief executive Michael Travia also ends his attempt to be reinstated.
Travia’s vehicle, Innovation Capital, is the business software group’s main funder and shareholder.
Innovation has called a general meeting to reappoint Travia, appoint Marcus Yeoman, remove non-exec Adam Webb and appoint a new chairman.
BOS’s directors accept that they will have to stand down but if they are to go quietly want several things. They want two alternative directors, Innovation to present a funding plan and to explain how it will get the accounts to June 2017 signed off and for a new nominated adviser to be appointed.
If Innovation cannot guarantee funding, they want a separate cash raise to be organised by broker Peterhouse, which they say Innovation has resisted previously.
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