OFFICE2OFFICE PLC 
By
8 April 2014
office2office plc
Statement re requisitioned AGM resolutions
office2office plc ("the Company") notes the recent publication by Nicholas D Gerber of information regarding his 'preliminary merger proposal' to reverse a US fund management business and a Bulgarian website development start-up into the Company. In the Board's and its advisers' opinion there is no strategic or commercial logic for this proposal and the Board rejected it.
As previously announced on 26 March 2014, Mr Gerber has attempted to issue requisitioned resolutions at the Company's forthcoming Annual General Meeting to replace three members of the Board with himself and his representatives, thereby taking control of the Board and potentially enabling him to drive his agenda forward. The Board continues to take the view, as originally stated to Mr Gerber and as he has now made public, that his proposal is not in the best interests of the Company's shareholders and stakeholders.
The Board intends to continue its stated strategy to improve performance and strengthen the business by cutting costs, reducing debt, remodelling the logistics platform and focusing on growing Business Critical Services whilst protecting Managed Procurement's margins in the tough office supplies market. The Board is of the view that this strategy will deliver greater value to shareholders.
The Company is continuing to investigate the validity of the requisitioned resolutions and will make further announcements on the AGM in due course. Shareholders need take no action in the meantime.
Jim Cohen, Chairman of office2office plc, said:
"The Board rejected Mr Gerber's proposals as not in the best interest of shareholders as a whole. We remain focused on improving office2office's performance in its current markets. Shareholders need take no action at this stage save await the AGM notice in due course."
office2office plc | 01603 691102 | |
Simon Moate, Chief Executive | ||
Hugh Cawley, Group Finance Director | ||
WH Ireland Limited | 0207 220 1666 | |
Adrian Hadden / Nick Field | ||
MHP Communications | 0203 128 8100 | |
Reg Hoare / Katie Hunt / Jade Neal | ||
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