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When I last looked at the ongoing shenanigans at AIM-listed Block Energy (BLOE), the rebels had lost their first attempt to get their own way at the requisitioned EGM failed to support their attempts to remove Block Energy’s Chairman. As the second requisitioned EGM approached (next Wednesday), the rebels, whose behaviour in light of their track record is questionable as I revealed here, attempted to move the goalposts by offering to pay for the requisitioned forensic investigation into the company’s affairs. Now the sitting board had come out fighting: grab your beer and popcorn, and read on…..

NEWSFLOW

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Not satisfied with having lost the first requisitioned EGM, where shareholders in AIM-listed Block Energy (BLOE) were invited to sack the chairman and replace him with the one remaining NED, the rebels have another requisitioned EGM for shareholders to consider appointing one of the big four accounting firms to conduct a full forensic. This will, of course, be expensive – and having lost round one the rebels have made a seemingly helpful suggestion.

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The first of two EGM’s requisitioned by rebels at AIM-listed Block Energy (BLOE) saw the Chairman, Philip Dimmock, see off resolutions to give him the boot and appoint independent NED Charles Valceschini in his place.  In the meantime, the company has appointed a new NED in the form of Jeremy Asher, current chairman of fellow Casino listed Tower Resources (TRP).

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Having discussed rebel moves to oust the Chairman of AIM-listed Block Energy (BLOE) and commission a forensic report into the affairs of the company several times there are, it seems, more than a few questions to be answered by the rebel camp. It seems that the case for reform is not quite so cut-and-dried as some might think. In fact there is a stronf case suggesting that the board may offer the lesser of two evils.

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Shares in AIM-listed Block Energy (BLOE) are up this morning by 7.5% on no news, although yesterday the company announced a series of nil-cost options being issued to its directors and employees in lieu of salary. In this mad market, nothing surprises me and the dilution is apparently a good thing as far as shareholders are concerned! Meanwhile, more bombs have been dropped by the rebels looking to oust current chairman Philip Dimmock in favour of the last independent NED still standing, Mr Charles Valceschini and commission an independent forensic report into the affairs of the company. Oh dear…..

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I have been following the saga at AIM-listed Block Energy (BLOE) for some time, noting a need for beer and popcorn as things developed. But I have received a damning dossier, which you can read below, which is rather more explicit.

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A group calling itself the Block Energy Support Group has emerged, representing around 20% of the currently issued shares in AIM-listed Block Energy (BLOE). Unlike some shareholder support groups, such as the Quindell one, this support group is not for the support of current management and already two EGMs – one to remove the chairman and the other to commission a forensic report into the affairs of the company – have been called. One would imagine that such aggressive action might suggest that somebody knows something and via the support group’s website the bombs have started to drop.

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Last September some rebel shareholders were so concerned as to what was going on at AIM-listed Block Energy (BLOE) that there were rumours of an imminent requisition of a sack-the-board EGM. That time the rebels were placated and by the end of the month all was apparently well. Or was it: for now there is a sack-the-chairman EGM Requisition on the table and this morning a further EGM was requisitioned to commission an independent forensic investigation into the company’s affairs by one of the “big four” accountants. Best order in double portions of beer and popcorn – this could get very entertaining.

NEWSFLOW