Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 33 n° 335

Brookstone Partners Prepares Recapitalization Strategy to Rescue Platinum Power’s Projects

Posted by fidest press agency su venerdì, 29 marzo 2019

Brookstone Partners, Platinum Power’s reference shareholder, learned through the press that during Platinum Power’s Extraordinary General Meeting (“EGM”) on February 5, 2019, decisions other than those on the agenda were taken. These decisions would concern the appointment of new directors of the company and the retention of Omar Belmamoun as Chairman and Chief Executive Officer.Brookstone Partners contends that, “if such information is correct, this decision would be contrary to the company’s legal and statutory provisions. As a reminder, the EGM does not and cannot be competent to appoint the Company’s Board of Directors. Any change to the agenda of the meeting must be done by unanimity.” In light of these factors, Brookstone Partners will seek the annulment of all decisions of this EGM other than those related to the continued operation of Platinum Power, which Brookstone Partners approves.Brookstone Partners believes that the announcement does not reflect Platinum Power’s current situation, and the new Board of Directors thus constituted would be invalid.
Brookstone claims that “reappointing Mr. Belmamoun as CEO is a wrong-headed decision, which we oppose as a matter of principle.” Although surrounded by a dedicated and very high-quality team, there is mounting evidence that he has committed too many egregious management errors, which have led the company to the current situation. Brookstone Partners also disapproves that this EGM did not address recapitalization solutions.As a majority investor, Brookstone Partners hopes to work with all shareholders, including minority shareholders, who have always demonstrated a strong willingness and determination to address the difficult situations that Platinum Power has faced to date, in order to find a viable, serious, and credible solution to move forward.This intention to work for the development of Platinum Power and its projects is not new to Brookstone Partners. As the largest investor in terms of equity with 43.67% of Platinum Power and in terms of shareholder current accounts with nearly 80% of shareholder debt, Brookstone Partners has consistently supported Platinum Power since the company’s inception, and more specifically from August 2016 to May 2018, by helping to finance all the company’s expenses over this period. This support only ceased when Mr. Belmamoun decided to refuse the recapitalization plan. Brookstone Partners reaffirms its willingness to implement a recapitalization plan, conditional on the removal of Mr. Omar Belmamoun from the company’s management.Brookstone Partners believes his obstinacy to remain CEO, while refusing the recapitalization plan, creates a prejudicial situation for the company, solely for the purpose of serving Mr. Belmamoun’s personal interests.

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