Campaign co-ordinator Nandish Haria and ShareSoc Director Mark Lauber attended last week’s meeting for creditors and clients of Beaufort Securities (BSL)and Beaufort Asset Clearing Services (BACSL). The meeting was organised by Administrators PwC and took place on May 10th.
Nandish has prepared detailed notes of the meeting, which you can download here: Notes of Initial Beaufort Client_Creditor Meeting 180510
These notes contain important information for clients of Beaufort, which the administrator disclosed at the meeting.
As disclosed in our campaign update 1, a key campaign objective for the meeting was to elect our preferred nominees to the the BACSL creditors’ committee. We nominated Mark Hyde, Clive Brook and Robin Binks, with Richard Ross as an alternate. We are delighted to report that, following a ballot, PwC have confirmed that Clive Brook and Robin Binks have been appointed to the committee, as has Robert Mesnick, a representative of Richard Ross, and Mark Hyde has been appointed as an observer.
The election of our preferred nominees means that we can now exert significant influence over the progress of the administration, going forward, including the possibility of removing PwC if they are not seen to be performing their duties satisfactorily and at a reasonable cost.
The next important event in the administration is the first meeting of the BACSL creditors’ committee (CC), which takes place on 23rd May. The ShareSoc Beaufort Client Committee will meet prior to that, to discuss priorities and tactics for the CC meeting, with a focus on reducing costs.
Go here for further details of our campaign, or to show your support by registering. Registration is open to all investors, whether you are a client of Beaufort, or not.