Redbus runs over Stanford
Wheels fall off campaign
Posted in Business, 6th August 2002 14:59 GMT
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Redbus Interhouse, the Uk web hosting firm, has successfully beaten off a challenge from co-founder Cliff Stanford to overthrow the board.
At an Extraordinary General Meeting(EGM) yesterdya, the shareholders not associated with the bickering management voted 4:1 against Stanford's attempted ouster.
Stanford, the guy who set up Demon Internet, will now probably sell his 29.9 per cent stake in Redbus. He accused the Redbus board, led by John Porter, son of disgraced politician Shirley Porter of lacking "the vision and technical expertise to take this company forward. They have adopted a strategy which will at best only succeed in engineering a slow decline." ®
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