Shareholders have demanded the resignation of the management team, says report
SCi’s shareholders are described as “furious” in a piece in The Times, which goes on to state that one investor has said that chief executive Jane Cavanagh’s position at the company as “untenable”.
“On Friday the company’s corporate brokers at Citigroup told the chairman that investors wanted the management out,” continues the report. “Sources close to the company said Phil Rogers, the finance director who joined in February 2007, is being lined up as temporary chief executive until a replacement is found. Meanwhile, it emerged that SCi will be forced to borrow at least £30m to stay afloat until the end of the year.”
SCi’s share price dropped severely on Thursday as SCi issued a profit warning and said that it was no longer involved in takeover talks.
Read the full Times report here.
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Comments
Delaying the inevitable
SCI/EIDOS is far too small to survive as a global publisher. They lack the enormous economies of scale that are currently whittling the industry down to just a handful of huge players.
By holding out for the highest price possible the board is in danger of getting a far lower price. Are they out of their depth?
The share price has collapsed to around one tenth of what it was relatively recently. I am glad I sold at the top.
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