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Intervid results delayed

By Iain Scott, ITWeb group consulting editor
Johannesburg, 18 Feb 2004

Intervid, which is embroiled in an attempted boardroom coup, says the publication of its financial results will be delayed.

The group had told shareholders it would publish the results for the six months to end-December no later than today.

However, it published a notice last night saying there will be a delay in the release of the results. It has not disclosed a revised date.

Early this month major shareholders, the Howard family, announced they would ask shareholders at a meeting next week to vote for the removal of chairman Bill Lambert.

The Howard family is also seeking to appoint three of its own nominees to the board.

The majority of Intervid`s directors have recommended that shareholders vote against the proposals.

The minority recommendation in favour of the proposals was made by directors James Howard and Rob Howard, who say the family has taken the steps because it believes shareholder VenFin has too much influence at board level.

It believes its three nominees will balance the board and represent the interests of all shareholders.

Related stories:
Intervid directors break silence
VenFin opposes shareholder coup
Shareholder revolt at Intervid

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