The board of an Iodine company which millionaire Brexit donor Arron Banks is trying to join have urged shareholders to ignore his ‘self-serving’ demands.
The New European previously reported how Banks was looking to take advantage of the coronavirus by joining the board of Iofina to steer the business in a new direction.
The intention first came to light when Leave.EU director of communications Andy Wigmore tweeted about his attempt to seek a place on the board – a tweet now deleted.
The Brexiteer made a series of claims about the Iofina business and the company’s director, which the board told an industry newspaper was because it did not to proceed with investments in a business that Banks was associated with.
‘Messrs Banks and Wigmore were seeking to use Iofina as a vehicle to conduct related party transactions solely for their own benefit,’ they claimed.
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While the board accepted some mistakes had been made, they said it was opposed to Banks’ proposals and believe they are not in the best interests of shareholders.
Banks has called for a meeting of shareholders to try to remove non-executive chairman Lance Baller, and install himself as a director.
‘Iofina does not view his appointment as beneficial to the company, but more likely would negatively impact the strategy and undo the significant progress that has been made over recent years,’ Iofina said.
They added his proposals to market iodine during the coronavirus outbreak were wrong when chlorine, peroxide and alcohol-based disinfectant solutions already exist.