A group of shareholders have called on the entire board of technology company Nanoco to resign.
The Runcorn-headquartered business has received a request to hold a general meeting in order to vote on the futures of the firm's board, including its chairman, chief executive, chief financial officer and chief technology officer- who co-founded the business.
The request was made by Aurora Nominees Limited and Securities Services Nominees Limited on behalf of holders of approximately 5.02% of the voting rights of the company.
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Since Samsung agreed to pay Nanoco $150m to settle a legal dispute in February, Nanoco has been the subject of two high-profile rows with shareholders.
Non-executive chairman Christopher Richards said: "We continue to emphatically reject Mr [Tariq] Hamoodi's proposals to change the entirety of the board at such a key point in Nanoco's evolution.
"The Board welcomes scrutiny but his selective interpretation of the past, significant factual errors, and speculative concerns take a number of events out of context to create a misleading narrative.
"The proposed board changes are not in the best interests of the company or its shareholders.
"Nanoco is at an exciting inflection point, with the litigation proceeds fully underpinning our organic business which has significant growth opportunities, as well as offering an attractive potential return of capital to shareholders.
"Mr Hamoodi's proposals would be damaging and disruptive to Nanoco's future prospects and likely result in an exodus of key talent from the business."
