INVESTORS in recruitment firm Kellan Group have clashed over plans to raise funds for the firm.
Minority shareholder James McHugh yesterday claimed a plan tabled by Paul Bell, who owns more than 40 per cent of Kellan shares, is not in other investors’ interests.
Bell offered in May to inject £900,000 of equity and replace a £600,000 debt facility.
But McHugh, who owns just over five per cent of the shares, argues Bell is “dictating terms for a fundraising that benefits him”.
McHugh’s proposal is believed to include an offer to subscribe to shares at 0.75p each, higher than Bell’s plan but below the firm’s closing price yesterday of 0.88p. The firm did not respond to a request for comment.