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E-prime fights off coup attempt

12 April 2012

TROUBLED dotcom company e-primefinancial today threw out the latest plan to take control of the £17.5m in cash on its books and turn the group into a financial software house.

The firm said its board had studied and unanimously rejected the proposal by Recovery Partners, which is trying to call an extraordinary general meeting in an attempt to oust e-primefinancial's management.

The company, which raised £22m from an AIM listing but then failed to win an online banking licence in America, has already beaten off two attempts by former chief executive and minority shareholder Gene Grant to wind it up.

E-primefinancial's shares were today steady at 2 1/4p. The group, whose cash is worth about 5p a share, is waiting to hear if its second application for a banking licence succeeds.

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