Rebels target E-primefinancial

DIRECTORS at cash shell company E-primefinancial could be ousted at an extraordinary general meeting.

The meeting has been called by former chief executive Gene Grant, who owns 14%. He wants to seize control of the AIM-listed company and use its cash to develop software businesses. E-primefinancial has £17.5 million raised at its flotation two years ago. It planned to offer online banking services, but has yet to begin trading.

Grant claims already to have the support of investors holding about 36%. If the rebels win, chairman Lance O'Neill, non-executive director Jeremy Peace and chief operating officer Nigel Duxbury would make way for a new team headed by former LIFFE chairman Jack Wigglesworth.

E-primefinancial's shares reached a high of 36p after flotation, but have plummeted since, closing at 3p on Friday.