B90 Holdings PLC on Tuesday said Ronny Ingvar Breivik, a shareholder seeking the removal of Executive Chairman Karim Peer and Non-Executive Director Nigel Eastwood, has paid of a debt through the transfer of 9.0 million B90 shares.

Shares in the Isle of Man-based online marketing company were down 5.9% to 4.00 pence each in London on Tuesday around midday.

B90 said a debt owed by Breivik, through his corporate entity Entercreation Ltd, was satisfied by the transfer of 9.0 million shares to Senior Non-Executive Director Mark Rosman, through his wholly-owned corporate entity Nestegg BV.

Breivik is a substantial shareholder in Performance Media SIA, one of the shareholders proposing the removal of Peer and Eastwood, whilst also appointing Breivik to the board.

B90 said it was ‘extremely surprised’ that Breivik chose to satisfy the debt through a share transfer, as it diminishes his interest in the company at the same time as he is seeking to become a board director.

Rosman is now interested in 23.4 million shares, an 8.3% stake.

B90 reiterated its recommendation for shareholders to vote against all four proposed resolutions at its extraordinary general meeting to be held on November 7.

Senior Non-Executive Director Mark Rosman said: ‘We are increasingly confused by the actions of Mr Breivik who, while seeking to join the board, has recently served conditional notice terminating his engagement with B90 Ventures Ltd and is now significantly reducing his shareholding in the company. The board continues to urge all shareholders to vote against the resolutions at the forthcoming EGM.’

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