Vellacott, (right) whose departure from the company was announced on Friday, has used his 22.9% stake in the Edinburgh company to force a shareholder meeting at which he seeks election to the board with allies Sir Peter Burt, (centre) and Waverley Cameron (left) who has worked with electronic security companies on both sides of the Atlantic. He wishes to depose both Grossart and Fulton (below left and right)
To succeed in this reports The Herald, Vellacott needs the backing of 50% of shares cast at the meeting, including his own stake. The meeting must be held within 28 days.
IndigoVision's directors said: "In the board's view, the requisition is the latest in a series of misguided attempts by Oliver Vellacott to gain control over IndigoVision, without paying an appropriate premium to shareholders."
The fallout is over a plan set out by Vellacott in September to take the company private.
"IndigoVision has a great future and a solid executive team but I am strongly of the view that the direction in which the chairman is taking the board and the company is not wise," says Vellacott. "I look forward to getting back into the business and bringing on board some new directors with a fresh perspective on how to take the company to the next stage of its development."
If Vellacott succeeds, Sir Peter will be chairman and new CEO Marcus Kneen (left) and Holly McComb (right), his replacement as finance director, will be retained