GPXS Services is a business currently registered in and run from its base in Holland. However, historically this business was 100% owned by GPXS Holding Ltd and as it was the most profitable part of that business a decision was taken in 2008 to spin it out of the Holding company to a standalone entity and this occurred in 2008 creating a new entity called GPXS Services AG, a company registered in Germany.
What is curious about this transaction is that under UK law when you take the most profitable part of a company and spin it out into a new entity such that it is a “significant transaction” (as defined under Sec. 191 of the Companies Act) this understandably requires a shareholder vote; however, as a shareholder in the company I was never asked to vote on this transaction so the exact nature of how GPXS Services AG came into being is unclear to me.
I have, of course, written to Jerome Mol and Hans Sporrel seeking clarification in this transaction but have not received any reply.
Wee you a shareholder in GPXS Holding Ltd in 2008? Were you invited to vote on this transaction? If so, get in touch.