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The Marketing Group overhauls board – as all original directors exit – and is ‘unable’ to publish AGM minutes

All of the original board of directors at troubled Singapore-based company The Marketing Group have stepped down, Mumbrella Asia has learnt.

At the company’s annual general meeting in London in April, the last remaining four original directors – Conrad Swailes, Prakash Somosundram, James Downton and company chief financial officer Charles Bartholomew – did not stand for re-election following a shaky financial first year for the company, which saw the share price rocket to a high of of €9 (S$14)  last August to its lowest value of €0.53 (S$0.80) earlier this week.

TMG’s current value as of today

The other five directors, including founders Jeremy Harbour and Callum Laing, stepped down in February. The new board is chaired by consultant Don Elgie, while former consultant Adam Graham continues to serve as chief executive.

Don Elgie

Following a request by Mumbrella Asia, the company said it was unable to provide minutes from the AGM. Instead, the group sent a statement from Elgie to shareholders. It stated: “As your new board, our first task has been to identify and tackle the various issues that face the group.

“We are in the process of developing this new strategy for the group which we intend to present to shareholders following the interim results for the period to 30 June 2017, scheduled to be announced on 15 August 2017.”

The company would not comment on the resignation of the former directors.

Founded as an a decentralised alternative to the much-criticised holding group model, TMG has faced a turbulent time since its formation last year. The group consists of 17 marketing agencies.

Singapore agencies make up the biggest part of the company. Of TMG’s revenues, 39% come from Singapore, 32% from Australia and New Zealand; 15% from North America and 14% from Europe. Its Singapore agencies include Black Marketing, Creative Insurgence, One9Ninety, Brand Theatre and Ad Addiction.

Last month, former TMG chairman Harbour claimed that 8 per cent of the 31 million shares in circulation had been taken by an individual TMG was trying to get a loan from. He claimed these shares were sold without permission, after being handed over as a security deposit to raise the extra capital. Once again, TMG declined to comment further on this claim.

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