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Toby Marchant demands apology and retraction in PaperlinX saga

Monday, 02 April 2012
By Print21

UK-based CEO of the paper merchant company loses patience with Graham Critchley, publisher of torrid critical website, www.PaperlinXsux, accusing him of defamation.

He is demanding an apology and retraction from Critchley following the circulation of an anonymous email that contains allegations of waste and extravagance during Marchant’s tenure as CEO of UK paper company Robert Horne. Critchley circulated the email to 14 recipients involved in the ongoing imbroglio at PaperlinX. Print21 has sighted a copy.

The email is the culmination of a sustained attack on the management and board of PaperlinX by Critchley as the advocate of a number of disappointed hybrid investors in the beleaguered company. The ongoing campaign has attracted widespread interest within the paper merchant community and the printing industry at large.

Marchant has condemned the personal nature of some of the allegations. ‘As we have constantly said, we respect the right of all to express opinions and comment on the Company. However, your personal attacks go far beyond what is acceptable and do not amount to constructive dialogue, analysis or commentary and have departed from your so called Four Part Value Proposition.

He denounces the claims in the email as baseless allegations and says they follow previous defamations from Critchley. Following a series of explanations of the incidents highlighted in the email he demands an apology. ‘Having been presented with the facts I await your retraction and apology.

The clam is ample evidence of continuing disagreement between PaperlinX management and board and the disgruntled hybrid investors who have taken a swingeing hit since they bought the investments at $100 each in 2007. A PE investor has since valued them at $28.15. PaperlinX shares slid lower to .08 cents last week following the defeat of Andrew Price’s bid to topple chairman Harry Boon.

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