The company said in a statement the shareholders also wanted to replace three other directors with their own candidates.

The move follows a request last week from rebel shareholders who want to remove the board and replace them with Simon Beart and William Good, the chief executive and finance director respectively of Revenue Assurance, plus Ian Mann, a non-executive there.

The company also said it continues to receive additional candidates for the CEO role and for a permanent finance boss and expects this first stage of the process to be completed by 2 November

"Alongside this process, the board is considering a number of alternative options that have presented themselves or may be available to it," said the firm.

"The board has noted the recent press speculation regarding a possible merger and in this regard confirms that, at present, it is not in possession of a formal proposal from any party that may lead to it making an acquisition or to the company or its assets being acquired."