Authorization

Top City fund 'tries to engineer Stobart truce'

A leading asset manager is trying to broker a deal to end the boardroom battle at conglomerate Stobart Group.
M&G Investments, part of FTSE 100 giant Prudential, is pushing to engineer the appointment of City grandee Allan Leighton as interim chairman ahead of a crunch vote at its investor meeting on Friday, Sky News has reported.
Former Stobart chief Andrew Tinkler is agitating to oust incumbent chairman Iain Ferguson at the AGM and replace him with his preferred nominee Philip Day, the billionaire owner of Edinburgh Woolen Mill.
He is backed by high profile fund manager Neil Woodford, who is Stobart’s second-largest shareholder with a 19pc stake.
However, shareholder advisory groups Glass Lewis and ISS, and smaller shareholder Royal London Asset Management have come out in favour of Mr Ferguson.
Top City fund 'tries to engineer Stobart truce'

City veteran Allan Leighton

Credit:
Leon Neal/AFP/Getty Images
Mr Tinkler - who was dismissed from the board earlier this month - is also seeking the resignation of current chief executive William Brady. Mr Brady on the other hand wishes to re-elect Mr Ferguson as chairman.
M&G, which owns about 5pc of Stobart, has reportedly stepped in to try to appease both sides by suggesting Mr Leighton as a temporary chairman to oversee the board for several months. It has not reached agreement with Mr Leighton or Mr Tinkler, the report said.
Mr Leighton is a veteran of several company turnarounds, such as at Asda, and is chairman of firms including the Co-op Group.
Storbart is best known for its fleet of Eddie Stobart trucks and also owns Southend Airport and energy assets.
Mr Tinkler fired another shot in his row with the current board on Friday, writing to shareholders claiming they had transferred shares to a trustee in order to swing the crunch vote.
Stobart said on Friday the share transfer was to meet obligations under long term staff incentive plans. “Our largest shareholder, Invesco and other significant investors have, and continue to support, our chairman Iain Ferguson and the board,” a Stobart spokesman said. M&G was unavailable for comment.
See also:
Leave a comment
News
  • Latest
  • Read
  • Commented
Calendar Content
«    Ноябрь 2018    »
ПнВтСрЧтПтСбВс
 1234
567891011
12131415161718
19202122232425
2627282930