Stobart Group Limited Annual General Meeting and possible Board changes (4025P)
May 25 2018 - 11:51AM
UK Regulatory
TIDMSTOB
RNS Number : 4025P
Stobart Group Limited
25 May 2018
25 May 2018
STOBART GROUP LIMITED
('Stobart Group' or 'the Company')
Annual General Meeting and possible Board changes
The Company announces that it will shortly be issuing to
shareholders the documents in relation to its Annual General
Meeting.
The notice convening the AGM reports that the Board has been
advised by Andrew Tinkler, Executive Director, that he will be
voting at the AGM against the re-election of Iain Ferguson, as a
Director and Chairman of the Company.
All of the other Directors offering themselves for election or
re-election at the AGM ("Ongoing Board") confirm that they have
full confidence in Iain Ferguson, both as a Director and as
Chairman, and will therefore be recommending to shareholders that
they vote in favour of Mr Ferguson's re-election. Furthermore,
Andrew Wood, Non-Executive Director and Senior Independent
Director, and John Coombs, Non-Executive Director, have advised the
Board that they would resign from the Board in the event that Mr
Ferguson is not re-elected. As announced in the 2018 Preliminary
Statement of Results, John Garbutt, the other Non-Executive
Director, had decided to step down at the AGM and he has not
participated in the Board's recent deliberations on this
matter.
The Board has received written confirmation from the largest
shareholder in the Company, Invesco Asset Management Limited acting
as agent for and on behalf of its discretionary managed clients,
with 24.8% of the voting rights, that it is supportive of the
re-election of the Non-Executive members of the Board, including
the Chairman.
The Board has also received written confirmations from Mr
Tinkler, who holds 7.7% of the voting rights, and two other
shareholders, who together own 25.5% of the voting capital, that
they are not supportive of the re-election of Mr Ferguson and will
vote against his re-election at the AGM.
As outlined in the full year results announcement, the Board has
established a clear plan to deliver value to all shareholders,
principally through its two main operating divisions, Aviation and
Energy. The Ongoing Board is confident in the ability of the
management team, led by CEO Warwick Brady, to execute the plan and
strongly believes shareholder value can best be obtained through
stability at both Board and management levels.
ENDS
Enquiries:
Redleaf Communications +44 207 357 6880
Charlie Geller Stobart@redleafpr.com
Robin Tozer
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END
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