Tinkler launches bid to oust Stobart Group chairman

Author: Maria Highland

Stobart Group, which owns 12.5 per cent of Eddie Stobart Logistics, is facing a boardroom battle, after former chief executive Andrew Tinkler decided to opposed the re-election of chairman Iain Ferguson at the annual meeting on 28th June.

Tinkler, who owns 7.7 per cent of the voting rights, is backed two other shareholders who together own 25.5 per cent of the voting rights.

Andrew Tinkler.

In a statement, the board of Stobart Group accused Tinkler of destabilising the group and urged shareholders to support the re-election of Ferguson as chairman.

It said the board “has been forced to address a number of challenges posed by Mr Tinkler in the recent past, including:

– settlement of contractual issues arising from a previous related party transaction when Mr Tinkler was CEO;

– a proposed selective buyback of part of his stake in the Company;

– a proposed additional ex-gratia bonus for him of shares then worth some £8m;

– a proposed buy-out of the Company when the share price was in the range of 100p to 120p;

– a proposed related party transaction associated with the recent aborted airline transaction.”

Since the divestment of the bulk of its stake in Eddie Stobart Logistics, Stobart Group has focused on its aviation, energy and infra

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