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Alliance News


Lakehouse Outlines New Board Composition As Meeting Adjourned

Wed, 20th Apr 2016 08:00


LONDON (Alliance News) - Housing maintenance contractor Lakehouse PLC on Wednesday said the meeting due to have been held on Tuesday on its board composition has been adjourned indefinitely, and it has agreed to change to the make up of its board.

Lakehouse had been set to hold a meeting for shareholders to vote on proposals tabled by activist investors Slater Investments Ltd and Steve Rawlings. Rawlings is the founder of Lakehouse but left the company in 2012.

The pair had been looking to remove three non-executive directors from the Lakehouse board following a rough first year as a listed company. The pair hold a combined stake of around 22% in Lakehouse.

The pair wanted to remove Chairman Chris Geoghegan and non-executive directors Jill Ainscough and Johnathan Ford and replace them with Rawlings, Ric Piper and Robert Leggett.

On Monday, Lakehouse agreed to Geoghegan's departure and for all three of the nominees to join the board.

Piper has been proposed as the new chairman of the company and on Wednesday Lakehouse said he will now chair is audit committee. Rawlings and Leggett will sit on Lakehouse's audit, remuneration and nomination committees.

Ainscough and Ford survived the attempted ousting and have kept their roles on the board.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

Copyright 2016 Alliance News Limited. All Rights Reserved.

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