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32.00 -1.50 (-4.69%)

Bid:

29.00

Ask:

32.00

Spread: 3.00 (10.345%)

Market Cap: £2.94m

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CPP Group Seeks Injunction To Prevent Founder From Ousting Board

Mon, 11th Apr 2016 15:31

LONDON (Alliance News) - CPP Group PLC said Monday it has issued proceedings seeking an injunction against its founder Hamish Ogston, who controls a 42.3% stake in the company, to prevent him voting to oust all but one of the insurer's board members.

CPP Group said the interim injunction is being sought to restrain Ogston from "exercising or causing to be exercised any voting rights attaching to his ordinary shares in the company", to remove and replace its directors at an upcoming vote or from preventing their reappointment at any upcoming annual meeting of its shareholders.

This comes less than a week after CPP set a date for the shareholder vote, which is now to take place on May 5.

The proposals to remove Chief Executive Stephen Callaghan, Chairman Roger Canham, and Non-Executive Directors Shaun Astley-Stone and Abhai Rajguru were first put forward by Schroders, which owns just over 10% of CPP, and are backed by Ogston. Together, the pair hold more than half the votes.

Shares in CPP were up 1.5% at 9.90 pence on Monday.

By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland