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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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CPPGroup Gets Requisition To Remove Chairman And Chief Executive

Mon, 21st Mar 2016 08:26

LONDON (Alliance News) - Assistance products company CPPGroup PLC on Monday said it has received a requisition calling for the removal of four directors, including its chairman and chief executive.

CPPGroup said it has received a requisition from Schroders Investment Management Ltd, acting on behalf of clients who hold more than 5.0% of CPPGroup's issued share capital and calling for the group to hold a general meeting to vote on the removal of four directors.

The four directors are Chief Executive Stephen Callaghan, Non-Executive Chairman Roger Canham, and non-executive directors Shaun Astley-Stone and Abhai Rajguru.

The shareholders proposed the appointment of Richard Lapthorne, Nicholas Cooper and Mark Hamlin in their place.

CPPGroup said it was surprised by the request and said it believes any proposed action would not be in the best interests of CPP shareholders.

CPPGroup shares were up 12% on the news, up to 11.75 pence.

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