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62.75 0.75 (1.21%)

Bid:

61.00

Ask:

64.50

Spread: 3.50 (5.738%)

Market Cap: £5.69m

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CPPGroup Sees Board Ousted After Shareholder Vote

Thu, 05th May 2016 16:28

LONDON (Alliance News) - CPPGroup PLC, the AIM-listed assistance business, said its board was ousted at a shareholder vote on Thursday.

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 were backed by founder Hamish Ogston, who controls a 42% stake in the company.

Richard Lapthorne, the chairman of Cable & Wireless Communications PLC, was named to the board. Mark Hamlin, the joint deputy chairman at Cable & Wireless, also joined, along with former Cable & Wireless board member Nicholas Cooper.

Further appointments to the board will be made in due course, CPP said.

Shares in CPP closed down 8.2% at 8.26 pence Thursday.

By Samuel Agini; samagini@alliancenews.com; @samuelagini