(Alliance News) - An entity controlled by former Eddie Stobart Logistics PLC boss Andrew Tinkler said it has received strong support for its alternative financing plan.
On Tuesday, TVFB proposed an equity raise of up to GBP70 million for Eddie Stobart, as opposed to a GBP55 million lifeline provided by DBAY Advisors agreed earlier November, which would see DBAY take a 51% stake in the firm holding Eddie Stobart's assets.
TVFB has said the DBAY agreement is not in the best interests of the shareholders of Eddie Stobart.
On Thursday, the Tinkler vehicle said the response from investors "exceeded expectations", with a proposed fundraise already moving above the GBP70 million target. This is despite the fact TVFB has not yet met with a number of major Eddie Stobart shareholders, it said.
Further, the "vast majority" of the shareholders it has met have said they will reject the DBAY proposal, TVFB asserted.
Tinkler left as CEO in 2017 and was removed by the company as an executive director in June 2018. He appealed but lost in court. Tinkler's dismissal as executive director was prompted by his move to oppose the re-election of Chair Iain Ferguson.
Shares in Eddie Stobart are currently suspended from trading in London, having been so since August.
By George Collard; georgecollard@alliancenews.com
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