(Alliance News) - Eddie Stobart Logistics PLC on Wednesday said a firm controlled by former Chief Executive Andrew Tinkler is misleading the company's shareholders.
TVFB, controlled by Tinkler, and major shareholder DBAY Advisors have bought forward competing proposals to rescue Eddie Stobart. Tinkler's is in the form on an GBP80 million equity raise, with DBAY's a GBP55 million loan for a 51% stake in the company holding Eddie Stobart's assets.
On Wednesday, TVFB said shareholders were far more supportive of its own proposals than DBAY's. They will vote on the DBAY proposal on Friday.
However, Eddie Stobart has said lenders will only back DBAY's proposal, and as such: "The board consider the statements made by TVFB that it will be able to implement its proposal without repayment of the credit facilities in full to be misleading to shareholders."
The company reiterated that if the vote on Friday is not successful, the company will face immediate financial difficulty, with lenders not willing to help.
Shares in Eddie Stobart are currently suspended from trading in London, having been so since August, amid its financial problems.
By George Collard; georgecollard@alliancenews.com
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