LONDON (Alliance News) - Housing maintenance contractor Lakehouse PLC on Monday said its Non Executive Director Jill Ainscough has resigned from the board with immediate effect, just over three months after the company reached a deal with two activist shareholders regarding Ainscough's position.
Slater Investments Ltd and Steve Rawlings, who founded Lakehouse in 1988 and left in 2012, had been looking to remove three non-executive directors from the Lakehouse board in March following a rough first year as a listed company. The pair hold a combined stake of around 22% in Lakehouse.
The pair wanted to remove Chairman Chris Geoghegan and non-executive directors Ainscough and Johnathan Ford and replace them with Rawlings, Ric Piper and Robert Leggett.
In April, Lakehouse said it had agreed a deal for Geoghegan to leave the board, and for Piper, one of the nominees proposed by Slater and Rawlings, to become Lakehouse's next chairman. Rawlings and Leggett also joined the board, and Ford and Ainscough retained their non-executive directorships, increasing the board in size to nine from seven.
However, on Monday, Lakehouse said Ainscough had decided to resign from the board with immediate effect.
Shares in Lakehouse were up 0.2% at 27.06 pence on Monday morning.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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