LONDON (Alliance News) - Housing maintenance contractor Lakehouse PLC on Monday said it will seek to adjourn the general meeting which had been due to take place this week after reaching an agreement with its activist shareholders.
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 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 Jill Ainscough and Johnathan Ford and replace them with Rawlings, Ric Piper and Robert Leggett.
On Monday, Lakehouse said it had agreed Geoghegan will leave the board with immediate effect. Piper, one of the nominees proposed by Slater and Rawlings, has been proposed as Lakehouse's next chairman, the company said. Rawlings and Leggett also will join the board, with Leggett to become senior independent director.
Ford and Ainscough will retain their non-executive directorships, so the board will increase in size to nine from seven.
Piper sits on the boards of recruiter Matchtech Group PLC and engineering and environmental consultancy Waterman Group PLC, while Leggett is the founder and managing director of Progressive Value Management Ltd, an investment firm focused on creating value from illiquid holdings in underperforming companies.
Lakehouse shares were up 4.9% to 49.81 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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