(Sharecast News) - Activist investor Kelso has said it will vote against the reappointment of e-commerce retailer THG chairman Charles Allen in protest to what it considers to be a lack of progress in reviving the company's stock.
Kelso, which owns roughly 0.5% of THG's shares, voiced its disappointment with the lack of progress in trying to spin off some of the company's divisions and shifting its listing to the premium segment of the London Stock Exchange.
As a result, Kelso will vote against Allen's re-election at THG's annual general meeting on 24 June, roughly two years after he took up the role.
Kelso claims that THG's units were worth more than the whole company's current market capitalisation of roughly £1.0bn.
As of 1535 BST, THG shares were up 2.17% at 75.25p.
Reporting by Iain Gilbert at Sharecast.com
Thg (THG)