RE: Stobart18 Jun 2018 17:13
FT Today, worth subscribing btw:
A director fired, allegations and counter-allegations of misconduct, writs and counter-writs, all conducted in public. It has been a tumultuous week for Stobart Group, the UK infrastructure company, setting at loggerheads some of the City’s best-known investors, from Neil Woodford to Invesco.
On Thursday, the FTSE 250 company fired executive director and former chief executive Andrew Tinkler after his campaign to oust chairman Iain Ferguson. In an announcement to the stock market, it also said it was issuing legal proceedings against Mr Tinkler alleging “amongst other things, breach of contract and breach of fiduciary duty”.
The move is the latest twist in a boardroom drama that has sent waves through the share price of the mini-conglomerate that owns Southend airport and operates the UK’s biggest biomass business.