Cumbrian businessman Andrew Tinkler has been axed as a director of Stobart Group for a second time – despite shareholders voting him in.
A motion to elect Mr Tinkler back on to the board he was explosively sacked from in June, was passed by shareholders with 51.4 per cent of the vote at the company’s Annual General Meeting (AGM) on Friday (July 6).
However, his tenure was short lived, with other board directors immediately removing Mr Tinkler for a second time.
The double blow for Mr Tinkler came as current Stobart Group chairman Iain Ferguson was narrowly re-elected, with 51.2 per cent of shareholder votes.
The wrangle over the chairmanship of the company has been at the centre of a bitter public battle between Stobart Group chiefs and Mr Tinkler.
Mr Tinkler has argued that change is needed and Mr Ferguson should step down, citing serious differences over the future strategy of the infrastructure and support services company.
He – along with two other major shareholders, Allan Jenkinson and funds acting through Woodford Investment Management Limited – have been pushing for Edinburgh Woollen Mill tycoon and Cumbria’s richest man Philip Day, to be elected to the board – and then put forward as chairman.
That resolution will go to an Extraordinary General Meeting (EGM) on July 18, although Stobart Group chiefs have urged shareholders to reject the move, which they say would create instability and result in mass resignations among its top ranks.
But on Friday, Mr Tinkler’s efforts received a blow at a heated AGM held on Guernsey.
On sacking Mr Tinkler for a second time, Mr Ferguson told the Financial Times that “it would not be in the best interests of the company for him to act as a director.”
He added: “This is an important day for corporate governance in the UK and for ensuring that the interests of all shareholders are fairly represented and protected.
“We will be meeting with all of our colleagues face-to-face over the coming weeks to address concerns and explain our plans for ongoing growth as a united team.”
In response, a spokesman for Mr Tinkler’s spokesman said it was “extraordinary” that the board had released results of the vote late on a Saturday evening, adding “we are investigating the outcome of the vote and will issue a statement in due course”.
The spokesman added: "Following the resignation of CFO Richard Laycock on Friday morning, the Board has purported to dismiss Andrew Tinkler again, despite a majority of shareholders voting for his re-election to the Board.
"This shows an arrogance bordering on contempt for shareholders and employees and continues a pattern of behaviour since Board meetings in January and February 2018, when the Chairman tried unsuccessfully to remove Andrew Tinkler from the Board....
“Events around the AGM illustrate a pattern of behaviour that Andrew, other senior employees and shareholders have been aware of for some time. This is now plain for all to see."
The AGM, also held on Guernsey, is the latest chapter in the long-running battle for control of Stobart Group.
Stobart Group have launched legal proceedings against Mr Tinkler for, among other things, an alleged breach of contract and an alleged breach of fiduciary [legal or ethical] duty.
Mr Tinkler has responded by issuing legal proceedings against five board members for comments made in a regulatory statement that he said contained “false and defamatory material about me”.
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