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Thursday, 24 April 2014

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Stobart Group sees off revolt by shareholders

Logistics company Stobart Group has seen off a shareholder revolt over directors pay, including that of its Cumbrian chief executive Andrew Tinkler.

Andrew Tinkler photo
Andrew Tinkler

At Stobart’s annual general meeting in Guernsey on Thursday, 16.09 per cent of shareholders opposed the directors’ remuneration report.

This includes a bonus scheme that would give directors shares worth approximately 10 per cent of the company’s market capitalisation, as long as the business meets performance targets. The scheme could also pay out if the company is taken over.

There was a smaller revolt against the re-election of chairman Rodney Baker-Bates as a director, with 8.44 per cent against, while 5.46 per cent voted against the re-election of Paul Orchard-Lisle.

He chairs the remuneration committee.

There was almost no opposition to Mr Tinkler’s re-election, however.

He secured the backing of 99.91 per cent of shareholders.

Stobart Group grew out of the iconic Eddie Stobart road haulage business.

It now operates ports, airports and railfreight as well as trucks. Its planning application to redevelop Carlisle Airport goes before city councillors next Friday.

The company wants to build a 394,000sq ft freight distribution centre and to resurface the runway for airfreight and scheduled passenger flights to London Southend and Dublin.

Stobart’s annual general meeting heard that the group was making progress “across all divisions”.

Transport and distribution experienced “mixed fortunes” with ambient transport and warehousing doing well but a restructuring of chilled operations incurring costs.

Southend Airport had serviced 172,000 passengers in the 12 weeks ending June 22.

Its biomass division experienced lower than expected export volumes in the spring due to mild weather in Scandinavia but expects a boost with the imminent start of UK power station contracts.

Stobart recently announced it was buying Autologic Holdings, a vehicle transport specialist.

And it has secured planning consent for another 1.4m square feet of warehousing at Stobart Park in Widnes.


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