Stobart Group AGM date and ESL 3PL acquisition plans

In part due to the Board level disruption in the company, Stobart Group has rescheduled its AGM to now be on the 6th July at the St Pierre Park Hotel in St Peter Port, Guernsey.

The AGM was set to take place on the 28th of this month but was delayed due to a boardroom row when director Andrew Tinkler said he and a group of fellow investors wanted to replace the current chairman Iain Ferguson with another man of their choosing.

In other Stobart news, its 12.5% owned subsidiary Eddie Stobart Logistics (ESL) has confirmed that it is in discussions about buying a 3PL company that is complementary to that of ESL’s existing offering.

It has not identified the company in question, but said: “It is expected that the total consideration would be in the region of £50 million, funded by a mix of debt and equity and that, if completed, the transaction would be earnings enhancing in the first full year of ownership.”

However, it warned that there is no certainty that the potential acquisition will be agreed or will complete successfully.