Stobart Group – Ferguson clings on

Iain Ferguson was narrowly re-elected to be Stobart Group chairman at the company’s AGM, defeating Andrew Tinkler’s attempt to replace him with a vote in favour of him remaining at just over 52%.

In a statement a spokesman for Tinkler said the results of the AGM and public statements made since Friday “show the contempt this board has for shareholders as well as its on-going abuse of power”.

Tinkler is challenging the way that votes held by the Employee Benefit Trust were cast.

Ferguson however has agreed to step down ahead of next year’s AGM. The board said in a statement, “The board believes the management team can only operate effectively within a stable framework of strong corporate governance focused on protecting the interests of all shareholders,” it said.

“Accordingly, the board is setting out its proposals to seek to unify the interests of shareholders and to provide the framework for the delivery of the company’s strategy to the benefit of all stakeholders.”

There have been moves to buy Tinkler’s shares back to try to prevent another shareholder mutiny. When the news was put to him he responded, “No!”

For now it seems that the board of Stobart are in control, at least until this time next year. Apex Insight will naturally report on any midsummer madness in the boardroom as it appears…