Tinkler nominates Day to Stobart Group Chair

A group of investors in Stobart Group led by Andrew Tinkler have put forward the owner of Edinburgh Woollen Mill Phillip Day to be Chairman of the board.

Under the plans, Day would replace the existing chairman Iain Ferguson.

According to Stobart Group it has received a requisition from shareholders holding more than 33% of the company’s voting capital nominating Day to be elected as director of the company at the forthcoming AGM or at a general meeting, and to invite the Board to nominate him to be Chairman.

The shareholders comprise Andrew Tinkler, executive director, funds acting through Woodford Investment Management Limited and Allan Jenkinson.

As Apex Insight reported earlier today, Stobart Group have put their scheduled AGM for the 28th June on ice, but will have to run the AGM in accordance with its articles of incorporation soon. They will put Day’s nomination to a shareholder vote. In addition, the nomination committee would consider Day’s candidature and will advise shareholders in due course of its recommendation in relation to board appointments.

The nomination will cause an upset in the Board of the Stobart Group which appear to be firmly opposed to Tinkler’s actions. Now he has taken the legally required steps to nominate Day the fireworks are set to happen at the coming AGM and any EGM that Tinkler seems to have the power to call. When and where this occurs is unclear but certainly will be worth watching in the next month or so when it happens.