10th Dec 2019 11:25
(Alliance News) - Eddie Stobart Logistics PLC confirmed Tuesday it has received a GBP55 million injection from major shareholder DBAY Advisors Ltd.
In return, DBAY will get a 51% stake on Greenwhitestar Acquisitions Ltd, the entity which holds all of the logistics and haulage firm's assets.
On Friday, at a crunch shareholder vote, some 81% of Eddie Stobart's shareholders approved the DBAY rescue plan, rejecting one offered by former chief executive Andrew Tinkler in the form of a GBP80 million equity raise.
Tinkler and DBAY had exchanged a war of words over the rescue of the company, with Eddie Stobart itself accusing Tinkler of misleading shareholders. Eddie Stobart would have faced immediate financial difficulty if the DBAY deal had not been approved.
Following the DBAY rescue, Chair Philip Swatman has departed Eddie Stobart. Chief Executive Sebastien Desreumaux and Chief Financial Officer Anoop Kang have both left the Eddie Stobart board, but have joined the board of Greenwhitestar.
Eddie Stobart's shares remain suspended from trading in London.
By George Collard; [email protected]
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