17th Dec 2019 11:52
(Alliance News) - Eddie Stobart Logistics PLC said Tuesday former Chair William Stobart has been appointed executive chair of subsidiary Greenwhitestar Acquisitions Ltd.
Greenwhitestar is the entity which holds all of the logistics and haulage firm's assets.
William Stobart, son of Eddie Stobart, was previously the company's chair but left in 2017. When DBAY first had to bail out Eddie Stobart back in 2014, William Stobart left the board of the listed company to lead the new Eddie Stobart Logistics private company - which focused on transport and distribution.
Last week, DBAY injected a further GBP55 million in Eddie Stobart and, in return, acquired a 51% stake in Greenwhitestar, with Eddie Stobart holding the remaining 49%.
As part of the move, DBAY was eager for William Stobart to return to the company, where he will have day-to-day management responsibilities.
Eddie Stobart Chief Executive Sebastien Desreumaux will step down from the board of Greenwhitestar.
Last 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 said it would have faced immediate financial difficulty if the DBAY deal had not been approved.
Shares in Eddie Stobart Logistics are currently suspended.
By Paul McGowan; [email protected]
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