11th Mar 2021 09:36
Dignity PLC - West Midlands-based funeral services provider - Largest shareholder, Phoenix UK Fund, requisitions a general meeting. Phoenix, which owns 29.9% of Dignity, wants to remove Executive Chair Clive Whiley and appoint Gary Channon as an executive director, Dignity says. Channon is the founder and chief investment officer of Phoenix Asset Management Partners, which manages Phoenix UK Fund. Dignity says it will respond to the requisition and asks shareholders to give no commitments to Phoenix regarding its resolutions.
Dignity back in December appointed Dean Moore as interim chief financial officer, after Steve Whittern resigned as finance director. The company said at the time it "has not lost sight of the need to drive the ongoing root and branch review through to an economic conclusion."
It added in December: "Accordingly, given that our over-arching desire to grow sustainable long-term market share could have ramifications for short-term performance, we are working closely with our largest shareholder in order to endorse the combination of compelling propositions and price points to best leverage the strengths of our existing resources."
Dignity swung to a pretax loss of GBP13.6 million in the half year to June 26, 2020, from a GBP58.3 million profit a year before.
Current stock price: 530.00 pence
Year-to-date change: down 17%
By Tom Waite; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
DTY.L