4th Apr 2016 06:48
LONDON (Alliance News) - Housing maintenance contractor Lakehouse PLC on Monday reiterated its opposition to the proposals tabled by shareholders Slater Investments Ltd and former founder Steve Rawlings to shake up the board.
Slater and Rawlings set out their reasons for seeking changes at the company last week, claiming they do not believe the current board "has a firm grip on the company and its prospects."
The pair, which own a 22% stake in the business, are seeking to remove Chairman Chris Geoghegan and non-executive directors Jill Ainscough and Johnathan Ford and replace them with Rawlings, Ric Piper and Robert Leggett.
Lakehouse has called a meeting for April 19 to vote on the proposals.
On Monday, Lakehouse hit back at Slater and Rawlings, claiming the pair had again failed to set out an alternative strategic vision or business plan for the company
Lakehouse also said it has already taken action to restore trading at the business, following the profit warning it issued in February, and confirmed in March trading was in line with its expectations.
Lakehouse added it still harbours concerns about the ability of the alternative non-executive directors proposed to add immediate value to the business and said the changes would "significantly reduce the level of independence" on the board.
Lakehouse also noted Slater and Rawlings acknowledged in their statement their proposed changes to the board would not meet UK corporate governance rules.
By Sam Unsted; [email protected]; @SamUAtAlliance
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