6th Jul 2018 16:45
LONDON (Alliance News) - Mears Group PLC said Friday that its Chairman Bob Holt will not stand for re-election at the company's annual general meeting after receiving a requisition notice.
Yesterday, the social housing & care company received a requisition from Shareholder Value Management, which holds a 8.9% stake in the company, asking to oust Holt and appoint an alternative candidate as Non-Executive Director.
Chief Executive Officer David Miles said: "The requisition is an unnecessary disruption of a planned process of board evolution which we have been working on continuously, and will continue to do so, in line with the company's development."
Miles added that it found the requisition both "frustrating and insulting" as he said the company would want all board appointments to "follow a proper due process and not be imposed on us by a single shareholder".
Mears shares closed 1.7% down at 340.00 pence each.
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