28th May 2025 15:18
(Alliance News) - Science Group PLC on Wednesday said it has increased its stake in Ricardo PLC, as it urged fellow shareholders to support its call to oust the Ricardo chair at next month's general meeting.
Ricardo is a Shoreham-by-Sea, West Sussex-based environmental and engineering consultancy. Cambridge, England-based Science Group is its second-largest shareholder, having built a more than 20% stake since first buying an initial 8.5% interest back in February.
On Wednesday, Science Group said it now has increased its stake in Ricardo to 13.5 million shares, a 21.8% holding. In early April, it had increased the stake to 20.08% from 19.09%. The company on Wednesday said it has paid an average price, including broker fees, of 239 pence per Ricardo share.
Ricardo was down 0.7% to 288.00p in London on Wednesday afternoon for a GBP177.3 million market capitalisation. The stock is down 32% so far in 2025.
Science Group shares were up 0.4% to 467.00p on Wednesday for a GBP208.0 million market cap.
Gresham House Asset Management Ltd remains Ricardo's largest shareholder, raising its stake slightly back in March to 23.2% from 22.5%.
The Ricardo general meeting scheduled for June 18 was requisitioned by Science Group. The single resolution is to remove Ricardo Chair Mark Clare from the board.
"In effect, the general meeting is a vote of no-confidence in the leadership of the Ricardo board and to initiate change to enable a positive, shareholder-aligned recovery to benefit all Ricardo shareholders, large and small," Science Group said in an open letter.
Ricardo had not responded to Science Group by Wednesday afternoon, but in April released a business and strategy update that it said will "deliver significant value creation for Ricardo's shareholders".
By Tom Waite, Alliance News editor
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