14th Jun 2018 15:09
LONDON (Alliance News) - Logistics firm Stobart Group Ltd said Thursday it will be issuing legal proceedings against its former Chief Executive Andrew Tinkler and has terminated his employment with the group.
Stobart will be proceeding against Tinkler "imminently" for "breach of contract and breach of fiduciary duty".
"Tinkler's actions, particularly in recent days, have threatened to destabilise the company and severely impacted my ability and that of my team to manage the business on a day-to-day basis and deliver the agreed strategy," said current Stobart CEO Warwick Brady.
The company also said it will write to shareholders regarding "concerns Tinkler and his associates are attempting to secure control of the company".
At the end of May, Stobart's joint broker Cenkos Securities PLC quit following the company's statement a day before Tinkler would be voting not to re-elect Chairman Iain Ferguson at its next general meeting. All other directors, Stobart said, supported Ferguson.
The company said at the time it "deeply regrets" Tinkler's attempt at "destabilising" the group.
Tinkler holds 7.7% of the company, and another 26% of shareholders have backed him in his move against Ferguson.
Shares were up 1.7% on Thursday afternoon at 262.87 pence each.
By George Collard and Anna Farley; georgecollard@alliancenews com and [email protected]
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