9th Jul 2018 18:30
LONDON (Alliance News) - Stobart Group PLC said Monday it intends to double the value of its business by 2022 as it seeks new board appointments.
Following the annual general meeting, the infrastructure company said it decided, through its nomination committee, to appoint an independent search firm to hire a non-executive chairman, a senior independent director and non-executive directors.
Also, the company has started the search a for a new chief financial officer after Richard Laycock stepped down from his role on Friday.
The Southend airport operator said its will work "constructively" with all shareholders to strengthen the company's shareholder base. Stobart added that it has already been contacted by an unnamed investor interested in making a significant investment in the company.
However,Stobart stressed that its takes seriously the concerns raised by employees regarding the alleged bullying and whistleblowing. The company said it will "immediately appoint" an independent firm to investigate.
Shares in Stobart closed up 3.3% Monday at 236.50 pence each.
Stobart Group said on Saturday that its former chief executive had been re-elected and then immediately dismissed.
A majority of shareholders, 51%, voted Andrew Tinkler back onto the board at the company's annual general meeting on Friday, the results of which were delayed until Saturday evening. Tinkler's re-election and his subsequent dismissal were announced within Stobart's Saturday AGM results.
In its Saturday statement, Stobart noted that Tinkler's election was passed by the required majority but justified its decision to remove him from the board once again.
The Stobart board currently consists of: Chairman Iain Ferguson; Chief Executive Warwick Brady; Senior Independent Director Andrew Wood; and Non-Executive Director John Coombs.
Chairman Iain Ferguson said: "The last few weeks have been incredibly challenging for all who are involved with Stobart Group. Following the receipt of shareholder support for all directors at the annual general meeting, the board is now seeking to re-unite stakeholders through these proposals which it hopes will obtain widespread support and avoid further unnecessary and disruptive public argument. We look forward to maintaining a strong independent platform for Warwick Brady and the management team to take forward the agreed strategy and deliver outstanding returns for all shareholders."
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