20th Jan 2006 12:35
FOR IMMEDIATE RELEASE 20 JANUARY 2006 SCOTT TOD PLC ("Scott Tod" or "the Company") RESULT OF EXTRAORDINARY GENERAL MEETING At the Extraordinary General Meeting ("EGM") held in London today, theresolutions to remove Mr David Massie from office as a Director and to appointMr Nicholas Tod, Mr Roger Tod and Mr Neil Phillips as Directors of the Companywere defeated.David Massie, the Chairman, commenting after the meeting, said:"I am naturally delighted by the support that we have received fromshareholders and I would like to thank them at this important time for ScottTod shareholders have voted overwhelmingly against Mr and Mrs Tod's proposals.In addition to their own family shareholding they have gained almost nosupport.This was the second EGM that has been requisitioned by Mr & Mrs Tod, both ofwhich have taken up a considerable amount of management time and involved theCompany in substantial costs.It is clear that we now need a period of calm, without the distraction causedby the requisitioning of EGMs, so that the management can focus on returningScott Tod to profit.We have an excellent management team in Lawrence Watts, our Chief Executive,and in the recent appointments of John Dixon, the Finance Director, and MatthewSneade, the Sales Director.We have reduced the cost base and divided the business into distinct profitcentres, which has enabled the directors to manage the business moreeffectively and to monitor the performance of the operating divisions.We have started to see an improvement in the performance of the Company butthere is clearly a long way to go before we can deliver the results that ourshareholders expect of us."For further information:Scott Tod PlcDavid Massie (Chairman) 020 7389 1770Cubitt ConsultingBrian Coleman Smith / Nia Thomas / Allison Reid 020 7367 5100Mobile 07802 724 400ENDSCOTT TOD PLCRelated Shares:
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