Stobart Group Limited Board plans and actions following AGM (0780U)
July 09 2018 - 11:47AM
UK Regulatory
TIDMSTOB
RNS Number : 0780U
Stobart Group Limited
09 July 2018
9 July 2018
STOBART GROUP LIMITED
('Stobart Group' or 'the Company')
Board plans and actions following AGM
Stobart Group has a focused and ambitious strategy to double the
value of the business by 2022. The Board firmly believes it has the
right management team in place to work toward the goals of
welcoming five million passengers annually at London Southend
Airport, delivering three million tonnes of biomass each year and
securing even more third-party civil engineering contracts by that
time.
The Board believes the management team can only operate
effectively within a stable framework of strong corporate
governance focused on protecting the interests of all shareholders.
Accordingly, the Board is setting out its proposals to seek to
unify the interests of shareholders and to provide the framework
for the delivery of the Company's strategy to the benefit of all
stakeholders.
These proposals are:
-- Through the Nominations Committee, the Company will appoint a
leading independent search firm to undertake a thorough and
rigorous process to identify suitably qualified and independent
persons to be appointed as Non-Executive Chairman, as Senior
Independent Director and one or more additional Non-Executive
Directors.
-- Significant shareholders will be consulted as part of this
process and encouraged to suggest suitable candidates.
-- The search will be conducted around agreed parameters of
high-quality corporate governance and independence and the
intention would be to appoint at least one female director. As
previously announced, the Company has already identified a female
candidate.
-- The Board has also commenced an executive search to find a
suitable interim replacement as Chief Financial Officer for Richard
Laycock, following his stepping down from the Board on 5 July
2018.
-- These changes will result in a refreshed and strengthened
Board, led by a new independent Chairman and a new Senior
Independent Director. The process will start immediately, and all
appointments will be made no later than the 2019 AGM.
-- The Board and the Company's brokers will work constructively
with all shareholders to strengthen the Company's shareholder base
to include additional long-term shareholders who are attracted by
the value creation opportunity that the Company represents. It has
already been contacted by one such party interested in making a
significant investment in the Company. The Board will actively
explore other options. Specifically, the Board will make a proposal
for Andrew Tinkler's shareholding as soon as practicable.
-- The Board takes very seriously the concerns raised by certain
employees in the last few weeks regarding alleged bullying and
whistleblowing. The Board will immediately appoint an independent
firm to investigate these matters.
-- The Board will commence discussions with major stakeholders
over coming days, and further announcements will be made in due
course.
Iain Ferguson, Chairman, Stobart Group 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 AGM, 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."
Enquiries:
Redleaf Communications +44 203 757 6880
Robin Tozer stobart@redleafpr.com
Charles Ansdell
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END
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