Stobart Group director Andrew Tinkler has accused his opponents on the board of the company of issuing “false and defamatory material about me, and information regarding the company that I consider to be misleading”.
In a statement, Tinkler reaffirmed his belief that a change of chairman was needed, and said he would be writing to shareholders in due course to urge them to cast their vote against the re-election of Iain Ferguson.
This is the full text of Tinkler’s statement:
“There is a disagreement among Stobart Board Directors over the implementation of future strategy of the Stobart Group. My only objective is to ensure that the Company sticks to the agreed company strategy and does not deviate from this, as this will deliver the best returns for shareholders. This strategy is best executed and underpinned by strong corporate governance standards.
“My view is that a change of Chairman would help to achieve that objective, and I know that view is shared by a number of major shareholders. The current Chairman, Mr Iain Ferguson, has however resisted any suggestion that he should resign and has decided, with the support of certain other directors, to make that disagreement public, rather than allowing time for discussions to continue in private and for proper soundings to be taken from the Company’s major shareholders.
“I very much regret that the Chairman has resorted to personal insult in this discussion. I warned the Chairman and his supporters on the Board that the announcement issued on 29 May contains false and defamatory material about me, and information regarding the Company that I consider to be misleading.
“Nevertheless, the Chairman and his supporters authorised the release of the announcement containing that material. I think that amply demonstrates a lack of prioritisation of company strategy and shortcomings in corporate governance standards, illustrating some of the reasons why I believe that a change of Chairman is required.
“I will be writing to shareholders in due course to urge them to cast their vote against the re-election of Mr Ferguson at the Company’s forthcoming AGM.”