Shareholder revolt seeks to throw out Speedy boss
A hedge fund manager is leading an attempt to oust the executive chairman of Speedy Hire.
Morgan Stanley Client Securities Nominees Ltd, as nominee of and on the instructions of Toscafund Asset Management LLP, has requisitioned a general meeting of the shareholders to remove executive chairman Jan Åstrand from the board of directors.
Toscafund is run by Martin Hughes, who – according to the Sunday Times – is known to some as ‘the rottweiler’. He controls close to 20% of Speedy shares, making him the company's largest shareholder.
The plan is to replace Jan Åstrand with David Shearer, an accountant who previously chaired house-builder Crest Nicholson.
Speedy’s board of directors said that it would call the general meeting within the next three weeks and hold it within four weeks from then.
Mr Åstrand took over as executive chairman in July 2015 just after a profits warning dragged the share price down from 71p to 51p. This month Speedy’s share price has oscillated between 30p and 33p.
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This article was published on 25 Jul 2016 (last updated on 26 Jul 2016).