Bibby Finance Bibby Finance
Follow us on Twitter Follow us on LinkedIn Follow us on Instagram
Daily construction news
Weekly plant news

Construction News

Wed April 25 2018

Related Information
Related Information
Related Information
Related Information

News » Plant » Speedy chairman wins shareholder vote » published 9 Sep 2016

Speedy chairman wins shareholder vote

An attempt by rebel shareholders to remove the chairman of Speedy Hire has been defeated but they have succeeded in getting their nominee onto the board.

Speedy chairman Jan Åstrand Above: Speedy chairman Jan Åstrand

A general meeting of Speedy shareholders today voted against a resolution to remove Jan Åstrand as chairman by 63.44% to 36.56%. He thus keeps his post.

A resolution to appoint former Mouchel and Crest Nicholson chairman David Shearer as a non-executive director was narrowly approved by 52.84% to 47.16%. This becomes effective immediately, altough the rebels had hoped to see David Shearer take the chair in place of Jan Åstrand.

The motions were put forward by Toscafund Asset Management, which owns 19.4% of Speedy and is its biggest shareholder. Toscafund had been keen to see Speedy merge with HSS, in which Toscafund also holds 18.1%. Jan Åstrand, as executive chairman, blocked the move, however, as not in the best interested of other shareholders. A war of words ensued as each side set about rallying support ahead of today’s vote.




Download our free construction news iPhone / iPad app. Sign up to our FREE email newsletters or subscribe to our RSS feed for regular updates on the latest Construction News, Plant News & Contract News. The Construction Index also provides the latest Construction Tenders, Construction Market Data & Construction Law Commentary all FREE.

This article was published on 9 Sep 2016 (last updated on 13 Oct 2016).

More News Channels