No revolution at Ireland AGM

STOCKBROKER WH Ireland said today it had moved back into profit in recent months, but gave no word on the futures of two key executive suspended for gross misconduct last week.

The pair, deputy chairman Laurie Beevers, pictured, and head of securities David Youngman, both attended the firm’s annual meeting in Manchester this morning, and were this afternoon still in meetings at the company.

They had previously indicated that they intended to vote oppose the re-election of chairman Rupert Lowe, chief executive Richard Ford and finance director Nigel Gurney, but in the end abstained, an insider told TheBusinessDesk.

A resolution proposed by the board to allow the company to issue up to 25% of its share to fund possible acquisitions was defeated though.

The shareholder, who did not wish to be named said: “David Youngman addressed the meeting, and said he’d been asked not to read a statement he’d prepared. At the end of the meeting he stood up and staff for their support.

“I think there was an agreement with the board not to make the meeting hostile. I support for David and Laurie, who have built up the business, and it is a shame that all their good work is being potentially destroyed.”

In a brief trading update, chairman Rupert Lowe said: “The company reports that the business has shown a modest profit for the four months to March 31 2009.

“The board believes that the company is well positioned to take advantage of any upturn in the market whilst being fully aware of the current difficult trading conditions.”

Manchester stockbroking stalwarts Mr Beevers, 61, and Mr Youngman, 58 have worked together for more than 30 years and joined WH Ireland in 1995 from broker Charlton Seal Dimmock