Stobart hits out at ‘false’ FSA inquiry story
STOBART Group has hit out at an “entirely false” story in today’s Daily Telegraph claiming the Financial Services Authority (FSA) is looking into the proposed acquisition by the group of a property business owned by chief executive Andrew Tinkler.
When Warrington-based Stobart unveiled a £120m placing and open offer on April 21 it also detailed a plan to buy a commercial property portfolio from Mr Tinkler and chief operating officer William Stobart.
The two men acquired the business from Stobart in 2007 for £140m when the company floated through a reverse takeover of the Westbury Property Fund.
The Telegraph claims the FSA began examining the proposed deal after being contacted by Cumbria police.
The story prompted Stobart to issue a statement to the Stock Market this morning refuting the claims and linking them to a “disgruntled individual” who had made allegations about the business in the past.
It said: “The company believes the content of the article to be entirely false. The company has been the recipient of scurrilous and malicious allegations previously.
“The company and its directors have not been contacted by any of the authorities referred to and is confident that there is no inquiry.
“Stobart’s own enquiries have ascertained that the claims emanate from a disgruntled individual who has made false claims against the company in the past which resulted in him receiving a custodial sentence for contempt of court. The allegations are absolutely false.”
A spokesman for the FSA said: “We do not comment on whether or not we’re investigating something.”
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