Tinkler calls for Stobart EGM to be postponed after group’s shake-up strategy

Former Stobart Group chief executive Andrew Tinkler has called for an extraordinary general meeting of the company next week to be postponed indefinitely.

The meeting was scheduled for Wednesday, July 18, when it was expected that North West tycoon Philip Day, owner of Peacocks and Edinburgh Woollen Mill, would be proposed as a replacement for current group chairman Iain Ferguson in a long-running battle between the board and Mr Tinkler.

Mr Tinkler was dismissed by Stobart on June 14 for trying to oust Mr Ferguson, which the board said could destabilise the group.

A shareholder vote at Stobart’s AGM last Friday narrowly favoured Mr Ferguson’s reappointment, and although Mr Tinkler was voted onto the board at the meeting, the directors immediately removed him.

Earlier this week Stobart issued a statement outlining its proposals to restore order to the company, including the prospect of Mr Ferguson stepping down before next year’s AGM, and a comprehensive reorganisation of the board.

The group also said it would approach Mr Tinkler with an offer for his 7.8% stake in Stobart.

Following this statement, Mr Tinkler has proposed that next Wednesday’s EGM is postponed while issues surrounding the very public spat are resolved.

There was also the likelihood that the board would have removed Mr Day, even if he were to win the vote.

Mr Tinkler said: “Yesterday’s Stobart board statement, in effect confirming that all the current non-executive directors of the company will stand down, is a step in the right direction.

“However, in my view it cannot happen quickly enough and I will be pressing the new board to conduct a full investigation into the conduct of the outgoing directors.

“Given the uncertainty which has been created by this latest announcement – which directly contradicts statements made by Mr Ferguson at the AGM – and the fact that the current board has shown itself willing to remove any director from office who does not agree with the actions of the board, I have come to the conclusion that no purpose would be served by proposing the election of Philip Day as a director of the company at this stage.”

He added: “I am therefore proposing that the meeting convened for 18 July is adjourned indefinitely, without the resolution being put to the meeting.

“I reserve the right to propose further resolutions at the appropriate time in order to ensure that the required changes to the board are made at the earliest opportunity.”

A spokesperson for Philip Day said: “Mr Day has agreed to not be proposed at the upcoming general meeting while other matters are resolved.”