Fleet­wood board un­der pres­sure

The West Australian - - WEST BUSINESS - Ben Har­vey

Spec­u­la­tion was mount­ing last night that ac­tivist in­vest­ment fund San­don Cap­i­tal was the sub­stan­tial share­holder be­hind a push for an ex­tra­or­di­nary meet­ing of Fleet­wood.

Fleet­wood yes­ter­day is­sued a state­ment ad­vis­ing share­hold­ers that it be­lieved a call for the meet­ing was im­mi­nent. The one-time car­a­van dealer-turned car­a­van and mod­u­lar ac­com­mo­da­tion man­u­fac­turer used the same state­ment to re­in­force its com­mit­ment to of­fload­ing the loss-mak­ing car­a­van busi­ness.

Gabriel Radzymin­ski-led San­don, which has a 5 per cent stake in Fleet­wod and a rep­u­ta­tion for pres­sur­ing boards and man­age­ment to re­struc­ture, has pre­vi­ously called for the com­pany to ditch loss-mak­ing arms.

Mr Radzymin­ski last night de­clined to com­ment.

Fleet­wood man­ag­ing di­rec­tor Brad Deni­son and chair­man Phillip Camp­bell de­fended their ac­tions in the face of ag­i­ta­tion from the dis­si­dent share­holder.

“The com­pany ad­vises that it has re­cently re­ceived a re­quest for a copy of Fleet­wood’s reg­is­ter of mem­bers from a sub­stan­tial share­holder, with the stated in­ten­tion of us­ing the reg­is­ter to call a share­holder-ini­ti­ated gen­eral meet­ing of the com­pany,” they wrote in a note to stock hold­ers. “The same share­holder has also pre­vi­ously nom­i­nated an in­di­vid­ual to be con­sid­ered for ap­point­ment to Fleet­wood’s board of di­rec­tors.”

Mr Deni­son and Mr Camp­bell said they were search­ing for new di­rec­tors and had in­vited the ag­grieved share­holder to be part of that process but had been re­buffed.

Shares in Fleet­wood closed down 1¢, or 0.45 per cent, at $2.19.

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