Fleetwood board under pressure
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.