Investor fury over Talktalk cash call

TALKTALK boss Charles Dunstone is facing an investor revolt over a controversial share placing.

The 53-year-old has been criticised by influential advisor services after his company raised £200m earlier this year.

It placed shares representing 19.99pc of existing stock – just below the threshold that would have required investor approval. The move angered some shareholders because it diluted their holdings.

Talktalk argued it was vital to ensuring it had flexibility as it undergoes an overhaul. It is also preparing to connect 3m British homes to cutting-edge broadband services.

But yesterday the Investors’ Association signalled serious concern over the decision and Institutional Shareholder Services urged investors to oppose Dunstone’s re-election to the company’s board at this month’s annual general meeting. ÷ THE boss of Premier Foods could be ousted after major investors backed efforts to sack him. Wall Street hedge fund Paulson and another top ten shareholder said Gavin Darby had failed to lift the firm’s stock or deliver value for investors.