Stobart’s war of words with its ex-chief heading for High Court
A WAR of words between the Stobart Group board and the firm’s former boss could move to the High Court after both parties issued separate proceedings against one another.
The infrastructure and support services company, which owns Southend airport, filed a £3.8m claim against two parties including former CEO Andrew Tinkler late on Thursday evening. The FTSE 250 firm alleges he owes money under an indemnification provided for the 2008 sale of what became Stobart’s rail division.
Meanwhile, Mr Tinkler yesterday issued his own proceedings against five of the Stobart Group’s directors, claiming a regulatory announcement issued on May 29 contained “false and defamatory material”.
Mr Tinkler, who stepped down as the firm’s chief executive last year and remains a 7.7pc shareholder, last month revealed he would oppose the reappointment of chairman Iain Ferguson at the company’s annual general meeting, yesterday confirmed for July 6. Mr Tinkler has signed up shareholders representing 33pc of the company’s share capital – including star fund manager Neil Woodford – to support the appointment of retail tycoon Philip Day instead of Mr Ferguson. Stobart
Value of Stobart Group’s claim against former chief executive Andrew Tinkler. Mr Tinkler has launched a counterclaim
Group alleges Mr Tinkler owes the money because HM Revenue & Customs (HMRC) ruled against the mechanism used to effect the sale 10 years ago. The company has already settled the case with HMRC and is seeking to recover £3.8m.
A spokesperson for the company said: “These monies concern tax on a related-party transaction and have already been paid to HMRC by the company. The board has a duty to shareholders to ensure it recovers any monies owing to the group.”
A spokesperson for Mr Tinkler said the proceedings brought against him were “a case of desperate men wasting company money trying to salvage their reputations”.
“We are confident that we will have them struck out at the earliest available opportunity and will seek to recover all losses resulting from this entirely misconceived claim,” the person said.
Mr Tinkler gave Stobart until midday yesterday to withdraw a regulatory announcement entitled: “Update on Annual General Meeting and possible Board changes.” After the deadline passed, his representatives said proceedings had been issued against Mr Ferguson, chief executive Warwick Brady, Andrew Wood, Richard Laycock and John Coombs.
“This is not an action against the company, which I have huge pride and passion for – it is an action against five individuals,” Mr Tinkler’s representatives said.