Activist plotting to oust chairman of Northgate

AN ACTIVIST investor has called an emergency meeting to try to oust the chairman of struggling vehicle hire group Northgate.

richard Bernstein’s Crystal Amber said it has given up on Andrew page after several profit warnings at the business and poor performance. It instead wants former Northgate chief executive Steve Smith to return and replace him as a non-executive director.

Last night the fund, which owns 6.3pc of Northgate, revealed it had served notice to the firm’s board requiring them to call an emergency meeting of shareholders.

It means the company must hold the gathering next month.

Bernstein said yesterday: ‘We have finally lost patience with Mr page’s refusal to listen to positive proposals to enhance shareholder value. He has presided over multiple profit warnings, a culture of inept communications with the market and, in our view, has failed to ensure there is the right mix of skills and experience on the board. ‘As chairman, he inherited a business with a strong market share in a healthily growing sector, yet his tenure has left the company totally lacking in strategic direction and languishing in the doldrums.’ Northgate could not be reached for comment last night. The company’s shares climbed 3.7pc, or 13.4p, to 379.4p.