Stobart slams rivals and begs investors to stay for long haul

SOUTHEND airport-owner Stobart today urged investors to back it in its bitter boardroom tussle and hit out at its rivals.

The infrastructure business asked investors to vote against a proposal from ex-boss Andrew Tinkler to oust chairman Iain Ferguson at an extraordinary meeting on July 18.

Tinkler was himself fired after he called for Ferguson to be replaced by retail billionaire Philip Day.

“The board is concerned that

Andrew Tinkler and his supporters are seeking to put themselves in a position to take control of the company against the interests of all shareholders,” Stobart said in a letter to investors.

Stobart also said it will take Tinkler to court alleging “breach of obligations as director”. However, Tinkler (pictured), has launched defamation proceedings against Stobart’s top brass.

Tinkler has reportedly been trying to merge back Stobart with its former haulage business Eddie Stobart Logistics to create a £1.7 billion firm.

Stobart’s HQ, still being built, today was bought by property investment firm LXi Reit for £25.5 million.