Battle for control at Stobart and Petropavlovsk
There is a leadership battle at both the transport group and the gold miner
FORMER MANAGEMENT appear to be fighting back at industrial transport firm Stobart (STOB) and Russia-focused gold miner Petropavlovsk (POG).
Stobart, the operator of Southend Airport, has confirmed that former chief executive Andrew Tinkler and other shareholders including Woodford Investment Management are looking to
replace current chairman Iain Ferguson with billionaire Philip Day.
The matter will be decided at a pivotal shareholder meeting. The move follows a dispute between Tinkler, who is still a director at the group, and Ferguson over ‘future strategy’.
Ferguson retains the support of the remainder of the board and Stobart’s
largest individual shareholder Invesco. Stobart’s broker Cenkos has stepped down in the wake of the row thanks to its long-standing relationship with Tinkler.
At Petropavlovsk, Russian employees are coming out in support of plans put forward by rebel shareholders CABS Platform and Slevin to reinstate former directors ousted last year. (TS)