Bat­tle for con­trol at Sto­bart and Petropavlovsk

There is a lead­er­ship bat­tle at both the trans­port group and the gold miner

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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)

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