Energy firm feels heat in bid to oust the board

AN ATTEMPT by disgruntled minority shareholders to overthrow the board of oil and gas investment outfit Reabold Resources was dealt a blow after an influential advisory firm sided with the company.

Pershing Nominees, a group of investors holding nearly 7 per cent of shares, has requisitioned a meeting on November 17 in a bid to boot out the entire board, including co-chief executives Sachin Oza and Stephen Williams.

Pershing, which has board replacements lined up, claims there have been historic management failings and it insists that the company ‘must realise greater value from its projects’ – especially the huge West Newton oil and gas discovery in the Humber.

But proxy adviser Institutional Shareholder Services reckons Pershing’s proposals lack detail.

ISS further claims that the upstart group’s full business plan was disclosed too close to the meeting date.

SOFAS and carpets retailer ScS and its peers have all noted that we are now spending less on bigticket buys like furniture and white goods.

ScS’s finance boss may also be feeling the squeeze after his pay plunged by a third. Chris Muir received just over £700,000 in the last financial year, following a £1.2million package in 2021 which included a bumper long-term bonus.

But that could still buy him more than 100 of ScS’s most expensive corner sofas, which cost £6,399.

Chief executive Steve Carson took home £711,000 – more than the £580,000 the year earlier, although he joined part way through that year.