Londis, the convenience store co-operative, yesterday rejected calls for the mass resignation of its non-executive directors by a group of dissident shareholders.
The demand was put to the board at a meeting scheduled to discuss the agenda of the annual meeting on December 30th.
Londis said the shareholders were welcome to attend the a.g.m., which was the correct place to air such views.
It said it had received more than 800 proxy votes ahead of the meeting, with the majority in favour of the four resolutions, which included re-electing Mr Daniel Driscoll as a non-executive director.
There are 1,933 shareholders, each with one vote.
The dissident shareholders have threatened to disrupt the a.g.m. if the non-executives did not resign today. Their anger is directed at the role played by non-executives in agreeing to give 51 per cent of the proceeds of any takeover to four directors, who own no shares.
The company is the focus of interest by three possible bidders - Musgrave, the Irish group that owns Budgens, which has withdrawn a £40.2m bid; the Big Food Group, which owns Iceland and Booker, the cash-and- carry chain, which has declared a formal interest; and Nisa-Today's, which supplies Londis and Costcutter.
A representative for the shareholders' action group, whose inaugural meeting on Sunday was attended by 65 shareholders, urged a large turnout at the AGM to oppose the motions.
Musgrave Group have clarifed that the Londis (Holdings) Ltd executive option scheme was in existence prior to the commencement of takeover talks between Musgrave and Londis in early 2003. The scheme, which entitles the four executive directors on Londis to 51 per cent of a the proceeds if the company is sold, was renewed in December
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