Stobart delays announcing result of ballot on chairman

Finance chief Richard Laycock’s steps down ahead of crunch shareholder meeting

 

The fate Stobart’s chairman hangs in the balance after the company delayed the results of its shareholder vote on Friday.

At the company’s contentious annual general meeting (AGM), shareholders voted on whether to boot out chairman Ian Ferguson, who has been under pressure to leave the business from former chief executive Andrew Tinkler.

However, the board announced on Friday afternoon that it would not be publishing the outcome of the meeting because votes were still being counted.

If more than 50 per cent of shareholders voted against Mr Ferguson, he will be ousted from the company.

Stobart’s finance chief resigned just hours before the highly-anticipated meeting in St Peter Port, Guernsey. In a shock announcement in the morning, the London Southend Airport operator said Richard Laycock would not be putting himself up for election at the AGM, but would “continue to support the Stobart Group business”.

An executive search will be launched as soon as possible.

The firm has been locked in a battle with Mr Tinkler, who was sacked last month and was hit with a legal case for “breach of contract and breach of fiduciary duty”. – PA