Shares in infrastructure and support services provider Stobart Group (LON:STOB) have slid further today after Cenkos resigned as the group’s broker due to the current conflict within the company’s board.
Former CEO and current executive director Andrew Tinkler has announced that he will be voting against the re-election of Chairman Iain Ferguson, while the rest of the board and the company’s largest shareholder would recommend to shareholders that he be kept in the role. It is believed to be the case that Woodford Investment Management are supporting Mr Tinkler in the conflict. The board have fired back at Mr Tinkler by suggesting that he had previously asked for an £8 million bonus in shares and that under his management Stobart had faced a number of corporate governance problems.
Shares in Stobart stood at 222.30p at 12:15 BST, a 6.60% drop from this morning’s opening price.