Stobart calls on shareholders as Tinkler plots comeback

Stobart Group confirmed on Monday that axed former boss Andrew Tinkler had pledged to put himself up for re-election.

In a boardroom battle that has played out over several months, former chief executive Tinkler is leading a group of powerful rebel shareholders in trying to replace chairman Iain Ferguson with retail guru Philip Day. Reports have emerged in recent days that former Asda boss Allan Leighton has been put forward as a "peacemaker" in the boardroom power struggle.

Just two weeks after the board terminated his contract as a director, last Thursday Tinkler informed the company that he intends to propose himself for election at the annual shareholder meeting this Friday in Guernsey.

When terminating his contract on 14 June, the company said it planned to issue legal proceedings imminently against Tinkler "for, amongst other things, breach of contract and breach of fiduciary duty".

In the letter the following day, the company said that while Tinkler has a right as a shareholder to propose a change, his wider actions, particularly in writing to all employees, "have threatened to destabilise the company and have put at risk the interests of all shareholders. This is why the company had no alternative other than to dismiss him yesterday," it said, highlighting to the current management team's experience in growing businesses and their "need to be able to do so against a background of stability supported by an independent board".

On Monday, Stobart stressed that it considers any resolution to appoint Tinkler as a director "would not be in the best interests of the company and shareholders as a whole" and accordingly "the board recommends that the shareholders vote against any resolution to appoint Mr Tinkler as a director".

Also over the weekend, ex Asda-CEO Leighton was reported to have been lined up as interim chairman by shareholder M&G in an attempt to placate the two opposing groups. Sky News reported that Leighton has not decided whether to take the job.