Hornby shareholders withdraw bid to oust chairman

Shareholders in model train set maker Hornby have withdrawn their request to hold a general meeting to remove chairman Roger Canham.

In April, the company received a formal request from leading shareholders to remove Canham. Alexander Anton and New Pistoia said it was time for a change after five years under the current chairman, during which Hornby has lost £31m. The letter was signed on behalf of ROY Nominees and HSBC Global Custody Nominee, which own about 20% of the company.

It called for Canham to be replaced by Anton with immediate effect, as he has "a strong track record in addressing challenging corporate issues and forcing through positive change at underperforming businesses".

Anton said: "The last five years under Mr Canham have been disastrous for Hornby’s shareholders. I believe it is time for new leadership as, in my experience, positive change nearly always requires fresh perspective.

"I am confident that Hornby’s fortunes can be turned around and value can be created for shareholders if changes are made. Now is the time to act otherwise shareholders face further losses. I ask shareholders to vote in favour of the proposed board change.”

Since then, however, Hornby has revealed that Canham has the backing of just under 54% of the voting rights in the company.

At 1130 BST, the shares were down 1.9% to 31.28p.