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By Cynical Bear | Friday 6 July 2018
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
With the hilarious Boardroom tussle at Stobart coming to its initial conclusion in Guernsey at 11am this morning, I’m calling it early. Just like Paddy Power has probably started out paying early on Brazil to win the World Cup, I reckon the incumbent Board have just edged this one and Tinkler will be weeping at his luxurious Cumbrian estate this evening.
This has been a very close-run race with Tinkler and Neil Woodford starting with 33% support held between the two of them and Allan Jenkinson whereas the home team only had the 25% of Invesco’s holding locked-in. The mud-slinging has been unprecedented and although various shareholder advisory groups were coming out in favour of the status quo due to the fact that the proposed Chairman was a mate of Tinkler’s, Tinkler had managed to galvanise the support of Ronan Keating of Boyzone fame so it was too close to call.….until this morning that is.
In Stobart’s AGM statement this morning, it was announced that the CFO, Richard Laycock has decided to step down as CFO and Executive Director and will not be putting himself forward for re-election at today’s AGM. That is quite odd but I can only think of one explanation.
Two weeks ago, Richard Laycock publicly withdrew his support for the incumbent Chairman which put himself firmly in the Tinkler camp. Fair play to him if that was what he thought and standing up for what he believed; however, the only reason why I imagine he wouldn’t want to bask in the glory today is that the proxies are in and the smaller institutional shareholders have backed the status quo and Tinkler has lost….which would be a real shame.
So there you go, if everything goes to plan, this will be up on the site before the AGM starts and so by lunch-time, I will either have pipped Mark Kleinman to the scoop for once or look an absolute fool.
Obviously, I could be wrong I guess, I mean, England might beat Brazil in the World Cup Final too!
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