Coltrane Master Fund, the largest single shareholder in construction and FM company Interserve, has called for the board of directors to be removed from the company, bar CEO Debbie White.
The news follows Interserve’s announcement that it has agreed a debt reduction plan with key lenders. The plan will see the company swap hundreds of millions of pounds of existing debt for new shares, effectively putting banks in control of the struggling firm.
Contrane currently holds 17.5 per cent of the company’s shares, which climbed 12 per cent this morning. Interserve’s share value has fallen by 80 per cent in the 12 months since the collapse of Carillion.
Coltrane’s requisition notice calls for a general meeting to propose that chairman Glyn Barker, CFO Mark Whiteling and directors Russell King, Anne Fahy, Nick Salmon, Gareth Edwards, Dougie Sutherland and Nicholas Pollard be removed as directors of the company.
Interserve said it was taking advice and would tell shareholders “in due course” when the general meeting will be held.
Related stories:
Interserve profits drop, debt increases
Interserve counts cost of energy from waste exit
Risky business: Carillion’s demise a warning for FM firms
Mitie chairman: FM requires wholesale reset to remain viable
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