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Tag: Stobart

Eddie Stobart suitor appeals to watchdog over DBAY bid

Eddie Stobart suitor appeals to watchdog over DBAY bid

Business
A bitter fight for the future of one of Britain's biggest distribution companies will draw in the City mergers watchdog on Monday just days before shareholders vote on a controversial takeover bid.Sky News has learnt that advisers to Andrew Tinkler, the former boss of Eddie Stobart Logistics during its ownership by Stobart Group, will lodge an appeal with the Takeover Panel aimed at preventing DBAY Advisers from voting on 6 December in favour of its own rescue bid. Sources said on Sunday evening that Mr Tinkler's vehicle, TVFB, had acquired a 6.5% stake in Eddie Stobart Logistics on Friday in an effort to build momentum behind his own refinancing proposal.The developments represent the latest twists in an unexpectedly complex battle for control of a company which has been mired in financia...
Former boss Tinkler plots bid for ailing Eddie Stobart

Former boss Tinkler plots bid for ailing Eddie Stobart

Business
By Mark Kleinman, City editor The colourful businessman who fought a running battle with the owner of Southend Airport last year is turning his attention to its former corporate bedfellow by plotting a raid on the struggling haulier Eddie Stobart Logistics.Sky News has learnt that Andrew Tinkler has notified advisers to Eddie Stobart that he is interested in participating in a refinancing of the company - which could involve making an offer for it. The move floats the intriguing prospect of Mr Tinkler returning to a company that he ran successfully for a decade until 2014 and which was for years part of the wider Stobart Group.It also sets up a potential clash between Mr Tinkler's vehicle and funds managed by DBAY Advisors, which has al...
Eddie Stobart chief leaves as shares suspended

Eddie Stobart chief leaves as shares suspended

Business
Eddie Stobart has suspended trading in its shares and announced that its chief executive will stand down with immediate effect, as the firm looks into accounting discrepancies.The firm also warned its results for the first half of 2019 would be "significantly lower" than forecast.The transport company, known for its green and red lorries, revealed a £2m error in its 2018 results last month.A review of past accounts uncovered the problem.The review is being undertaken by chief financial officer, Anoop Kang, who joined in April, alongside external auditors. It found that in 2018 operating profits were overstated by about 4%.Publication of the firm's results for the six months to 31 May has also been delayed, They were due to be released on 29 August, but ar
Eddie Stobart crisis deals fresh blow to Woodford

Eddie Stobart crisis deals fresh blow to Woodford

Business
By Mark Kleinman, City editor Eddie Stobart, the logistics group known for its distinctively coloured lorries‎, will deliver a fresh blow to the embattled fund manager Neil Woodford on Friday when its chief executive quits in the wake of a multimillion pound accounting error.Sky News has learnt that Eddie Stobart, which is listed on London's junior AIM stock market, will announce that Alex Laffey is stepping down just two years after its flotation. Sources said the company's shares were likely to be suspended on Friday because it would be unable to meet a statutory‎ deadline for publishing its half-year results, which had been scheduled for the latter part of next week.The developments will come six weeks after Eddie Stobart, which spec
Stobart backer floats Leighton-led peace deal

Stobart backer floats Leighton-led peace deal

Business
A top City fund manager is trying to broker an 11th-hour peace deal at the warring conglomerate Stobart Group that would involve installing the veteran businessman Allan Leighton as the company's interim chairman. Sky News has learnt that M&G Investments, which is part of the FTSE-100 insurance giant Prudential, has approached Mr Leighton about taking on the chairmanship of Southend Airport-owner Stobart on a temporary basis.Under its plan, M&G, which holds about 5% of Stobart, would secure the incumbent chairman Iain Ferguson's resignation before a vote on his future is scheduled to take place at its AGM on Friday.Mr Leighton would take over for several months, with Philip Day, the Edinburgh Woollen Mill billionaire who has been nominated as Stobart's new chairman, potenti...