Fidelity investments (1.2% shareholder) has come out in support of management. So we have had Frams, Aberdeen, Schroders, Jupiter voicing dissent. In support we have had Investor (4%), Woodford (2%), Threadneedle (not said in public), M&G (1.3%). Blackrock at 8% and Invesco (4%) have stayed quiet so far. The rules regarding calling an EGM are not onerous (10%) but there isn’t enough support to get to 50% in order to replace the board.

Can’t see an EGM been called personally. Be too much ‘hassle’ for investors that are not really into that sort of aggressive behaviours style…

They’ll let management know they aren’t happy but that’s that…

Savvas Neophytou
Tel (d) 0151 243 0973
Tel (m) 0781 140 90 46


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