The explosive run-up to the boardroom bust-up at Stobart has been detailed in fresh court documents, overshadowing first-half growth figures from the logistics firm on Wednesday.
The Southend Airport owner is suing former boss and 7% shareholder Andrew Tinkler, accusing him of conspiring to harm the firm. Tinkler denies wrongdoing and has counter-claimed, saying key information has been withheld from shareholders.
Both parties’ arguments have been seen for the first time after a preliminary High Court hearing yesterday.
Tinkler’s argument outlined alleged events that occurred before a row broke out in May between him and management, including present chief executive Warwick Brady. Tinkler, who has since been sacked, had wanted to replace chairman Iain Ferguson with retail tycoon Philip Day. He was supported by investors such as fund manager Neil Woodford but Ferguson narrowly held onto his job at July’s annual meeting.
Tinkler’s statement refers to “tensions” emerging by January. It said he “had concerns about a number of matters, including Brady’s apparent detachment from the operational business”. It also said Stobart failed to disclose text messages sent by Brady to Day.
The report also claims Brady said Ferguson “was not strong enough to control the board”, although Brady then supported Ferguson’s re-election.
In addition, Tinkler questions why a potential £18 million cash bonus for Brady has not been properly disclosed to shareholders. In Stobart’s claim it says Tinkler has long been aware of payment plans, which he disputes.
Stobart wants a judge to rule that Tinkler was lawfully dismissed.
Stobart said: “We believe that we have a strong case, and look forward to it being resolved by the court. The board has taken this action to protect the interests of all shareholders."
Sales at Stobart rose 21.4% to £151.3 million for the six months to August 31, boosted by passenger numbers at Southend Airport leaping to 838,742 from 610,492.
