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Hornby gets shareholder notice for meeting to remove chairman
April 10, 2017 / 7:25 AM / 5 months ago

Hornby gets shareholder notice for meeting to remove chairman

April 10 (Reuters) - British toymaker Hornby Plc said on Monday that it received a request from a leading shareholder to call a meeting seeking removal of chairman Roger Canham.

* The toy-maker said it received a letter from Ian Alexander Anton, signed on behalf of ROY nominees and a group of HSBC global custody nominees together representing 20 percent of the company’s share capital.

* Hornby said the shareholders are seeking a meeting to consider resolutions to remove Roger Canham from his office and to name Ian Anton as the chairman with immediate effect.

* Roger Canham has been Hornby’s chairman since February 2013 and is also the chairman of Phoenix Asset Management Partners Ltd, one of the top shareholder in Hornby.

* The company, in middle of turnaround, said the board intends to call the meeting within the next 21 days.

* The company said on the Friday that first half of the turnaround plan progressed in-line with board’s plan.

* The company initiated a turnaround plan last June aiming to decrease its product lines by 40 percent and exit a majority of its concession agreements to boost its gross margins.

* Shares in Hornby were up 1.5 percent up at 33.96 pence at 0711 GMT. (Reporting by Rahul B in Bengaluru; Editing by Sunil Nair)

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