The chief executive of Manganese Bronze was yesterday temporarily ousted from the board of the black taxi manufacturer by the former head of the company, who is alleging the board inappropriately handed out share options to its top executives.
Jamie Borwick, the former chairman of Manganese, used his 37 per cent holding to block the re-election of the chief executive Ian Pickering at the annual meeting. Mr Borwick also warned he would report Manganese to the financial watchdog over the awards it made to Mr Pickering and the finance director Mark Fryer.
Tim Melville-Ross, the chairman of Manganese, said Mr Borwick's move was "potty".
The board retaliated by convening a meeting immediately after the AGM at which it reinstated Mr Pickering. His election will now be voted on by shareholders at the company's annual meeting next year.
Mr Borwick is complaining about - among other things - the £50,000 of options given to Mr Pickering and £38,000 handed to Mr Fryer in May. He said this was when they were in possession of information which was likely to make the share price go up.
Manganese received an offer for its components business in April and eventually sold it in July. Mr Melville-Ross said Manganese received the approval of its advisers before handing over the share options.Reuse content