Harwood reports Quarto over vote
Friday 02 November 2012
The battle between independent publisher Quarto and rebel activist investor Harwood Capital escalated yesterday ahead of a crucial vote on 7 November.
Harwood – which is hoping to oust the publisher's founder and chief executive, Laurence Orbach – has written to the UK Listing Authority to complain that the publisher was late in sending a circular about the vote to shareholders.
The activist investor, which represents 19 per cent of the shares, wants a delay, saying Quarto's circular was "in breach" because it should have been sent 14 days in advance.
Harwood claims that Quarto has underperformed under Mr Orbach and has criticised it for making "indulgent" purchases such as The World of Fine Wines.
But Quarto hit back, saying the wine publication had won "yet another award" and "increased its profit and revenue".
Group sales tumbled 2.7 per cent to $127m (£79m) in the past nine months.
Those close to Quarto point out that the Listing Authority approved publication of the circular.
Easter egg hunt horror as mother finds dead body under deck of house
Missing Malaysia Airlines Flight MH370: Wreckage could be found within a week as search reaches 'very critical juncture', says minister
Wheat rust: The fungal disease that threatens to destroy the world crop
Loch Ness Monster found on Apple Maps?
Royal Tour 2014: Is the Duchess of Cambridge the only person ever to climb into a fighter jet wearing a dress and high heels?
The food poverty scandal that shames Britain: Nearly 1m people rely on handouts to eat – and benefit reforms may be to blame
Scottish independence: It is the English who should be on their knees, begging the Scots to vote ‘No’
Nigel Farage fatigue? Half of voters ‘immune’ to Ukip’s appeal
'Sinful': Video of British Muslims dancing to Pharrell Williams's hit Happy comes under attack
Nigel Farage: I’m taking on the status quo, and the Establishment’s fighting back
Refugee facing deportation from Sweden saved by fellow passengers refusing to let plane leave
- 1 Easter egg hunt horror as mother finds dead body under deck of house
- 2 'Natural' energy drink banned for containing erectile dysfunction drug
- 3 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 4 Loch Ness Monster found on Apple Maps?
- 5 How We Met: Alison Moyet & Emma Kennedy: 'I knew we'd be friends because she was happy to make a prat of herself'
iJobs Money & Business
£150.00 per week: QA Apprenticeships: This company has been providing on site ...
£221.25 per week: QA Apprenticeships: This company is a well established Inter...
£40000 - £50000 per annum: Harrington Starr: Client Relationship Manager - SQL...
£35000 - £50000 per annum: Pro-Recruitment Group: Take your chance to join the...