Rebel investor seeks EGM to oust Tay board
Monday 04 January 1999
Sunley, an unquoted property and investment group that owns just over 10 per cent of Tay, says it has the backing of fund manager Phillips & Drew -Tay's largest shareholder which holds about 15 per cent. It also claims other institutional shareholders are equally dissatisfied with Tay's recent performance.
Shares in Tay Homes have collapsed over the past year, falling from 142.5p in March to close last week at 107.5p. Other shareholders include Fidelity, which owns about 10 per cent, and Foreign Colonial, which has a 7 per stake.
The dissident investors have accused the company of losing its way. They are unhappy about its high level of gearing, high overheads and low operating margin. They say the incumbent management has failed and that a new strategy is needed.
However, Tay has rejected previous calls by Sunley for a management overhaul, accusing it of trying to win control of a rival company without paying a premium. Tay said it has enough shareholder support to see off the rebel.
Sunley has criticised Tay's record during the recent slowdown in the North, focusing on its low returns in relation to other quoted housebuilders.
It has put forward four candidates for the board, including its joint chief executive, Richard Tice, as chief executive to replace John Swanson. Peter Hedges, a former director of the construction group Taylor Woodrow, has been put forward to take over from Tay's chairman Norman Stubbs.
It is also proposing Stewart Urry, a former managing director of Belgravia Property, for the post of finance director and Tim Walter, a former finance director of Five Oaks Investments, as a non-executive director.
Sunley has been building up its stake in Tay Homes since last summer when Trevor Spencer, who co-founded Tay with Mr Stubbs, retired, and Mr Stubbs was promoted from chief executive to chairman. Mr Swanson replaced Mr Stubbs as chief executive at the same time.
Sunley, which operates in the South-east, maintains it is not attempting any form of merger with Tay.
Oscar Pistorius trial: Paralympian sick again after photographs of Reeva Steenkamp's body are shown in court
Missing Malaysia Airlines Flight MH370: US pushes search towards vast expanse of the Indian Ocean
Seth Rogen compiles list of all the celebrities he’s got high with
Oscar Pistorius trial: Photographs of Paralympian drenched in blood shown in court
Missing Malaysia Airlines Flight MH370: Focus shifts west as Indian Ocean becomes latest search area for the aircraft and its passengers
Katie Hopkins continues campaign to become Britain's most hated talking head with poorly timed Bob Crow tweet
No EU referendum under Labour: Ed Miliband to reveal that vote on membership is ‘unlikely’ in next Parliament if party wins power
Grace Dent: Who cares if she spells it Barraco Barner? Gemma Worrall is more employable than some bookish arts graduate
Europeans have ‘got whiter’ due to natural selection in past 5,000 years, scientists say
Fracking is turning the US into a bigger oil producer than Saudi Arabia
How climate change helped Genghis Khan: Scientists believe a sudden period of warmer weather allowed the Mongols to invade with such success
- 1 Tony Benn meets Ali G: Watch Labour veteran burn Sacha Baron Cohen
- 2 Women do experience two different types of orgasm, study reveals
- 3 Tony Benn dead: Veteran Labour politician passes away at 88
- 4 Istanbul protesters take 'Ellen selfie' from the back of a police van
- 5 Gauthier Soho has ranted against 'food blaggers' - so can we really trust online reviews?
iJobs Money & Business
£35000 - £43000 per annum + Bonus and Benefits: Harrington Starr: A global lea...
£50000 - £60000 per annum: Harrington Starr: Linux Systems Administrator - UNI...
£32000 - £36000 per annum + generous benefits: Pro-Recruitment Group: * TAX * ...
£37000 - £40000 per annum + £20000 benefits package: Pro-Recruitment Group: **...