Speculation grows about Torday chief

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The Independent Online
SPECULATION mounted yesterday over the future of Paul Torday as chief executive of Torday & Carlisle, the troubled Newcastle-based engineer, writes John Shepherd.

Mr Torday declined to comment on his future or the recent boardroom rows that culminated last month in the resignation of Sir Michael Carlisle and Michael Denny as non-executive directors.

Executive numbers on the board were swollen yesterday by the internal appointments of David Batie, Mike Hennon and Menno van der Hulst. Mr Torday said the company would make a further announcement today.

Torday's share price rose 5p to 31p, valuing it at pounds 5m, less than one- third of the value of an unsuccessful bid by Dowding & Mills in 1992.

Since the bid Torday has stumbled from one problem to another. In November it warned of a significant downturn in second-half trading and said investors would again have to go without a final dividend.