Henderson gets backing for Lochard coup

The fund manager Henderson yesterday stepped up its campaign to oust two directors of the North Sea oil explorer Lochard Energy, accusing them of presiding over a "prolonged period of destruction of shareholder value".

Henderson, which controls 29 per cent of Lochard, claims it has won the backing of two major shareholders. That would take support for its coup to 40 per cent against the 6.8 per cent which the two directors own.