Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Henderson force out North Sea oil explorer CEO

Henderson force out North Sea oil explorer CEO

Henderson has succeeded in ousting two directors, including the chief executive officer (CEO), of North Sea oil explorer Lochard Energy Group.

Henderson won the support of 81% of shareholder votes at an extraordinary general meeting (EGM) on 13th April to remove CEO Haydn Gardner and director Lincoln McCrabb from Lochard’s board.

The actions have left Michael Rose as sole non-executive director and the company is currently looking for replacements with relevant experience in oil and gas exploration industry.

As a result of the overhaul, the AIM-listed Lochard has suspended trading of its shares until new board members are appointed. Lochard’s shares were trading at a bid price of 12p and an offer price of 12.3p.

The row began at the end of February when Strathclyde Pension fund, for whom Henderson manages money and holds 6.25% of Lochard, called for an EGM to vote on the removal Gardner and director McCrabb.

Lochard board members reacted by ousting James Brooke, Henderson’s representative, and Peter Youd, who supported Brooke, claiming that their ‘strong allegiance to Henderson’ was not in the best interest for shareholders.

Henderson rebutted the accusations and launched a second EGM to vote on reinstating Brooke and Youd, as well as renewing its call to dismiss Gardner and McCrabb from the board.

‘Henderson’s view is that [dismissing Brooke and Youd] was taken to frustrate a legitimate shareholder requisition and that the action taken by Haydn Gardner, Lincoln McCrabb and Michael Rose was an abuse of the power granted by article 105 and in breach of their statutory/fiduciary duties as directors of the Company,’ said Henderson’s fund manager Adam McConkey.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter