25.07.2016

Speedy chairman under attack

Toscafund Asset Management a major shareholder in UK rental company Speedy ire, has demanded an extraordinary general meeting to discuss the removal of executive chairman Jan Åstrand.

Toscafund, which owns almost 20 percent of Speedy’s shares, is also pushing to have David Shearer, a chartered accountant and former chairman of housebuilder Crest Nicholson, with experience of restructuring large companies, appointed as a director. We also understand that Toscafund founder Martin Hughes is pushing for Shearer to take over as chairman.
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Jan Åstrand

In a statement it said: “Astrand has been indecisive as a business leader, failed to support Speedy Hire’s executive management fully, and failed to consult with shareholders regarding key board appointments. His role as executive chairman is incompatible with the UK Corporate Governance Code as the company already has an effective chief executive.”

Hughes added: “The decision to call a general meeting has not been taken lightly. Toscafund takes pride in supporting the businesses in which it invests and invariably votes in favour of their AGM motions. This is the first time in our 16 year history that we have felt compelled to take such action. Now we have made these issues public, we would welcome open dialogue with all other shareholders”

Speedy has confirmed that it intends to call a extraordinary general meeting within the next 21 days.