News blog
Swallowfield
- BY: Andrew Hore |
- POSTED: 31/10/2011 |
Personal care and household products supplier Swallowfield is facing another battle with its major shareholders about who should be chairman.
Plus-quoted Western Selection and Peter Gyllenhammer successfully removed Shena Winning as chairman at a general meeting in April. Now Plus-quoted Western Selection is objecting to Martin Hagen being made chairman and intends to vote against his appointment at the AGM.
Western Selection owns 16.5% of Swallowfield and it believes that it was not sufficiently consulted about the appointment. It wants Hagen to continue as senior independent director but not chairman.
Hagen was appointed to the Swallowfield board in January. In July, Stephen Boyd and Roger McDowell, who is also a director of Avingtrans and IS Solutions, were appointed as non-executive directors. Boyd had been suggested by Western Selection when Winning was removed as chairman in April and it wants him to be chairman. There is no indication of Gyllenhammar’s intentions but he was also a backer of Boyd’s appointment to the board.
In September, Hagen bought 31,500 shares at 114p each. This followed Swallowfield’s full year figures where his appointment as chairman was announced and which showed a 10% rise in revenues to £57.5m in the 12 months to June 2011. Pre-tax profit was 13% higher at £1.33m. There was net cash of £178,000 at the end of June 2011 plus a pension deficit of £2.36m.
The total dividend for the year was unchanged at 6.3p a share.
At 119p a share, Swallowfield is valued at £13.5m.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFOctober2011_25.pdf
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