News blog
Swallowfield
- BY: Andrew Hore |
- POSTED: 27/02/2011 |
Peter Gyllenhammar wants to remove Shena Winning as chairman of personal care and household products supplier Swallowfield.
He has requisitioning a general meeting through Union Discount, which owns 28.2% of Swallowfield, to remove Winning from the board plus anyone else appointed after 21 February. Plus-quoted investment company Western Selection, which has a 16.3% stake, says that it will support Gyllenhammar.
In its interim statement, Western Selection said: “We do not believe that the Board of Swallowfield has the necessary mix of skills and experience amongst its non-executive directors and we will continue to work with other shareholders to rectify this”.
No other shareholder owns 10% or more, which means it will be difficult to defeat the motion.
Swallowfield appointed Martin Hagen and Richard Organ, a past director, to the board in January. This was to assuage the concerns of shareholders about the board.
Swallowfield reported a 7% rise in interim revenues to £31.3m and it has a strong order book. Pre-tax profit was 7% lower at £689,000 in the 28 weeks to 8 January 2011. Net debt is £2.47m. There is an unchanged interim dividend of 2.2p a share.
At 133.5p a share, Swallowfield is valued at £15.1m.
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