Stobart CFO quits ahead of crunch AGM vote
Ousted CEO Tinkler in move to unseat company chairman
Votes still being counted with no result expected Friday
Updated : 16:39
Infrastructure and support services group Stobart said chief financial officer Richard Laycock was quitting ahead of a crucial AGM vote on Friday to determine the company's future.
In a pre-meeting statement, Stobart said Laycock would “continue to support the Stobart Group business”.
Later on Friday the company said the vote count was "continuing and the results will not be known today. A further announcement will be made in due course".
The initial pre-AGM statement made no mention of the boardroom tussle that has been taking place over the last three months with ousted chief executive Andrew Tinkler trying to unseat chairman Iain Ferguson.
Tinkler is leading a group of powerful rebel shareholders in trying to replace Ferguson with retail guru Philip Day at Friday's meeting in Guernsey.
When terminating his contract on 14 June, the company said it planned to issue legal proceedings imminently against Tinkler "for, amongst other things, breach of contract and breach of fiduciary duty".
On Monday, Stobart stressed that it considers any resolution to appoint Tinkler as a director "would not be in the best interests of the company and shareholders as a whole" and accordingly "the board recommends that the shareholders vote against any resolution to appoint Mr Tinkler as a director".