Londis board staying on
13 April 2012
LONDIS ignored calls for its non-executive directors to resign at yesterday's board meeting. The corner shop wholesaler said it will deal with demands from rebel shareholders led by Adrian Costain at its annual meeting on Tuesday.
Costain, who claims to speak for at least a quarter of Londis shareholders, had urged the non-executives to resign immediately. Rebels are angry the directors approved clauses enabling Londis bosses to net £20m if it is taken over.
Londis says proxy votes for the original Musgrave offer (which has now lapsed) show shareholders were happy with it, with 869 and 184 against.
Rebels say many of the voters were unaware of the executive windfalls.
