Scott Tod chairman survives EGM vote
20 January 2006 | 3924 views | 0
David Massie, the chairman of fee-charging ATM operator Scott Tod, has managed to hang on to his job after shareholders voted down resolutions to remove him at an extraordinary general meeting (EGM) called by outsted chief executive Nicholas Tod.
Tod, who owns 27% of the company with his wife, was ousted from the firm in August following a disagreement with the board over future strategy.
He requisitioned an EGM in an effort to remove chairman Massie from the board and appoint himself, Roger Tod and Neil Phillips as directors of the company.
Scott Tod says shareholders "voted overwhelmingly" against the proposals.
In a statement, Massie says this was the second EGM that has been requisitioned by Mr & Mrs Tod, both of which have taken up a considerable amount of management time and involved substantial costs.
"It is clear that we now need a period of calm, without the distraction caused by the requisitioning of EGMs, so that the management can focus on returning Scott Tod to profit," he says.
However the board lost a separate vote that would have allowed directors to issue ordinary shares in Scott Tod in certain circumstances, after failing to get the necessary three-fourths majority.
Scott Tod shares were up 40% in late afternoon trading to 14.00 pence.