The chairman of Topps Tiles, the Leiceser-based tile specialist, has survived a major shareholder’s bid to oust him at the company’s AGM.
In December MS Galleon GmbH (MSG) pushed for the firm to remove Darren Shapland, a director of the company, from office, as well as eject him from the position of non-executive chairman.
It was proposed that Shapland be replaced, while Lidia Wolfinger and Michael Bartusiak (both employees of companies owned by MSG) be appointed as non-executive directors of the company. The installation of Wolfinger and Bartusiak failed at the AGM.
Darren Shapland said: “The Board would like to thank shareholders for the support received at today’s meeting. We were pleased that shareholders supported the Board’s recommendations, with an average of 99.3 per cent of shareholders who voted, other than MSG, opposing the Requisitioned Resolutions.
“While we have always sought to maintain constructive engagement with MSG, the Board has also been clear that its responsibility is to act in the best interests of Topps shareholders as a whole. We believe strongly that MSG’s proposals exposed Topps shareholders to a number of serious conflicts of interest between MSG’s role as a significant shareholder, supplier and potential competitor to Topps.
“We welcome the strong support for the Board’s position received today from other shareholders and the Board will continue to engage with, and seek constructive dialogue with, all shareholders.“
Keith Down, senior independent director of Topps, said: “The Board has been unanimous in its rejection of the Requisitioned Resolutions. We are pleased to have secured strong backing from other investors at today’s meeting and, in particular, we note the significant vote of support received for the chairman. We thank shareholders for their engagement and support around the AGM and over the year.“
