07/01/2011
F&C asks shareholders to vote against Sherborne
F&C has called on shareholders to vote against Sherborne Investors’ plans remove chairman Nick MacAndrew and Brian Lacombe from the asset management company’s board at the the general meeting on 3 February 2011.Sherborne, which has built up a 17.5 per cent stake in the asset manager, has proposed the removal of the chairman, Nick MacAndrew and Brian Larcombe from the board of F&C and the appointment of Edward Bramson, Ian Brindle and Derham O’Neill as directors (Sherborne has also indicated that it will subsequently seek the appointment of Edward Bramson as chairman of F&C). The board of F&C believes that Sherborne’s resolutions are not in the interests of shareholders as a whole. F&C’s senior independent director, Keith Bedell‐Pearce, said: “The board is unanimous in its belief that Sherborne’s resolutions are not in the best interests of F&C’s shareholders as a whole. They may also have a materially negative impact on F&C’s relations with other key stakeholders including staff, clients, investment consultants, financial advisers, fund rating agencies and other distribution partners. The resolutions come at a time when stability has finally been achieved after a prolonged period of damaging ownership uncertainty and when the board is united around a clear turnaround strategy, which is working."Nick MacAndrew, chairman of F&C, said: «Sherborne has requisitioned this general meeting without putting forward an alternative strategy and at a time when stability has finally been achieved. Sherborne’s actions have risked creating renewed uncertainty over the business. Our strategy is working, the results are coming through and this unwelcome and opportunistic move by Sherborne is damaging to the business and is not in the best interests of our shareholders».
