Activist Myerson loses board struggle at D1 Oils

David Hellier
Follow David
BRIAN Myerson, the activist shareholder who has made a name for himself by giving boards a hard time, yesterday got a touch of his own medicine when a lack of shareholder support caused him to quit his job as chairman of D1 Oils.

Myerson, who had been chairman since 2008, tried to gain the support of the board and shareholders for a takeover of one of his companies in Mozambique.

The move was opposed by the independent directors and shareholders holding 41 per cent of the equity in the company, including BlackRock and Gartmore, voted against him.

Myerson wanted D1 Oils, a company which runs plantations of oil producing Jatropha, to raise funds to buy his own sugar ethanol business, which he is setting up in Mozambique.

Myerson publicly criticised the board a few weeks later. He said: “I believe that the board is now pursuing the wrong strategy and one that is destructive of the shareholder value which remains.”

Last year Myerson lost an appeal court case in an attempt to get some of his £11.2m divorce settlement back from his ex-wife.