NATIONAL Express and its activist investor Elliott Advisors exchanged further salvos yesterday ahead of its annual general meeting on 10 May.
National Express’s chairman John Devaney hit back at Elliott’s proposal to add three directors to the board, telling shareholders it hired search firms to find new candidates “some weeks ago”.
Elliott said the board had failed to find new directors fast enough. “Despite Elliott’s repeated engagement with the company, the board declined to put forward a definitive timescale in which new directors would be appointed,” it said.
Shareholders privately told City A.M. yesterday that they were unhappy at the developments.
“We see this as an unwelcome distraction,” one said.