Stobart boardroom battle spills over into the courtroom
A bitter boardroom battle between Stobart and former chief executive Andrew Tinkler spilled over into the courtroom yesterday.
The Southend Airport owner claims Tinkler led a conspiracy against the company in an unsuccessful attempt to topple chairman Iain Ferguson in July.
Tinkler had supported The Edinburgh Woollen Mill owner Philip Day for the role but he was narrowly defeated in a shareholders' vote.
Read more: Stobart shares spiral on widening losses as boardroom battle takes its toll
The former boss, who was fired on 14 June, has lodged a counterclaim that his dismissal was invalid.
His lawyers claim current CEO Warwick Brady and Ferguson tried to force him off the board, unsuccessfully at first, before ousting him just days after he asked “difficult questions” at the AGM.
The court also heard that the pair decided over Whatsapp that 6m treasury shares should be transferred to Employment Benefit Trust shares to sway the vote to Ferguson, who won with 51.2 per cent.
At a hearing yesterday the sides drew battle lines ahead of next month's trial, which will also decide whether Tinkler can remain an executive director.
Read more: Former Stobart boss reduces stake in company after boardroom bust up
Stobart claimed Tinkler had made decisions regarding the failed takeover of Flybe to “enrich himself”.
The firm also said he conspired with shareholders to elect billionaire entrepreneur Philip Day as chairman – a cabal, which misused confidential information and “destabilised” the company.
Separate from the claims surrounding his dismissal, Stobart will also attack Tinkler over his expenditure during his time at company director.
The court heard yesterday his daughter had been using a company flat in Soho Square and a Range Rover acquired at a charity event and that Tinkler used Stobart funds for his helicopter and jet travel.
Tinkler denies all the allegations.