Stobart property deal gets nod
Haulage group Stobart has won the backing of almost all its shareholders to buy up property from a company controlled by its own directors. Despite criticism from institutional investor group Pirc, 97.9 per cent of Stobart investors who voted by proxy before the meeting were in favour of the deal. Stobart said last month it planned to buy 18 properties from WA Developments for £12.35m plus £88.85m of debt. WA and its subsidiary WADI Properties are controlled by two Stobart directors: chief exec Andrew Tinkler and chief operating officer William Stobart.