Philip Day nominated to become Stobart Group chairman

Philip Day, who owns Edinburgh Woollen Mill, has put forward to take over as chairman of the Stobart Group, by a group of investors led by Andrew Tinkler.

Day would replace the existing chairman Iain Ferguson.

The company said it had received a requisition from shareholders holding more than 33 per cent of the company’s voting capital to nominate Day to be elected as a director of the company either at its forthcoming annual general meeting or at a subsequently convened general meeting and to invite the board to nominate him as chairman.

The shareholders comprise Andrew Tinkler, executive director, funds acting through Woodford Investment Management Limited and Allan Jenkinson.

The board said it would convene a general meeting of the company in accordance with its articles of incorporation in due course to put Day’s election as a director to a shareholder vote. In addition, the nomination committee would consider Day’s candidature and will advise shareholders in due course of its recommendation in relation to board appointments.