Interserve Shareholder Demands Chairman's Removal
New York and Cayman Islands-based hedge fund, Coltrane, has proposed a special resolution calling for the removal of Interserve Chairman, Glyn Barker, and seven other directors.
In a "Requisition Notice" to the FTSE 250 support services and construction outsourcer, Coltrane Master Fund, L.P., which owns in excess of 5 per cent of Interserve's paid up share capital, also proposes the appointment of David C.L. Frauman (a partner with global law firm, Allen and Overy and non-executive director of South African retailer, Edcon Acquisition Proprietary Limited), and Stuart Ross to Interserve's board.
The announcement follows shareholder approval of a Deleveraging Plan as part of a £600 million rescue plan to convert the outsourcing giant's debt into equity, earlier this week.
Coltrane has affirmed its continued backing for Interserve's CEO, Debbie White.