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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Mears Group PLC    MER   GB0005630420

MEARS GROUP PLC (MER)
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Mears : shoots down activist investor call to name Hogarth as chairman

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07/12/2018 | 09:24am CET

(Reuters) - Mears Group said a resolution to appoint Andy Hogarth as chairman would not be put to its shareholders at its general meeting, rejecting a call by a fund advised by Frankfurt-based activist investor Shareholder Value Management (SVM).

Mears said last week that Chairman Bob Holt would not stand for re-election at the company's 2019 annual general meeting after SVM called for his removal, citing underperformance by the company.

"Board appointments are not a matter for a single shareholder ... the resolution will not be put to the company's shareholders at the general meeting," Mears said in a statement.

SVM is the social housing maintenance and repair services provider's fourth largest shareholder with an 8.9 percent stake, according to Thomson Reuters data.

Hogarth is the former CEO of Staffline Group.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Gopakumar Warrier)

Stocks mentioned in the article
ChangeLast1st jan.
MEARS GROUP PLC 0.34% 294 Delayed Quote.-28.54%
STAFFLINE GROUP PLC -1.12% 1236 Delayed Quote.20.19%
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Financials (GBP)
Sales 2018 903 M
EBIT 2018 37,9 M
Net income 2018 22,9 M
Debt 2018 27,0 M
Yield 2018 4,62%
P/E ratio 2018 13,38
P/E ratio 2019 10,24
EV / Sales 2018 0,39x
EV / Sales 2019 0,32x
Capitalization 324 M
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Mean consensus OUTPERFORM
Number of Analysts 4
Average target price 4,18  GBP
Spread / Average Target 43%
EPS Revisions
Managers
NameTitle
David John Miles Chief Executive Officer & Executive Director
Andrew John Hogarth Chairman
Andrew Christopher Melville Smith Finance Director & Executive Director
Alan Long Executive Director
Geraint Davies Independent Non-Executive Director
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