Steve Rawlings and Slater Investments call for non-exec directors to be removed from troubled firm
The founder of Lakehouse Steve Rawlings and Slater Investments have led a shareholder revolt calling for the non-exec directors of the company to be removed from the board.
The call by the two investors, which together own 20% of the housing maintenance contractor, comes after a string of bad news since the firm floated on the stock market last year. Earlier this week Lakehouse CEO Sean Birrane quit after only 18 months in the role, while last February the firm issued a profit warning. Birrane has been replaced by executive chairman Stuart Black.
In a statement Lakehouse announced that as owners of more than 5% of the company’s stock, Rawlings and Slater Investments had called for a general meeting of the company’s shareholders to approve a proposal to remove the non-executive directors. Rawlings owns 15.5% of Lakehouse while Slater Investments owns 6.04%.
The statement said: “The Requisition proposes resolutions that the three current non-executive directors of the company be removed from the board of d of the company, to be replaced by Steve Rawlings, Ric Piper and Robert Legget.
“In addition, a further resolution is proposed to remove from office any person appointed by the directors of the company as an additional director pursuant to the company’s articles of association between the date of the requisition and the conclusion of the requisitioned general meeting. As a consequence, if such resolutions are passed, all of the company’s non-executive directors will have been proposed by the requisitionists.”
Commenting on the move Cenkos analyst Kevin Cammack said: ”I see it’s all hotting up at poor Lakehouse with ex-founder Steve Rawlings leading a revolt to oust certain NED’s from the Board. Watch this space I think the term is.”