Canary Wharf has announced six non-executive directors have left.
They are Sir John Carter, Christopher Jonas, Michael Price, Gerald Rothman, Robert Speirs and Andrew Tisch.
Four members of the Morgan Stanley consortium that has bought the company have replaced them. They are John Carrafiell, Stephane Theuriau, Shmuel Levinson and Alex Midgen.
Rival Brascan and Paul Reichmann, former Canary Wharf chairman, own more than 25% of Canary Wharf between them, according to the Financial Times.
The Times and The Daily Telegraph report that Brascan declared a raised 19.57% stake in the group yesterday.
The Daily Telegraph says the Brascan-Reichmann stake stands at about 27%, a holding which could effectively stop Morgan Stanley approving any special resolutions.
They could also veto any big decisions. Canary Wharf fell 1p to 295.5p.
References: Financial Times 03/06/04 page 22, The Times (Compact) 03/06/04 page 61 (Smaller Capitalisation Shares), The Daily Telegraph 03/06/04 page 32
