Palmer Capital Partners’ (PCP) chairman Ray Palmer, who is a major shareholder in Frontier Estates, has been removed as a company director of Frontier Estates and had High Court proceedings issued against him
PCP said that Palmer and Frontier have disagreed over the direction of the business, in particular its growth strategy.
This comes after the suspension of two other directors of Frontier, Tony Williamson and James Good, after they approached the company’s joint managing directors and other shareholders seeking equity in the business.
PCP said: “The dispute between the parties has come after a period of disagreements between the three main shareholders in Frontier over the company’s management style.
“This is so despite Palmer’s attempts to encourage Williamson and Good to stay at Frontier as part of a regeneration of the business.”
Frontier Estates removed Palmer as a director on 19 November .
It said: “These steps were taken after a careful and considered review by our lawyers of material that we uncovered in the course of our investigations. On 29 November, we issued proceedings in the High Court against Ray Palmer, Tony Williamson and James Good for damages and injunctions for conspiracy to injure and breach of contract.”
Christopher Digby-Bell, a non-executive director of Frontier, and deputy chairman of PCP said: “It is a great shame that the parties have fallen out but, as the independent non-executive director, I will work towards a solution that is not only best for Frontier but also for its employees and for the investors whose properties Frontier manages.”
The company said that despite the issues, Frontier will remain the asset manager of properties owned by investors in various PCP-managed funds.
