Luke Johnson is facing mounting pressure to step down from the Patisserie Holdings audit committee ahead of a shareholder meeting to approve a £15.7m rescue share issue.
Shareholders are expected to approve the fundraising, which the company has made clear is necessary for its survival after the discovery of £40m black hole due to “significant, potentially fraudulent accounting irregularities”.
Johnson, executive chairman and a 37% shareholder in the company, has been warned by Glass Lewis, a proxy adviser, that if he remains on the committee it will continue to recommend that shareholders vote against his re-election as group chairman.
