Shareholders at Aim-listed Wynnstay Properties are expected to block an attempt by Panther Securities chairman Andrew Perloff to gain a seat on the board at todays annual general meeting.
Panther has built up a 25% stake in Wynnstay and is the companys largest shareholder. But Wynnstay chairman Brian Cann has urged shareholders to vote against his appointment to the board.
His statement accompanying Wynnstays results said: “The adversarial attitude shown by Mr Perloff at and prior to previous agms would result in serious discord were he elected. Since Perloff is chairman and the largest shareholder in a competing property company, we are also concerned as to the clear conflict of interest that would inevitably arise.”
In his letter to shareholders, Perloff said: “I dont believe shareholders can be happy with the performance of Wynnstay over the last eight years. I believe I can improve that performance.”
EGi News 24/07/97
