Stobart Group bosses have rubbished claims of a shareholder revolt over its planned reorganisation, which includes a £150m estates division.
The haulage firm announced a £120m share placing last week to generate funds to invest in its energy, property and airports businesses, with around £60m to be allocated to property.
The estates division is to be made up of 16 properties, including 7m sq ft of warehousing.
Stobart said that its nine major shareholders, with a combined holding of around 65%, were “already on board”.
However, reports emerged this week of shareholder unrest over plans for Stobart to buy back the Westbury property portfolio from chief executive Andrew Tinkler and chief operating officer William Stobart. The pair bought the portfolio for £140m in September 2007 when Stobart floated on the stock market via a reverse takeover of Westbury Property Fund.
The value of the portfolio is said to have fallen to as little as £70m since then, but is currently being valued by Knight Frank.
Stobart Group chairman Rodney Baker-Bates said: “Our major shareholders are supportive of our plans, both for the capital raising and the strategy for the group over the next three years.
“I believe that the combination of this portfolio, together with the other substantial assets in Stobart Estates, is capable of adding significant value to the group.”
The Westbury portfolio comprises mostly warehousing with extra land suitable for development, which Stobart said “made sense to strip out and run as a separate division”.
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