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13/11/2017
Van Elle Founder Seeks Return To Boardroom
Van Elle is facing a boardroom battle as its Founder and Former Chairman, Michael Ellis, seeks to remove the Chief Executive and Senior Independent Director.
It is understood Mr Ellis is aiming to return to the Group's Board after a dispute with Chief Executive Jon Fenton over how the business is being operated.
Van Elle was established in the 1980s by Mr Ellis, who stepped down as Chairman last year after the company floated on the AIM market.
In a statement today, 13 November, Van Elle confirmed it has a received a letter from Mr Ellis requesting the company convenes a general meeting of its shareholders.
"At the meeting, Mr Ellis proposes that resolutions be put to shareholders seeking the appointment of himself and his son-in-law, Thomas Lindup, as directors of the Company, as well as resolutions to remove Jon Fenton, Chief Executive, and Robin Williams, Senior Independent Director, as directors of the Company," the company said.
"The Company has until 29 November 2017 to send a circular to shareholders convening the shareholder meeting and will issue this in due course. At this time, the Board recommends that shareholders take no action."
The Group added trading conditions are unchanged since the announcement of 12 September 2017 and it will provide a scheduled update on trading for the first half of the financial year later this month.
(LM/MH)
It is understood Mr Ellis is aiming to return to the Group's Board after a dispute with Chief Executive Jon Fenton over how the business is being operated.
Van Elle was established in the 1980s by Mr Ellis, who stepped down as Chairman last year after the company floated on the AIM market.
In a statement today, 13 November, Van Elle confirmed it has a received a letter from Mr Ellis requesting the company convenes a general meeting of its shareholders.
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"At the meeting, Mr Ellis proposes that resolutions be put to shareholders seeking the appointment of himself and his son-in-law, Thomas Lindup, as directors of the Company, as well as resolutions to remove Jon Fenton, Chief Executive, and Robin Williams, Senior Independent Director, as directors of the Company," the company said.
"The Company has until 29 November 2017 to send a circular to shareholders convening the shareholder meeting and will issue this in due course. At this time, the Board recommends that shareholders take no action."
The Group added trading conditions are unchanged since the announcement of 12 September 2017 and it will provide a scheduled update on trading for the first half of the financial year later this month.
(LM/MH)
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