Hornby is to hold a general meeting after receiving a formal request from a leading shareholder for the removal of chairman Roger Canham.
The company said it had received a letter from Ian Alexander Anton, signed on behalf of Roy Nominees and a group of HSBC global custody nominees, who together represent 20% of the company’s shares. The shareholders are seeking a meeting to consider a resolution to remove Roger Canham from office as a director of the company and appoint Ian Alexander Anton. Hornby has confirmed that it intends to hold the meeting and has advised shareholders to take no further action at this time.
Roger Canham joined Hornby in 2012 and became chairman in February 2013 – briefly acting as executive chairman ahead of the appointment of chief executive Steve Cooke last year. The bid to remove him sets up a clash between two of Hornby’s biggest backers, as Roger Canham is also chairman of Phoenix Asset Management Partners, one of Hornby’s largest shareholders.
Last Friday, Hornby said its full-year revenue performance was marginally ahead of its plan, with the fourth quarter showing an improving trend and the group moving into a net cash position. However, the group pointed out that in the year to March 31st, the firm made a loss, in line with its expectations. In a previous trading update, released on February 7th, Hornby had said that its full-year revenue was expected to decline by 20% to 25% year-on-year. It had added that group revenue was down 25% over the Christmas period, with UK revenue falling 21%, due to its move to rationalise its product range.