Not playing around.
The directors of toy manufacturer Hornby, producer of tiny trains, Airfix planes and Scalextric cars, have formally pushed back at proposals from its second-largest shareholder to remove chairman Roger Canham.
In a statement today, the directors said the mooted removal of Mr Canham in favour of small shareholder Alexander Anton was “not in the best interests of the company or its shareholders as a whole”. The current plan to turn around the business is already bearing fruit, they said, and enjoy the support of most shareholders.
The company will call on investors to vote against the proposals at a general meeting in mid-May. It has already received the backing of shareholders representing a 54 per cent stake, including Phoenix Asset Management, Ruffer and Downing.