Since Cynical Bear’s coverage of the Tinkler vs Rest the Board fiasco back in 2018 (when Tinkler and Neil Woodford lost), shares in Stobart Group (STOB) initially trod water and then went into a bit of a tailspin, closing 2019 at a shade over £1 a pop. But then Covid-19 struck: bearing in mind one of its two prime assets is an airport, it has been bad news ever since and the shares are currently just 50p. So what of today’s announcement?
Further to my “Exclusive” on Friday in which I predicted the outcome of the Stobart (STOB) Boardroom battle, the results finally came out yesterday more than 24 hours after the AGM began confirming that Tinkler and his gang had lost; however, it is worth considering what happens next as I doubt very much that this is the end of it.
I had a quiet chortle to myself as I read Cynical Bear’s reading of his crystal ball with regard to the Stobart (STOB) vote, where he thinks Tinkler and Woodford have lost. Probably. But I wonder if the real winner will in fact be Neil Woodford the loser – and I wonder if he has been giving Gareth Southgate tips on managing his way through the World Cup. Gosh, this is devilishly clever…..
With the hilarious Boardroom tussle at Stobart coming to its initial conclusion in Guernsey at 11am this morning, I’m calling it early. Just like Paddy Power has probably started out paying early on Brazil to win the World Cup, I reckon the incumbent Board have just edged this one and Tinkler will be weeping at his luxurious Cumbrian estate this evening.
Earlier today Stobart (STOB) fired its former boss Andrew Tinkler and threatened legal action against him for his actions. Via the Winnileaks service, I have obtained the letter from Stobart’s solicitors Rosenblatt sent to Tinkler which discusses the damning allegations made against him in detail. What is most extraordinary is that he is alleged to have been working in conjunction with fund manager Neil Woodford on actions that would have benefitted Tinkler and Woodford’s funds massively, at the expense of everyone else. This could be a scandal too far for Woodford… The letter is extraordinary and we publish it in full below…
More fun and games on the good ship Stobart (STOB) today with the Board not holding back and dismissing Andrew Tinkler from company and the Board and plan to bring legal proceedings against him, juts as I thought Tinkler (or Tinker as the Sunday Times called him at the weekend) might have been edging ahead.
Continuing my commentary on the fascinating public boardroom battle being played out at Stobart, I thought I would highlight the role that the media plays in these and other more traditional hostile takeovers as I must tip my hat to the home team and their use/manipulation of the Sunday Times today.
As a keen observer of the public markets, I love a good old-fashioned boardroom squabble as much as the next man but the one being played out in public at Stobart (STOB) is funnier than normal as the Tinkler/Ferguson tiff is only part of the comedy. Sure the details being shared add to the amusement but I am more concerned about the fact that Neil Woodford and Invesco’s Mark Barnett may have fallen out too – is the protégé finally casting the shackles aside?
Stobart Plc. (STOB), the vehicle that rescued the iconic Eddie Stobart trucking business from oblivion five years ago has been under the cosh of late, with the shares more than halving from a 160p peak a couple of years back to 87.5p today with a market value of £306 million.
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