Matalan shareholders vote for Hargreaves at AGM
06 July 2006 08:47
John Hargreaves has been re-appointed as executive chairman by shareholders at Matalan’s AGM, despite fears by many investors that he will buy the company at a reduced rate, with plans to take Matalan private. An overwhelming 92% of shareholders voted to return Mr Hargreaves to his position despite the objections of major shareholder Harris Associates, which had opposed the move according to press speculation. There is considerable unrest in the Matalan board due to fears that Mr Hargreaves will attempt to buy the company, of which he already owns 53%, at a knock-down price. It is also believed, however, that Matalan’s board will not accept any offer from Hargreaves that values the company at less than £820 million.
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