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Toscafund calls on Speedy Hire chair to quit

10 August 2016 09:22

Toscafund Asset Management LLP has called on the executive chairman of Speedy Hire to resign ahead of a shareholders' general meeting about September 9.

The meeting is for shareholders of Speedy Hire to vote on the removal of executive chairman Jan Astrand, and the appointment of David Shearer as a director of that company.

"We believe that it would be in shareholders' best interests if you were to resign ahead of the meeting to save both time and expense," said Toscafund in an open letter to shareholders.

"You will by now be aware of the significant shareholder discontent about your track record at Speedy Hire, both in terms of governance and shareholder value creation."

The open letter can be read in full here:

Toscafund is the largest single shareholder in Speedy Hire.

At 9:22am: (LON:SDY) Speedy Hire PLC share price was +0.88p at 35.38p

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