Science Group ups Ricardo stake, pushes for chairman's removal

(Sharecast News) - Science Group confirmed in an update on Wednesday that it has increased its stake in Ricardo to 21.8% of voting rights, and was calling on fellow shareholders to support the removal of Ricardo's chairman Mark Clare at a general meeting scheduled for 18 June. The AIM-traded investment firm cited what it described as poor operating performance and weak governance at Ricardo, arguing the issues had led to significant shareholder value destruction.

Science Group said the upcoming general meeting represented a vote of no confidence in the current leadership, and was intended to initiate a turnaround aligned with shareholder interests.

Science Group acquired its holding at an average price of 239p per share, and said it could increase its stake further.

The company also published an open letter to Ricardo shareholders outlining its rationale and criticising Ricardo's recent strategic update and communications.

At 0945 BST, shares in Science Group were down 0.84% at 461.1p.

Reporting by Josh White for Sharecast.com.