The Sweett Group board has told shareholders to “take no action” after a group owning 14 per cent of the consultancy called a meeting in a move to replace the chairman.
A statement by the firm said some shareholders are trying to get former chairman Francis Ives back in the chairman position.
The board is opposing the proposal and have advised shareholders to “take no action”.
A statement said: “Sweett Group plc announces that shareholders owning 14 per cent of the issued share capital of the group, including former chairman Francis Ives, are seeking to requisition the board of directors of Sweett Group to call a general meeting of shareholders for the purpose of adding Francis Ives to the board as chairman and removing non-executive chairman Michael Henderson and any directors appointed between today’s date and the date of the general meeting.
“Sweett Group has best practice corporate governance processes and procedures in place for hiring new directors to the board through its nominations committee.
“As such, the board does not support the proposal put to the company and does not consider it to be in the best interests of shareholders.
“Sweett Group will make a further announcement in due course. In the meantime shareholders are advised to take no action.”