July 4, 2018 / 5:53 PM / 9 months ago

Shareholder Value Management urges removal of Mears chairman Bob Holt

July 4 (Reuters) - Frankfurt-based activist investor Shareholder Value Management (SVM) has urged all shareholders to vote for the removal of Mears Group Plc chairman Bob Holt due to the company’s underperformance.

SVM, which owns 8.93 percent of Mears, said it believes that the chairman’s lack of independence is the cause of ongoing share price underperformance.

SVM said it has concerns with the British social housing maintenance and repair services provider’s capital allocation track record, the board’s lack of shareholder engagement and the current board dynamics.

The activist investor also said is seeking to appoint former CEO of Staffline, Andy Hogarth, as a new independent director at the company’s extraordinary shareholder meeting (EGM). (Reporting by Rama Venkat Raman in Bengaluru Editing by Chizu Nomiyama)

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