July 12, 2018 / 7:25 AM / 5 months ago

Mears shoots down activist investor call to name Hogarth as chairman

(Reuters) - Mears Group (MERG.L) said a resolution to appoint Andy Hogarth as chairman would not be put to its shareholders at its general meeting, rejecting a call by a fund advised by Frankfurt-based activist investor Shareholder Value Management (SVM).

Mears said last week that Chairman Bob Holt would not stand for re-election at the company’s 2019 annual general meeting after SVM called for his removal, citing underperformance by the company.

“Board appointments are not a matter for a single shareholder ... the resolution will not be put to the company’s shareholders at the general meeting,” Mears said in a statement.

SVM is the social housing maintenance and repair services provider’s fourth largest shareholder with an 8.9 percent stake, according to Thomson Reuters data.

Hogarth is the former CEO of Staffline Group (STAF.L).

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Gopakumar Warrier

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