Midland garden centre chain Wyevale has lashed out at the "wholly unacceptable" behaviour of renegade shareholders Laxey as it launched a search for a new chairman.
Last month Laxey, Wyevale's biggest investor with a
27.6 per cent stake, requisitioned an EGM, for the second time this year, with the aim of removing chairman David Williams.
Laxey wants to replace him with Robert Ware, the former deputy chief executive of property company MEPC, although its first attempt to remove Mr Williams was voted down by shareholders on September 12.
Yesterday Hereford-based Wyevale announced the appointment of executive search consultants Whitehead Mann to commence an open recruitment process before the EGM scheduled for December
Wyevale branded the behaviour of Laxey as "wholly unacceptable".
Mr Williams said: "The choice of Whitehead Mann to drive this process for us is evidence of the board's determination to uphold good corporate governance in the interests of all Wyevale shareholders, while maintaining our focus on the continued transformation of the business.
"Laxey may continue to say privately that 'Robert will be chairman in all but name', as stated in its written communication dated November 23, but the board stands by its view that the appointment of a chairman is its own legitimate prerogative.
"We will do everything in our power to prevent control of the company changing without an offer being made to shareholders."