Fund manager Henderson today upped its campaign to oust the directors of North Sea oil explorer Lochard Energy, accusing them of presiding over a “prolonged period of destruction of shareholder value.”
Henderson, which itself controls 29% of Lochard and has called a shareholder meeting to remove executive chairman Haydn Gardner and technical director Lincoln McCrabb, claims that it has now won the backing of two major shareholders. That would take support for its coup to 40% against the 6.8% which the two directors own.
The fund manager today said it had “lost confidence” in Gardner’s “ability to lead the exploration and production business”. It also accused McCrabb of being on the board “by virtue of being a long-time friend of Gardner”.
Henderson said once it had ensured “the right management team is in place” it would revert to being a “passive shareholder”.
It also said it backs the as-yet unnamed new chairman who was put forward by the board when Henderson’s own people were also directors before they were sacked earlier this month.
The fund manager is seeking to reappoint these two directors and accused Lochard of wasting time and money by refusing to hold a single meeting to address both issues at the same time.
