Bramson’s resolution also calls for F&C non-executive director Brian Larcombe to be replaced by Sherborne chairman Ian Brindle, and for independent candidate Derham O’Neill to also join the F&C board.
Bramson has slowly been amassing a stake in F&C and the AIM-listed Sherborne is known for its aggressive approach. F&C will notify shareholders of the meeting by 6 January 2011, and the meeting itself will be held no later than 28 days after the date of the notice.
Existing F&C chairman Nick MacAndrew said the firm was “unanimously of the opinion that Sherborne’s proposals are not in the best interests of F&C’s shareholders or of its other key stakeholders” and criticised Sherborne’s methods.
“We are […] disappointed that Sherborne has taken this course of action which jeopardises this progress. In our discussions with them, Sherborne has failed to propose an alternative to the existing strategy for F&C.
“Sherborne has also declined to address concerns raised by the board about the lack of experience of its nominees as directors of an FSA regulated and listed financial services company and that they lack recent and relevant experience of the fund management industry.”
