Southend-2
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Well that's what a northern truck stop does for you!!
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Trouble brewing...
Annual General Meeting and possible Board changes
The Company announces that it will shortly be issuing to shareholders the documents in relation to its Annual General Meeting.
The notice convening the AGM reports that the Board has been advised by Andrew Tinkler, Executive Director, that he will be voting at the AGM against the re-election of Iain Ferguson, as a Director and Chairman of the Company.
All of the other Directors offering themselves for election or re-election at the AGM ("Ongoing Board") confirm that they have full confidence in Iain Ferguson, both as a Director and as Chairman, and will therefore be recommending to shareholders that they vote in favour of Mr Ferguson's re-election. Furthermore, Andrew Wood, Non-Executive Director and Senior Independent Director, and John Coombs, Non-Executive Director, have advised the Board that they would resign from the Board in the event that Mr Ferguson is not re-elected. As announced in the 2018 Preliminary Statement of Results, John Garbutt, the other Non-Executive Director, had decided to step down at the AGM and he has not participated in the Board's recent deliberations on this matter.
The Board has received written confirmation from the largest shareholder in the Company, Invesco Asset Management Limited acting as agent for and on behalf of its discretionary managed clients, with 24.8% of the voting rights, that it is supportive of the re-election of the Non-Executive members of the Board, including the Chairman.
The Board has also received written confirmations from Mr Tinkler, who holds 7.7% of the voting rights, and two other shareholders, who together own 25.5% of the voting capital, that they are not supportive of the re-election of Mr Ferguson and will vote against his re-election at the AGM.
As outlined in the full year results announcement, the Board has established a clear plan to deliver value to all shareholders, principally through its two main operating divisions, Aviation and Energy. The Ongoing Board is confident in the ability of the management team, led by CEO Warwick Brady, to execute the plan and strongly believes shareholder value can best be obtained through stability at both Board and management levels.
The Company announces that it will shortly be issuing to shareholders the documents in relation to its Annual General Meeting.
The notice convening the AGM reports that the Board has been advised by Andrew Tinkler, Executive Director, that he will be voting at the AGM against the re-election of Iain Ferguson, as a Director and Chairman of the Company.
All of the other Directors offering themselves for election or re-election at the AGM ("Ongoing Board") confirm that they have full confidence in Iain Ferguson, both as a Director and as Chairman, and will therefore be recommending to shareholders that they vote in favour of Mr Ferguson's re-election. Furthermore, Andrew Wood, Non-Executive Director and Senior Independent Director, and John Coombs, Non-Executive Director, have advised the Board that they would resign from the Board in the event that Mr Ferguson is not re-elected. As announced in the 2018 Preliminary Statement of Results, John Garbutt, the other Non-Executive Director, had decided to step down at the AGM and he has not participated in the Board's recent deliberations on this matter.
The Board has received written confirmation from the largest shareholder in the Company, Invesco Asset Management Limited acting as agent for and on behalf of its discretionary managed clients, with 24.8% of the voting rights, that it is supportive of the re-election of the Non-Executive members of the Board, including the Chairman.
The Board has also received written confirmations from Mr Tinkler, who holds 7.7% of the voting rights, and two other shareholders, who together own 25.5% of the voting capital, that they are not supportive of the re-election of Mr Ferguson and will vote against his re-election at the AGM.
As outlined in the full year results announcement, the Board has established a clear plan to deliver value to all shareholders, principally through its two main operating divisions, Aviation and Energy. The Ongoing Board is confident in the ability of the management team, led by CEO Warwick Brady, to execute the plan and strongly believes shareholder value can best be obtained through stability at both Board and management levels.
Join Date: Aug 2017
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"airlines-airports-routes" This thread is or should be about Southend Airport. I think you need this one if you wish to discuss board room shenanigans of the parent company.
https://uk.advfn.com/cmn/fbb/thread.php3?id=22859404
https://uk.advfn.com/cmn/fbb/thread.php3?id=22859404
Join Date: Apr 2016
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"airlines-airports-routes" This thread is or should be about Southend Airport. I think you need this one if you wish to discuss board room shenanigans of the parent company.
https://uk.advfn.com/cmn/fbb/thread.php3?id=22859404
https://uk.advfn.com/cmn/fbb/thread.php3?id=22859404
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Easy, use your internal filter. Is it about airline, airport or routes ? Yes then post, Is it about the parent company, AGM, shareprice performance (just an excuse to be a negative imho) . Skip it and post on a financial website. Sure I am not alone on this.
I would argue that the future success, or otherwise, of SEN is inextricably linked to the performance of it's parent company. So any corporate shenanigans at Stobart Group is highly relevant to Southend Airport.
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Stobart
My opinion might not count for much, but I strongly believe that the goings on at Stobart are of great importance to SEN and it is quite proper for them to be reported/commented upon here. Don't need any more sites to look at; there are enough already!
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He's also stated that with the number of Boeing 738's in the fleet there's no more economy of scale to be had.
So it could happen in future years. Would it be benefit SEN? Mmmm....
Join Date: Jan 2014
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Or even groove the runway. Who knows, and will FR be for good or bad? They have devastated some airports and brought business to others, Easy will be watching this with interest!
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I lost money on friendly bets when I didn't believe EZY would operate from SEN all those years ago, so I won't make the same mistake again. I do believe that a profitable operation using B738s is not possible from SEN but maybe RYR do see possibilities with Airbuses. Interesting to see if anything develops, although I heard yesterday's rumour started when they were offered the chance to divert and refuel at SEN whilst STN was having it's problems.
Unless any of the RYR B738s have the short runway modifications that Boeing offer I don't believe they could operate from SEN. A grooved runway only helps in wet conditions and the current LDA of 1604m would not alter, that being too little for viable commercial B738 ops. The Laudamotion A320s would offer RYR an opportunity of course and a grooved runway would be greatly beneficial to SEN in general as it is quite frequently declared as WET WET WET with the current runway surface.
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I was always told that Ryanair wants a minimum of 6000ft or 1829m due to derated engines. Saying that they take off from Luton's intersections which can be shorter than SEN runway length but then they do have the option to backtrack if needed.
738 or 737max ops from SEN ain't gonna happen - the a/c is simply not the right fit in a high density 189 seat config - even with the SF option
they don't go into GIB at all - they won't go into SEN
they don't go into GIB at all - they won't go into SEN
I agree with you concerning the 'standard' aircraft but with the Short Runway Package the landing weight for any given runway length is increased by around 3,600kg and it is specifically designed to make operations from 5,000ft runways commercially viable. Having said that I shall be surprised to see 738 ops from SEN other than on an occasional basis such as the two Luxair charters to Pau that took place a year or so back.
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I hope Tinkler doesn’t succeed. Stobart need to be focused on growing their aviation division now not fighting over governance and board seats. If Tinkler gains more influence over the aviation division you can expect all the current growth strategies to be thrown out of the window and replaced by whatever he wants.
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My, that woodburner's looking good...........
Southend Airport: A Haven in London?s Blackout | EBACE 2018 content from Aviation Week
Southend Airport: A Haven in London?s Blackout | EBACE 2018 content from Aviation Week
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Runway open 24/7. Now there's a problem if you want to carry out major runway improvements.
Either by luck or design an opportunity has presented itself to the airport. They won't want to throw it away with night closures.
Either by luck or design an opportunity has presented itself to the airport. They won't want to throw it away with night closures.