Property tycoon Robert
Tchenguiz has told a newspaper that he is supportive of a campaign to remove the
current board of bus and rail operators First Group Plc.
Tchnengiz has bought 0.5% of
the shares of First Group recently and has apparently told the newspaper that he
supports the activities of its biggest investor, Coast Capital, who are trying
to install their own choice of directors. He explained to the newspaper: “Coast
is not trying to take control of this company, all they’re trying to do is
highlight that management has not done a very good job and proposed a new
Coast Capital, on their
website, savefirstgroup.co.uk say: ‘Firstgroup
has under-performed under the leadership of a destructive
board and unqualified Ceo. Coast Capital hereby seeks your
support to install an experienced & independent board in
order to restore the company to its full potential.’
Bus and rail passengers,
however, should avoid getting too excited about the movement to bring about improvements
at First Group. Coast Capital’s efforts seem to be focussed on improving
profits and dividends at the company, rather than improving the service they
receive or reducing fares.
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