Tchenguiz Supports First Group Revolution

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 management team.”

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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Source This Is Money
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