Stobart Group, the owner of Southend Airport, has written to its shareholders to urge them to back chairman Iain Ferguson, after it sacked director and former chief executive Andrew Tinkler on Thursday for trying to oust him.
Stobart Group, the owner of Southend Airport, has sacked director and former chief executive Andrew Tinkler - who was said to have been seeking to oust the company's chairman - with immediate effect following the receipt of "comprehensive legal advice".
Budget airline Ryanair had agreed make a $300m investment in the opening of a new base at Southend airport, giving a boost to operator Stobart Group.
The boardroom battle at Stobart Group continued on Tuesday as the Southend Airport owner confirmed that its deposed former chief executive Andrew Tinkler and fund manager Neil Woodford have proposed retail guru Philip Day as a new director.
A war of words has broken out in the offices of Southend Airport owner Stobart Group following the decision by former chief executive Andrew Tinkler to vote against the re-appointment of current chairman Iain Ferguson at the group's upcoming annual general meeting.
Stobart, the owner of Southend Airport, swung to a profit in the year to February following the partial disposal of its investment in Eddie Stobart Logistics.
Eddie Stobart posted its full year results for the year ended 30 November on Tuesday, which fell in line with expectations with strong underlying revenue growth.
Shares in Flybe tanked on Thursday as Stobart said it no longer plans to make a bid for the regional airline after the companies failed to agree on "satisfactory" terms.
Stobart Group said it made good progress in 2017 as passenger numbers rose strongly at its London Southend Airport site.
Flybe flew higher on Thursday after infrastructure and support services business Stobart confirmed that the two are in talks about "a number of potential structures", which could include a takeover.
Andrew Tinkler, executive director of infrastructure and support services firm the Stobart Group, acquired 100,000 ordinary shares in the company on Thursday, upping his total stake to approximately 7.1% of its total issued share capital.
Stobart Group confirmed its latest quarterly dividend on Thursday, in line with plans outlined to shareholders earlier this year.
Infrastructure and support services company Stobart Group posted its interim results for the six months to 31 August on Thursday, reporting a surge in underlying EBITDA to £131.8m, from £20.2m in the same period last year.
Stobart Group shares were a 'sell' in the Sunday Times' Inside the City column, sparked by a share sale by former boss Andrew Tinkler to cut his stake to 5.3%.
Infrastructure and support services company Stobart Group updated the market on its trading in the first half on Tuesday, reporting good progress in aviation as passenger numbers grew 22% year-on-year at Southend Airport.
Investors in infrastructure and support services company Stobart Group were gathering in Guernsey on Thursday for the company's annual general meeting, with the board set to confirm it remained on track to deliver its targets at London Southend Airport, and in its biomass supply business.
Stobart Group, infrastructure and support services business, has hired former chief operating officer at easyJet as its new deputy group chief executive.
Stobart had agreed to buy the remaining 33% it does not already own in Propius Holdings from Aer Lingus for $14.7m.
Stobart Group has won a one-year contract with the UK Environment Agency to provide incident response logistics services in areas threatened with flooding.
Infrastructure and support services firm Stobart Group has appointed Mark Adams as chief financial officer with effect from 28 November.