Apr 25, 2017

Hornby directors defend chairman Roger Canham

New Pistoia, the toymaker's second biggest shareholder, want to replace Mr Canham with Ian Alexander Anton, non-executive director of Victoria Carpets. The Hornby board hit back and said the idea of replacing Mr Canham was "Not in the best interests of the company or its shareholders". It said: "The strategy currently being pursued by the board is well thought-out and is working, the current structure and composition of the board is consistent with good corporate governance and the board has the support of a majority of its shareholders." New Pistoia has forced a meeting of investors to vote on its proposals and Mr Anton said that he and the company had received "Strong encouragement" from some other shareholders. Mr Canham joined Hornby in 2012 and became chairman the following year.

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