Sanderson Design Group PLC (LSE:SDG) has received a formal shareholder requisition calling for a general meeting to consider the removal of one director and the appointment of a new board member.
The requisition was submitted by shareholder LBV Actio Limited through its nominee, Ropemaker Nominees Limited.
The proposed resolutions seek to remove Dame Dianne Thompson as a director of Sanderson Design and appoint Stephen Brooke to the board.
Board Plans to Recommend Shareholders Reject Resolutions
Sanderson Design said it is legally required to convene a general meeting in accordance with the applicable statutory deadlines following receipt of the requisition.
The board said it does not consider the proposed changes to be in the best interests of shareholders and intends to recommend that investors vote against both resolutions.
The company plans to issue a shareholder circular containing further information on the requisition, the board’s response and details of the general meeting.
Sanderson Design advised shareholders to take no action until they have received the circular.
Further Announcement to Follow
The company said a further announcement will be issued once the circular and arrangements for the general meeting have been finalised.
Shareholders will then be asked to vote on the two resolutions concerning the composition of the company’s board.
No outcome has yet been determined, and the proposed changes remain subject to the shareholder vote.
About Sanderson Design Group
Sanderson Design Group is a UK-based interior furnishings company that designs, manufactures and markets wallpapers, fabrics and paints. It also generates licensing revenue from the use of its designs across products including bed and bath collections, rugs, blinds and tableware.
The group’s portfolio includes Zoffany, Sanderson, Morris & Co., Harlequin, Clarke & Clarke and Scion. It operates UK manufacturing facilities in Loughborough and Lancaster and showrooms in London, New York and Chicago.
Sanderson Design is listed on AIM under the ticker SDG and employs approximately 500 people.
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