SCOTSMAN publisher Johnston Press has agreed to a formal demand for a vote on a bid to install former First Minister Alex Salmond as chairman.
Norwegian businessman Christen Ager-Hanssen, who is the biggest shareholder in the company with a 20 per cent stake, called via his lawyers on Monday afternoon for an extraordinary general meeting (EGM).
He proposes the removal of chairman Camilla Rhodes and non-executive director Mike Butterworth. He also proposes the appointment of Salmond and Steve Auckland, a veteran newspaper executive.
Ager-Hanssen had originally intended to oust most of the board but has been forced to act more cautiously by a “poison pill” clause in the £220 million bond.
It states that if new directors form the majority of the board but are not appointed by the existing directors, debt could become due immediately.
Ager-Hanssen has branded the mechanism a “breach of fiduciary duties”. He said: “We are taking a step-by-step approach now.
“We want to get our people on the board and see what they have done to Johnston Press.”
The vote would not give Ager-Hanssen control of the company but Rhodes and Butterworth are members of the board’s four-strong nominations committee and replacing them could be key to further changes.
Ager-Hanssen called on his targets to resign rather than face a shareholder vote he said he is confident of winning.
His resolutions will require more than 50 per cent support.
Johnston Press has 21 days to send shareholders notice of an EGM.
The meeting must then be held within 28 days.
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