F&C fights to fend off Sherborne

Foreign & Colonial will attempt to persuade key shareholders in the New Year to reject activist investor Sherborne's attempts to shake-up the group's board, according to the Daily Mail.

Sherborne, who own almost 10% in F&C, last week successfully requisitioned a special meeting for early February in which shareholders will vote whether or not to change the board’s personnel. Sherborne want Edward Bramson, Sherborne's founder, to have a seat on the board along with Ian Brindle, a former PricewaterhouseCoopers UK chairman and Derham O'Neill, ex-partner of law firm Clifford Chance. A simple majority will decide whether F&C chairman Nick MacAndrew and senior independent director Brian Larcombe will be ousted. Aviva Investors, who have a 6% share in F&C, has already...