Sherborne wins battle to oust F&C board members

Sherborne Investors has won its fight to oust members of F&C's board, receiving a majority vote at a general meeting held today.

The activist investor, which holds a 17.5% stake in F&C, received shareholder 65% approval for its motion to remove Nicholas MacAndrew from the board of F&C Asset Management, while 61% voted in favour of removing Brian Larcombe. Sherborne's Ian Brindle and Derham O'Neill have been appointed as their replacements. Some 70% of shareholders voted in favour of appointing Sherborne's Edward Bramson as a non-executive director. Bramson says the new directors are grateful for the support of F&C's shareholders, and hope to bring a "fresh perspective" to the board. MacAndrew says: "The b...