Rebel shareholders in Sovereign Reversions, the AIM-listed property finance company, are calling for the board to be ousted and replaced with a string of new directors, including Harry Hill, chairman of Countrywide, Britain’s biggest estate agent.
Investors representing just over 19% of the shares in Sovereign, which runs an equity release scheme for elderly homeowners, have called for a shareholder vote to force out Paul Spencer, the chairman, and two executive directors, Graeme Marshall and Rupert Pearce Gould.
The rebels want a new board installed, with Hill as an executive director and former 3i partner Peter Gordon alongside him. They lodged their request for an extraordinary shareholders’ meeting last Thursday but the company has yet to respond. It is expected to make a statement to the stock exchange tomorrow.