Shareholders seeking to oust a chunk of Aryzta’s board including chairman Gary McGann will have to wait until mid-August for an emergency general meeting (EGM).
The EGM has been sought by shareholders Veraison and Cobas – they want to remove four members of the Aryzta board including chairman and veteran businessman Gary McGann.
Chief executive Kevin Toland would remain in his role but would not be a board member under the activists’ proposals. Between them, Veraison and Cobas control 17.8pc of Aryzta. Another shareholder, London-based J O Hambro Capital Management, has said it will back them. It owns just over 4pc.
Aryzta said its board will move to call the EGM by mid-July with the event itself to be held by mid-August.
That proposed EGM timing means the meeting is less likely to be disrupted by Covid-19 restrictions and will take place after completion by Rothschild of a strategic review of the embattled company, the board said.
The announcement was made ahead of financial results due on Tuesday for the three months to the end of April.
The Cuisine de France owner’s performance during the three months is likely to make for stark reading.
Even before the coronavirus crisis, Aryzta was trying to claw its way out of a hole.
Last year, the company reported revenue of €3.3bn.
Quick service restaurants accounted for 29pc of revenue, large retailers 33pc and other food service customers 28pc. Convenience stores contributed just 10pc.