CITY WHISPERS: Energy firm feels heat in bid to oust the board

An attempt by disgruntled minority shareholders to overthrow the board of oil and gas investment firm Reabold Resources was dealt a blow after an influential consulting firm sided with the company.

Pershing Nominees, a group of investors that owns nearly 7 percent of the stock, has called for a Nov. 17 meeting in an effort to kick-start the entire board, including co-chief executives Sachin Oza and Stephen Williams.

Pershing, which has drafted board replacements, argues there are historic management failures and insists the company “needs to get more value from its projects” – especially the massive oil and gas discovery at West Newton in the Humber.

But proxy advisor Institutional Shareholder Services believes Pershing’s proposals are not detailed.

ISS further alleges that the startup group’s full business plan was disclosed too close to the meeting date.

ABF faces test with results imminent

Associated British Foods’ commitment to keep Primark clothing at a bargain price will be put to the test again when it releases its annual results on Tuesday.

ABF – which also owns Twinings and British Sugar – said in September that operations were on track in 2022, but sent analysts to lower forecasts for the next fiscal year.

Turnover is expected to have increased by 20 percent to £16.7 billion.

But will ABF’s promise not to raise Primark prices further will be realistic as the cost of living crisis deepens?

Harland & Wolff’s relocation legal review reversed

The frustration at the shipyard and gas storage group Harland & Wolff in Belfast is apparent after a judicial review was postponed to early 2023.

Eco-organizations No Gas Caverns and Friends of the Earth Northern Ireland are battling Stormont over the decision to let Harland & Wolff build a massive undersea gas storage facility near a popular Game Of Thrones filming location.

It would have a much larger capacity than Centrica’s Rough site in the North Sea. The review was due to take place in the winter of 2022, but any hopes of a decision before Christmas have now been dashed.

The activists say the project, near Islandmagee, would create a wildlife dead zone near a wildlife sanctuary.

The company says this is temporary and the energy crisis shows that more storage is vital for the UK.

ScS customers spend less

Sofa and carpet seller ScS and his colleagues have all noted that we are now spending less on large purchases such as furniture and white goods.

ScS’s finance boss may also be feeling the squeeze after his salary drops by a third.

Chris Muir received just over £700,000 in the past financial year, following a £1.2m package in 2021 with a great long-term bonus.

But that could still earn him over 100 of ScS’s most expensive corner sofas, costing £6,399.

Chief executive Steve Carson took home £711,000, up from £580,000 a year earlier, although he took office midway through the year.

Contributor: Calum Muirhead