Palliser Capital, a London-based activist hedge fund founded by former Elliot Management exec James Smith, is agitating for a boardroom shake-up at Pendragon, the group behind the Evans Halshaw, Stratstone and CarStore car dealership brands, according to a report by the Daily Telegraph.
Palliser Capital, a London-based activist hedge fund founded by former Elliot Management exec James Smith, is agitating for a boardroom shake-up at Pendragon, the group behind the Evans Halshaw, Stratstone and CarStore car dealership brands, according to a report by the Daily Telegraph.
The report cites a letter written last week by Palliser, which currently holds a stake of around 4% of the business, claiming that Pendragon’s current board has become distracted by a failed £400 million bid to acquire the group for its largest shareholder Anders Hedin.
As part of a plan to get the company back on track, Palliser wants to appoint three board directors and wants chairman Ian Filny, and chief executive Bill Berman, to “refocus on driving profitability” at the business by expanding its higher margin car servicing operation.
Pendragon shares have sunk below 20p following the collapse of Hedin’s takeover.
