Tycoon demands change
FirstGroup dismisses Tchenguiz attack on strategy
Greyhound for sale (pic: FirstGroup)
Robert Tchenguiz, the largest individual shareholder in transport company FirstGroup today urged the board to sell all of its operations in the United States.
He also asked for more clarity on its plans as it prepares to sell its the iconic bus service Greyhound.
The Iran-born property baron, who holds a 4.7% interest in the Aberdeen-based business, said he would demand a shareholder meeting as soon as “practically” possible and urged FirstGroup’s new chairman David Martin to conduct a strategic review.
In a statement, FirstGroup said it is “intent on realising value for all shareholders and is focused on actively managing the entire portfolio by all appropriate means.
“The board believes there is significant value to be unlocked across the group’s portfolio of leading public transportation businesses, and there are limited synergies between the divisions, particularly between the UK and North America.
“Realising greater value from the group is the clear priority and this is best achieved through a rationalisation of the current portfolio. The group has taken a number of important steps in relation to this strategy, as outlined in the half-yearly results announcement.”