// Topps Tiles chairman could be ousted by major shareholder’s vote
// Lynchwood Nominees, on behalf of MS Galleon, is looking to replace Darren Shapland
Topps Tiles’ major shareholder is seeking to oust the tile specialist‘s chairman Darren Shapland.
MS Galleon (MSG), which owns European tile manufacturer Cersanit, is looking to replace Shapland, while drafting in Lidia Wolfinger and Michael Bartusiak as non-executive directors.
MSG bought a 4.1% share in Topps Tiles in May 2020, which it has increased to 29.9%.
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During 2021, MSG approached Topps Tiles regarding the potential appointment of an MSG representative to the board, and a proposal that the retailer purchase a greater proportion of its tiles from Cersanit, which Topps rejected.
MSG has voted against the reappointment of Shapland as chair of Topps Tiles at the 2022 AGM.
Shapland said: “The board strongly rejects these proposals, which it believes expose a clear conflict of interest between MSG’s objectives for Cersanit and the interests of all Topps shareholders.
“The board welcomes the support received from our other largest shareholders, who have confirmed their intention to vote against the Requisitioned Resolutions at the AGM.”
Topps senior independent director Keith Down said: “The board unanimously rejects these resolutions which it does not consider to be in the best interests of the company and its shareholders as a whole.
“In proposing a resolution to remove the chairman, who has led communications with MSG on behalf of the board, MSG is seeking simply to strengthen its own position.”
