// Hammerson’s largest shareholder Lighthouse plans to oust current directors as it claims the shopping centre owner’s leadership is not fit
// Lighthouse, which owns a 22.8% stake, said it “does not have confidence in the board as currently constituted”
Hammerson is facing a revolt from its largest shareholder, which is not happy with its current strategy and leadership.
In a letter in the shopping centre owner’s annual report, Lighthouse, which has a 22.8% stake, said it “does not have confidence in the board as currently constituted”.
Lighthouse, which is an investment vehicle of former board member Des de Beer, said it was dissatisfied with Hammerson’s record of reducing administration costs.
The firm said: “Relative to the size of its managed portfolio, Hammerson’s administration costs have increased and objectively are high.”
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“Despite owning world-class malls which continue to perform well, Hammerson trades at a discount to net asset value of over 50%.”
Lighthouse said it will vote against the election of “at least two” non-executive directors at the annual meeting next month.
De Beer did not disclose which directors he will attempt to oust but is recommending Hammerson appoints former Hamptons International managing director Nick Hughes and Craig Tate, who used to run Investec Bank.
Hammerson has said Lighthouse’s proposals are “unnecessary, distracting and value destructive”.
“It is the board’s view that neither nominee has the experience or skills that will be additive to our board and it would not be beneficial to appoint them,” a spokesman said.
“The strategy and leadership team is the right one and our performance clearly demonstrates strong strategic, operational and financial progress”.
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