Media Square heads for tussle with investor
MEDIA Square, the communications firm led by entrepreneur Roger Parry, looks set for a tussle with its largest shareholder Peter Lynch over concerns the former stockbroker might try to wrest control of the company.
In a circular sent ahead of its annual meeting later this month, Media Square has urged shareholders to vote down an attempt by Lynch to gain a seat on the board, citing concerns over how he acquired his 21.5 per cent stake and dubbing him “hostile and aggressive”.
“The directors believe that if Mr Lynch and any associates wish to control MSQ, they should make a takeover offer in the normal manner,” the board added.
It also referred to a Financial Services Authority investigation into Lynch’s purchase of contracts for difference in Media Square via his firm, Aim-listed Prime Active Capital, and an inquiry by the Takeover Panel into links between Lynch and Tony Gill, another Media Square shareholder.