Easygroup’s Stelios steps in to call Fastjet EGM

Sir Stelios Haji-Ioannou has used Easygroup’s, 12.6% stake in African no-frills airline, Fastjet, to call an extraordinary meeting (EGM) which seeks to remove its chief executive, Ed Winter, and its general counsel and company secretary, Krista Bates.

The EGM resolutions seek Winter’s removal as a director as well as chief executive and for Bates to be removed as a board director. The EGM and the resolutions reflect disagreement as to the way Aim-listed Fastjet is being run. In a letter to Fastjet chairman, Colin Child, Sir Stelios said he had “lost faith in the management and current board (of Fastjet)” and that “unless the board does some serious cost cutting the company will soon run out of cash.”

This is not the first time Sir Stelios has used his his private investment vehicle’s shareholder voting clout to make his views known about a company he has founded. Last year Easygroup used its 49% stake in Easyhotel to vote against the company’s remuneration report.

 

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