UK-based Toby Marchant, CEO of the paper merchant company, is about to get a taste of what his Chairman, Harry Boon, has had to put up with when shareholder activist, Andrew Price, relocates to the UK to continue his campaign to unseat the board.
“I am deeply concerned with the state of PaperlinX, especially since Harry Boon was for five years head of the audit, risk and governance committee of Hastie that didn’t pick up the $20 million fraud that sent the group into bankruptcy,” said Price. “I am determined to get a full understanding of the state of the company and in order to do so I’m relocating to Oxford indefinitely.”
Price says that while in the UK he will be contacting as many stakeholders as possible including PaperlinX’s customers, shareholders, competitors and suppliers. He maintains the company’s newly released strategic review has adopted every one of his recommendations made at the EGM in March including closing the Milton Keynes HQ and relocating it to Northampton, as well as downsizing the marketing department.
“I feel very vindicated they have adopted most of my ideas,” said Price (pictured). “But I cannot trust the chairman and so I have booked a one way ticket to the UK.”
Which should come as a relief to the beleaguered Melbourne-based Harry Boon.