The chairman of Topps Tiles has survived an activist investor’s bid to remove him as a director at the company’s annual meeting.
MS Galleon had requisitioned a vote to remove non-executive chairman Darren Shapland as a director after he refused to buy more tiles from the investor’s company Cersanit.
But the resolution was rejected by 62.49 per cent of voting shareholders.
Topps Tiles buys only 0.5 per cent of its goods from Cersanit and its sourcing policy would not allow it to buy more than 10 per cent from one supplier. MSG had built up a stake of 29.9 per cent in Topps Tiles and asked the company to purchase about 30 per cent of its tiles from Cersanit.
MSG argued that Shapland should be
