Activist investor revives Auction Technology campaign
The notorious activist investor behind a failed bid to buy Auction Technology Group has revived its campaign against the FTSE 250 firm’s management, calling for a new chair and a strategic review that could result in a sale. Fitzwalter Capital, which is Auction Technology’s (ATG) largest shareholder, called on investors to oust incumbent chair Scott [...]
Fitzwalter Capital, the largest shareholder of Auction Technology Group, has reignited its campaign against the company's management. The activist investor is demanding a new chairperson and a strategic review, which could potentially lead to a sale of the online auction platform. In a statement on Monday, Fitzwalter accused incumbent chair Scott Forbes of overseeing "five years of value destruction" at Auction Technology.
If approved, Richard Campbell-Breeden, a nominee from Fitzwalter, would lead the strategic review. This review would explore options such as a buyback programme or a potential sale of the company. This comes six months after Fitzwalter abandoned a hostile takeover attempt, which was rebuffed by the company's management. Fitzwalter's aggressive approach has nearly a dozen of its previous bids for ATG rejected.
Despite the company's shares experiencing a significant decline over the past five years, Fitzwalter remains committed to pushing for change.
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