(Reuters) -Science Group on Thursday said that it has requisitioned a general meeting of shareholders at Ricardo to propose the removal of its Chairman Mark Clare, ramping up calls for change at the British consulting firm.
The UK-based science and technology consultancy firm, which holds about 20% of Ricardo, has sought changes at Ricardo, citing underperformance and structural inefficiencies. Its bid to replace Clare and two other directors was rejected in March.
“In effect, the General Meeting requisition is a Vote of No-Confidence in the leadership of the Ricardo Board,” Science Group said.
Science Group is also calling for a sale or breakup of Ricardo, and on Thursday it said that it had been contacted by several private equity groups about Ricardo, seeking to understand its position as an investor.
The company said it would consider any interest in Ricardo that was in the “best interests of all shareholders.”
“While Science Group would support an immediate sale process seeking offers for the whole of the Ricardo Group, shareholders should not presume that Science Group would participate as a potential acquiror in any such sale process since the risks are high,” it said.
(Reporting by Pushkala Aripaka in Bengaluru; Editing by Mrigank Dhaniwala)
