Shareholders have no confidence in Port Vale board as two directors depart

Shareholders have no confidence in Port Vale board as two directors depart

In a stormy EGM, Port Vale shareholders have cast a vote of no confidence in the current board and voted out two directors.

However, three of the five directors, including chairman Bill Bratt, will remain on the board after surviving individual votes for their positions. Vice-chairman Peter Jackson and Stan Meigh were the two directors voted off.

It is widely believed that  a last-minute change of voting from Broxap, a company owning 4% of shares was the main reason for the remaining three directors keeping their place.

Many present would argue that the board would have been removed if it had not been for block voting.

Potential new owner Mo Chaudry told the media: “I would go as far as to say that 90% have been in favour of change and are still in favour of change, so I’m really gutted for them.”

Dave Felstead, vice chairman of the Supporters Club added: “In the room today, if it was a ‘one person, one vote’ system, over 90% would have been for the board to go.”

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