LONDON--Transport company Stobart Group Limited (STOB.LN)
Tuesday said Executive Chairman Avril Palmer-Baunack will stand
down from his role with immediate effect, and added that results
for the year ended Feb. 28 are expected to be moderately ahead of
market expectations.
MAIN FACTS:
-Board has decided that the role of Executive Chairman is no
longer appropriate.
-Palmer-Baunack will remain on the Board as Non-Executive
Chairman until a suitable independent Non-Executive Chairman is
appointed and it is expected that his departure will be on or
around the release of the group's results on May 16.
-Signed a new three year contract with Tesco (TSCO.LN), which
runs until Feb. 29, 2016.
-Agreement formalizes the previous arrangements with Tesco, to
whom the group has been providing both primary and secondary
distribution services on a pay as you go basis for the past eight
years.
-Shares on Thursday closed at 81 pence.
-Write to Tapan Panchal at tapan.panchal@dowjones.com
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