Gresham shareholders back board over Speke row

An EGM held by investment trust Gresham House after a row over the sale of two industrial sites in South Liverpool has seen shareholders vote to retain the board.

The EGM was requested Robert Maxted's Parkwood Property Investment, which has built a 29.9% stake in the trust in a bid to oust Gresham House's board.

Parkwood alleged that the trust had "misled" shareholders when it announced in September that it planned to sell two sites in Speke to an unnamed third party for £61m which it alleged represents "85% of market value".

Gresham claimed Parkwood was merely trying to gain control of the 120-year-old business "on the cheap".

Resolutions to remove four Gresham House directors and replace them with three new directors were all defeated.

Gresham said that 95% of proxy votes received by the Registrar were cast against the resolutions.