The chairman and a senior director of Adnams have faced rebellion from a number of shareholders at the brewer and pub-owner’s annual meeting.
Just over 36% of investors voted against the re-election of chairman Joanthan Adnams, and just over 37% gave a no-vote to independent director Steven Sharp.
One shareholder told The Times: “It was a pretty hostile meeting with a lot of shareholders speaking from the floor against the management.
“The management presentation was pretty apologetic, too, admitting they had made mistakes in a difficult market.”
It was thought investors were angry that Adnams and Sharp were continuing to serve as directors well beyond the nine years recommended under the corporate governance code.
The company is continuing to explore a range of options to fund its future growth plans with the support of its advisors, and has received an encouraging response to the process.
The board’s preferred option remains the raising of additional capital from another party and/or the sale of freehold assets to return capital to the company. However, no decision has yet been taken.
