LONDON (AFX) - Skyepharma PLC's rebel shareholders North Atlantic Value LLP together with Insight Investment and Morley Fund Management are still calling for the appointment of Whatman PLC's Bob Thian as Skye's executive chairman despite this morning's move by SkyePharma to intall Frank Condella as chief executive and Dr Ken Cunningham as chief operating officer.
Skye appointed Condella and Cunningham after former chairman Ian Gowrie Smith resigned amid growing discontent among the rebel group of shareholders at his inability to find a buyer for the group, which was put up for sale last year.
NAV said its views are wholly unchanged by today's announcement and it continues to call for an EGM to appoint Thian.
In a statement this afternoon, NAV said SkyePharma's performance over many years has been "one of over-promise and under-delivery and many of the individuals associated with this under-performance will continue to be associated with the company following this morning's announcement".
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Skye appointed Condella and Cunningham after former chairman Ian Gowrie Smith resigned amid growing discontent among the rebel group of shareholders at his inability to find a buyer for the group, which was put up for sale last year.
NAV said its views are wholly unchanged by today's announcement and it continues to call for an EGM to appoint Thian.
In a statement this afternoon, NAV said SkyePharma's performance over many years has been "one of over-promise and under-delivery and many of the individuals associated with this under-performance will continue to be associated with the company following this morning's announcement".
newsdesk@afxnews.com slm
COPYRIGHT
Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content,inculding by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
© 2006 AFX News
