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Emergency for AssetCo as shares suspended

By Daily Mail Reporter
Updated: 05:31 EDT, 22 March 2011

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Emergency plans to save AssetCo, the owner of London's fire engines, have been put into doubt after its chief executive and largest shareholder refused to support them.

Opposition: Divisions deepen at the fire engine owner

Shares were suspended after John Shannon said he would oppose the plan to raise millions to keep the firm afloat.

The board said yesterday that the decision threatens the survival of the group.

The deepening of divisions within the firm comes a week after the board turned down a takeover proposal from a Bahrain-based private equity firm, despite it being backed by Shannon.

Investors met yesterday to approve a £16m share issue to raise cash. Earlier it said three of its major shareholders - Gartmore Investment, JOHambro and Utilico Investments - were prepared to invest up to £10m if it appointed a new executive chairman.

But Shannon indicated he would vote against the resolutions at yesterday's meeting. It was adjourned for the company 'to consider its options' and shares were suspended.

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