Tandem Group (TND)

Sector:

Leisure Products

Index:

FTSE AIM All-Share

600.00p
   
  • Change Today:
      5.00p
  • 52 Week High: 705.00
  • 52 Week Low: 410.00
  • Currency: UK Pounds
  • Shares Issued: 5.24m
  • Volume: 43,848
  • Market Cap: £31.46m
  • RiskGrade: 205
  • Beta: 0.00

Tandem in row with biggest shareholder over board pay

By Sean Farrell

Date: Wednesday 10 Jun 2020

LONDON (ShareCast) - (Sharecast News) - The maker of Claud Butler and Dawes bicycles is in a battle with its biggest shareholder over how much it pays non-executive directors.
Simon Bragg, who owns almost 11% of Tandem Group, has accused the bikemaker of breaching corporate governance rules by overpaying non-executives for the past nine years.

Bragg has accused the board of chaotic response to his objections and has urged other shareholders to join him in voting against the election of Chairman Mervyn Keene and non-executive Mark Taylor and new articles of association at Tandem's annual general meeting on 25 June.

In a letter to shareholders, Bragg, the former boss of Oriel Securities, said Tandem's articles of association limit non-executive directors' pay to £75,000 a year but that the company has paid more than that every year since 2010. The overpayments, including seven years when directors were paid £90,000, should have been ratified by shareholders, he said.

Tandem said it increased pay for non-executives in 2010 when it had to attract two new directors to the board. The company said the £75,000 limit applied to fees and not "remuneration" and that the increase was approved by shareholders at the time and at each AGM.

Bragg accused Tandem of a "disturbing" or "careless" omission by not disclosing changes to its articles fully or "a deliberate attempt to frustrate proper scrutiny of the proposed changes". He urged shareholders to consider whether Keene and the board had conducted themselves properly before deciding how to vote at the AGM.

"Up until now, I have been supportive of the board at each annual general meeting," Bragg said in his letter. "This year, as a result of the board's lack of transparency and chaotic response to a long-standing breach of the articles of association ... I will be voting against a number of resolutions."

In its response the board accused Bragg of stirring up trouble when the company should be concentrating on surviving the economic turmoil caused by the Covid-19 crisis.

"It is your board's reasonably held view that Mr Bragg is determined to frustrate the company with matters which take up time and incur expenditure of company funds in order to discredit the board of directors and that the statement is the latest iteration of that course of conduct," Tandem said.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Tandem Group Market Data

Currency UK Pounds
Share Price 600.00p
Change Today 5.00p
% Change 0.84 %
52 Week High 705.00
52 Week Low 410.00
Volume 43,848
Shares Issued 5.24m
Market Cap £31.46m
Beta 0.00
RiskGrade 205

Tandem Group Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
2.09% above the market average2.09% above the market average2.09% above the market average2.09% above the market average2.09% above the market average
83.33% above the sector average83.33% above the sector average83.33% above the sector average83.33% above the sector average83.33% above the sector average
Price Trend
39.89% above the market average39.89% above the market average39.89% above the market average39.89% above the market average39.89% above the market average
23.08% above the sector average23.08% above the sector average23.08% above the sector average23.08% above the sector average23.08% above the sector average
Income
31.32% below the market average31.32% below the market average31.32% below the market average31.32% below the market average31.32% below the market average
60.00% above the sector average60.00% above the sector average60.00% above the sector average60.00% above the sector average60.00% above the sector average
Growth
75.21% above the market average75.21% above the market average75.21% above the market average75.21% above the market average75.21% above the market average
7.69% above the sector average7.69% above the sector average7.69% above the sector average7.69% above the sector average7.69% above the sector average

What The Brokers Say

Strong Buy 1
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 1
strong_buy
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Tandem Group Dividends

  Latest Previous
  Interim Final
Ex-Div 07-Oct-21 13-May-21
Paid 15-Nov-21 01-Jul-21
Amount 3.43p 5.50p

Trades for 15-Oct-2021

Time Volume / Share Price
14:19 2,521 @ 594.60p
15:10 333 @ 599.00p
14:58 50 @ 599.00p
14:37 82 @ 599.00p
14:13 840 @ 599.60p

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