Neil Woodford corrects his demand for vote to oust board

Neil Woodford, the Invesco fund manager who holds 29% of Lloyd’s insurer Omega, is filing a third, corrected, demand for a special general meeting to get a shareholder vote on installing new directors, the FT reports.

The shareholders want to oust Walter Fiederowicz as chairman and Christopher Clarke as senior independent director and install John Coldman and James Bryce plus four other new directors.

Omega has offered a compromise that accepts Coldman and Bryce, but not the others.

"The wider issue is that 60% of shareholders have called a special meeting, but the board continues to stand against us. The question is who owns the company? Too often boards don't listen," the investor said.