Peace talks fail to secure compromise so SGM called

Omega has caved in to pressure from shareholders led by Invesco Perpetual fund manager Neil Woodford and is calling a special general meeting (SGM) to vote on proposals to change the board.

Those to be voted on include John Coldman as chairman, James Bryce, Robin Spencer-Arscott, Jonathan Betts, Ernest Morrison and David Cooper.

Omega said current chairman Walter Fiederowicz, Christopher Clarke and the three other non-executive directors will resign if the resolutions are passed.

The company had been trying to negotiate an agreed way forward.