Plans to raise a fresh motor finance operation
from the run-off of asset finance lender Davenham Group plc have
been obstructed by the decision of its shareholders not to support
a replacement of the company’s board.
David Anthony, the former CEO of Hitachi
Capital in the UK, had enlisted ex-Moneyway chief Gary Jennison to
help him take control of the struggling lender, with an eye to
reigniting lending with Jennison at the helm as CEO.
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However, in an extraordinary general meeting
(EGM) held on 10 January, shareholders of the group (in which
Anthony has held a 14.9 percent stake since last September) voted
with a ratio of more than two to one against removing current
directors Paul Burke and James Kerr-Muir.
Under Anthony’s plan, Davenham’s general asset
finance and trade finance lending would have resumed, while
Jennison’s experience would have been used to open up a new used
car finance operation.
Speaking exclusively to Motor Finance in the
wake of the EGM, Jennison commented: “We are not giving up and may
well call another EGM where we would insist on better
communications to shareholders by the chairman – the non-voters are
likely to back our resolution.”
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