Joules is reportedly facing concerns from shareholders this week over worries that founder, Tom Joule, could take control of a larger part of the business.
Shareholder advisory group ISS has urged investors to vote against company plans that could see Joule increase his share of Joules to as much as 36% at the firm’s AGM on Thursday, This is Money reports.
Joule currently has a 32% stake in the business, worth £90m.
ISS said the increased stake hold would give him “creeping control” of the business, according to This is Money.
However, the public notice of AGM says the board has no current intention to buy back shares and will do so only if in the interest of minority shareholders.
This was also an item at last year’s AGM and 90% of votes were cast in favour of the resolutions.