Eddie Stobart Logistics plc is a company incorporated in England and Wales and was registered in March 2014 with registered number 08922456. The main country of operation is the United Kingdom with subsidiaries based in Northern Europe.
The information is being disclosed for the purposes of AIM Rule 26. The page was last updated on 18th September 2018.
Company Information and Business Description
Eddie Stobart is a leading logistics and supply chain organisation in the UK. The business was initially formed in 1970 by its eponymous founder Edward Stobart, and went on to become, and continues to be, one of the UK’s most well-known companies in the supply chain sector. It is recognised for its high levels of service and benefits from a significant base of long term relationships with blue chip customers.
From its headquarters in Warrington, operating some 2,200 vehicles, 3,800 trailers and 24 distribution centres throughout the UK and Europe, Eddie Stobart provides its services to a range of national and international customers. With many of these, Eddie Stobart has had a long standing relationship for more than ten years. The Directors believe that one of Eddie Stobart’s key differentiators is its pay-as-you-go, scale enabled, shared-user network approach which maximises fleet and warehouse utilisation, allowing Eddie Stobart to provide its customers with cost effective supply chain solutions. This flexibility, together with IT-supported network planning, allows Eddie Stobart to reduce empty vehicle miles, thus improving utilisation levels to above 86%, compared with the industry average of 71%.
Since passing into its current ownership in April 2014, Eddie Stobart has focused its business on growing a balanced portfolio across the following core sectors: E-Commerce, Manufacturing, Industrial & Bulk, Retail and Consumer.
Philip Swatman (Independent Non-Executive Chairman, born 1949)
Philip has extensive capital markets experience, having served as a Managing Director and subsequently Co-Head of Investment Banking of NM Rothschild between 1998 and 2001, thereafter serving as Vice-Chairman of Investment Banking until 2008. Philip has been involved in a significant number of high profile transactions including the IPO of Vodafone and the sale of BPB plc to Saint Gobain. Philip has served as a non-executive director at nine companies, including his present roles as a member of the Council of Lloyd’s, Chairman of Wyvern Partners LLP and Non-Executive Chairman of Cambria Automobiles plc since 2012.
Stephen Harley (Independent Non-Executive Director, born 1951)
Stephen is currently Managing Director for Asset Businesses and a member of the Group Executive Committee at Laing O’Rourke, and has extensive manufacturing, complex engineering logistics and supply chain management expertise. Stephen previously held roles at Ford Motor Company, where his scope of responsibilities included the group-wide budget and operational accountability for Ford’s material planning and logistics as well as aftermarket parts service and logistics processes worldwide.
Christopher Casey (Independent Non-Executive Director, born 1955)
Christopher has over 30 years’ strategic financial experience. He was previously a partner of KPMG LLP and its predecessor firms from 1992, having joined Peat Marwick & Mitchell in 1977. He was initially audit partner responsible for a series of assignments for large and quoted companies but latterly specialised in M&A advisory assistance both pre and post deal. He is currently a director of TR European Growth Trust plc, BlackRock North American Income Trust plc, and City Natural Resources High Yield Trust, Mobius Investment Trust plc and Readypower Group Limited.
Alexander (Alex) Laffey (Chief Executive Officer, born 1961)
Alex is an international logistics expert with over 25 years’ experience in supply chain distribution at a senior level. He has operated in a number of markets across Europe and Asia for grocery supply chains and general merchandise, in-store and online operations. He headed international distribution for Tesco and led a review of the company’s global logistics blueprint to realise synergies across all of its markets. This programme delivered significant cost savings and service improvements. In addition, Alex also managed Tesco’s UK logistics, with over 50,000 store deliveries per week and a £1.6 billion annual cost base. Alex was appointed Chief Executive Officer of Eddie Stobart in May 2015.
Damien Harte (Chief Financial Officer, born 1956)
Damien has over 30 years’ experience in senior financial positions of large organisations across a range of sectors in the UK and internationally, including logistics and distribution, manufacturing, renewable energy, media and leisure. Most recently he was Global Chief Financial Officer of LM Windpower, a leading player in the global renewable energy market. Damien is a Certified Accountant and holds an MBA from the University of Chicago. He has been integrally involved with the IPO of Eddie Stobart and the development of the Company’s post-Admission growth plans since joining the business in December 2016.
Immediately following Admission, the Board will comprise five directors, two of whom shall be executive directors and three of whom shall be non-executive directors (including the Chairman), reflecting a blend of different experience and backgrounds. All the non-executive directors are considered independent.
Following Admission, the Board will meet regularly to review, formulate and approve the Company’s strategy, budgets, corporate actions and oversee the Company’s progress towards its goals. It has established an Audit Committee and a Remuneration Committee with formally delegated duties and responsibilities and with written terms of reference. From time to time, separate committees may be set up by the Board to consider specific issues when the need arises.
The Company is committed to high standards of corporate governance and complies with the requirements of the Governance Code of the Quoted Companies Alliance (“QCA Code”). Our statement of compliance with the QCA Code, together with our Chairman’s governance statement, is set out below.
The Company has established Audit and Remuneration Committees comprised solely of independent non-executive directors.
The Audit Committee is chaired by Christopher Casey and its other members are Philip Swatman and Stephen Harley, each of whom is an independent non-executive director. The Audit Committee is expected to meet formally at least two times a year and otherwise as required. It will have the responsibility for ensuring that the financial performance of the Company is properly reported on and reviewed and its role includes monitoring the integrity of the financial statements of the Company (including annual and interim accounts and results announcements), reviewing internal control and risk management systems, reviewing any changes to accounting policies, reviewing and monitoring the extent of the non-audit services undertaken by external auditors and advising on the appointment of external auditors.
The Remuneration Committee is chaired by Philip Swatman and its other members are Stephen Harley and Christopher Casey, each of whom is an independent non-executive director. The Remuneration Committee is expected to meet as required. It will have responsibility for determining, within the agreed terms of reference, the Company’s policy on the remuneration packages of the Company’s chairman, the executive directors, senior managers and such other members of the executive management as it is designated to consider. The Remuneration Committee will also have responsibility for determining (within the terms of the Company’s policy and in consultation with the chairman of the Board and/or the chief executive officer) the total individual remuneration package for each executive director and other designated senior executives (including bonuses, incentive payments and share options or other share awards). The remuneration of non-executive directors will be a matter for the chairman and executive directors of the Board. No director or manager will be allowed to partake in any discussions as to their own remuneration. In addition, the Remuneration Committee will have the responsibility for reviewing the structure, size and composition (including the skills, knowledge and experience) of the Board and giving full consideration to succession planning. It will also have responsibility for recommending new appointments to the Board.
Board and Committee Independence
Notwithstanding that the UK Corporate Governance Code does not apply to the Company, the Company intends to comply with its recommendation for a ‘‘smaller company’’ (defined in the UK Corporate Governance Code as being a company that is outside the FTSE 350, as the Company will be), that it should have at least two independent non-executive directors. As of the date of this Document, the Board consists of three independent non-executive directors (including the Chairman) and two executive directors. The Company regards the non-executive directors as ‘‘independent non-executive directors’’ within the meaning of the UK Corporate Governance Code and free from any relationship that could materially interfere with the exercise of their independent judgement.
Constitutional & AIM Admission Documents
Gender Pay Gap Statement
Notice of AGM
Advisers and Registrars
Company Secretary & Registered Office:
Eddie Stobart Logistics plc
Stretton Green Distribution Park
Tel: 01925 605400
Nominated Adviser and Joint Broker:
Cenkos Securities plc
6, 7, 8, Tokenhouse Yard
60 Threadneedle St
Arlington Business Park
Solicitors to the Company:
King & Spalding International LLP
125 Old Broad Street
Link Asset Services
The Registry, 34 Beckenham Road
Beckenham, Kent BR3 4TU
Tel UK: 0371 664 0321*
*Calls are charged at the standard geographic rate and will vary by provider
Calls outside the United Kingdom will be charged at the applicable international rate
Lines are open between 09:00 - 17:30, Monday to Friday excluding public holidays in England and Wales
Different charges may apply to calls from mobile telephones and calls may be recorded and randomly monitored for security and training purposes
The helpline cannot provide advice on the merits of any Proposals, nor give any financial, legal or tax advice
Public Relations Advisers:
200 Aldersgate Street
Eddie Stobart is traded on the Alternative Investment Market of the London Stock Exchange. The Company is not admitted to trading on any other exchanges or trading platforms. Eddie Stobart Logistics is subject to the UK City Code on Takeover and Mergers.
Securities in Issue
Issued share capital as at 04 October 2018 is 379,347,372 ordinary shares of £0.01 each.
Insofar as the Company is aware, as at 04 October 2018 49% per cent of the Company’s shares are not in public hands. No shares are held in treasury.
|Significant Shareholders||Percentage of Voting Rights Held**|
|Woodford Asset Management Limited||22.0%|
|Greenwhitestar Topco Limited||14.2%|
|Stobart Group Limited||11.8%|
|AXA Investment Managers Limited||6.6%|
|Invesco Asset Management Limited||4.8%|
|Schroders Investment Management Limited||3.5%|
*Voting rights percentages have been calculated on the basis of the number of shares stated on the most recent TR1 form provided by each shareholder and the Company’s total voting rights as at 04 October 2018.
Voting rights percentages as at the date that the most recent TR1 form for each shareholder was received are as follows: Woodford Asset Management Limited 23.4%, Greenwhitestar Topco Limited 15.0%, Stobart Group Limited 12.5%, AXA Investment Managers Limited 7.0%, FIL Limited 5.9%, Invesco Asset Management Limited 5.1%, Schroders Investment Management Limited 3.7%.
There are no restrictions on the transfer of the Company’s AIM securities.