Key shareholders 'backing Harland'
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.MAIN shareholders in Harland Simon, the troubled control systems group, 'will not oppose' the re-election of its chairman, David Mahony, as a director at next week's annual meeting.
After key shareholders met company representatives on Monday, Harland said yesterday that 'a number of major shareholders have authorised the board to confirm that they fully support the steps being taken to improve the company's position'. Mr Mahony intends eventually to stand aside to allow a yet-to-be appointed non-executive director to become chairman.
Harland again said that publicly available documents showed that a problematic pounds 2.45m investment in Perfect Information, an off-balance sheet associate of Harland, was made with money from Oerlikon-Buhrle, a Swiss company.
Oerlikon-Buhrle, from which Harland acquired five companies last year, has denied making 'any investment in any company whatsoever' in its dealings with Harland. It is understood that Oerlikon received no information about Perfect, an on-line information service.
Harland said yesterday it always believed that Oerlikon was the beneficial owner of a stake held by a Liechtenstein trust.
The board could not be responsible for Oerlikon's refusal to confirm or deny to Harland's auditors whether it was the beneficial owner. Harland therefore reiterated that 'the shares were not at any time held for the benefit of any company in the Harland Simon group or for any of its directors or officers'.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments