Seafield blames ex-chairman over failed property foray
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Your support makes all the difference.THE BOARD of Seafield, the strife-torn Dublin transport group, accused rebel shareholders of obstructing efforts to rebuild the company in a letter sent with the annual report yesterday.
Brian Chilver, chairman, blamed Anthony Wilson, one of the rebels who is seeking election to the board at an extraordinary meeting on 10 June, for being the architect of the disastrous acquisition of Charterhall Properties in October 1989.
Seafield paid pounds 47.7m for the property developer, only to sell it for less than pounds 7m last November. Mr Wilson was chairman of Seafield at the time of the acquisition. He resigned the following June. Seafield's present management has said it was a forced resignation.
Mr Wilson said: 'It is ludicrous to suggest that I was the person who wanted to get into property. I left because I opposed the deal and I stayed long enough not to embarrass the company.'
The rebels claim to speak for 25 per cent of the company's share capital. Fidex International, an offshore trust representing the original sellers of Charterhall Properties, is the largest shareholder with an 18.4 per cent stake.
Robert Cosby, who is seeking to take over the chairmanship, said he would seek to build Seafield's transport and distribution businesses by a series of acquisitions. He said: 'We are reluctant to make precise statements until we have been able to talk to the company's bankers in detail.'
Seafield made a pre-tax loss of pounds 23.4m in 1993, up from pounds 10.1m.
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