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Lennox Holdings - Boardroom coup

September 2005

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • LNX
  • Price:
  • 59p
In a shock development, Lennox’s chief executive, Peter Voller, was voted off the board at the company’s AGM, with managing director David Franks, who originally founded the business, taking over as acting chief executive. The coup was apparently sprung because Franks felt unable to work with Voller because of a clash of management styles. This eccentric behaviour has clearly shaken investor confidence, however there is still a reasonable chance that Lennox will recover from this given that the fundamental growth opportunities remain the same. The main short-term concern is that Voller is likely to sell his shares and this overhang may hold back the price for a while. Continue to hold ...

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