May 1 (Reuters) - Science Group on Thursday
said that it has requisitioned a general meeting of shareholders
at Ricardo to propose the removal of its Chairman Mark
Clare, ramping up calls for change at the British consulting
firm.
The UK-based science and technology consultancy firm, which
holds about 20% of Ricardo, has sought changes at Ricardo,
citing underperformance and structural inefficiencies. Its bid
to replace Clare and two other directors was rejected in March.
"In effect, the General Meeting requisition is a Vote of
No-Confidence in the leadership of the Ricardo Board," Science
Group said.
Science Group is also calling for a sale or breakup of
Ricardo, and on Thursday it said that it had been contacted by
several private equity groups about Ricardo, seeking to
understand its position as an investor.
The company said it would consider any interest in Ricardo
that was in the "best interests of all shareholders."
"While Science Group would support an immediate sale process
seeking offers for the whole of the Ricardo Group, shareholders
should not presume that Science Group would participate as a
potential acquiror in any such sale process since the risks are
high," it said.