Wagamama owner Restaurant Group PLC (LSE:RTN) has been slated by activist shareholder Oasis Management following the company losing two-thirds of its share price in the last year.
Oasis Management, an Asia- based hedge fund, has called for Restaurant Group to “re-align its priorities” by taking immediate action to revitalise investor confidence.
The fund which owns 6.5% of the hospitality company, equivalent to £17.5bmln, expressed a desire for management changes in the near future.
Oasis claimed it approached the Frankie and Benny’s owner’s board, but all suggestions were ignored leading to it making its concerns public.
Who are Oasis Management?
The Hong Kong-based firm began buying shares in the British company in November last year.
Oasis made headlines when it obtained close to 25% of Premier Foods, getting on the company’s board and driving a rebellion to overthrow former chief executive Gavin Darby.
The hedge fund is headed by Martin Wheatley, the inaugural boss of the UK Financial Conduct Authority (FCA) and former deputy chief executive of the London Stock Exchange.
He resigned from the FCA in 2015 after criticism of a 2013 investigation into banks that had mis-sold interest rate derivatives to small businesses.
Wheatley refused to collaborate with an independent review that alleged the FCA had given a “free pass” to the banks under review.