An activist investor has hit back at Speedy Hire Plc's (LON:SDY) rejection of its calls for a shake-up at the plant hire group.
Toscafund, Speedy's biggest shareholder, said it was surprised at the company's response to demands that it made in July.
The rebel investor called for the removal of Speedy's executive chairman Jan Astrand and the election to the board of corporate turnaround expert David Shearer.
Speedy claimed last week that Shearer's experience was no longer relevant and said Jan Astrand was providing strong and stable leadership.
It said in a statement last Thursday: "The independent board continues to believe the resolutions are, in each case, not in the best interests of all shareholders and continues to unanimously and strongly recommend that shareholders vote against both resolutions."
But Toscafund said in a statement on Monday that it was surprised Speedy didn't think it needed Shearer on the board.
It said three "leading" shareholder proxy advisors had deemed Shearer to be independent, adequately experienced and was needed immediately to reinforce the board.
The fund voiced concerns about the appropriateness of other members of the board and reiterated its criticisms of Astrand's "weak" performance.
"Toscafund urges shareholders to consider the real facts and to support the resolutions at the convened general meeting on September 9," it said.
Toscafund has been a shareholder in Speedy since 2013 and now owns 19.5% of the company.