Shares in ground engineering specialist Van Elle (VANL) fell 11 per cent after former non-executive chairman Michael Ellis called on the company to convene a general meeting of shareholders with a proposal to elect himself and his son-in-law, Thomas Lindup, as directors of the company. A further resolution would call for the removal of chief executive Jon Fenton and senior independent director Robin Williams as directors of the company.
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The company has until 29 November to send a circular to shareholders, and at this time the board recommended that shareholders take no action. Mr Ellis founded Van Elle 33 years ago, and guided the company through its flotation in October 2016 before retiring from the board on 31 December 2016.
