Hedge fund manager and Conservative party donor Crispin Odey has opened fire on the chief executive and chairman of Tungsten Corporation, demanding that they be kicked off the board.
As one of the largest shareholders in Tungsten, Odey Asset Management is said to have been canvassing votes from its fellow members to force the hands of directors. Should it prevail, chairman Nick Parker and CEO Richard Hurwitz will be replaced in favour of two preferred, unknown candidates, Sky News reported.
The loss-making Tungsten provides a digital transaction network for invoice financing, with customers including General Motors, Glaxosmithkline and IBM.
Odey is said to have been set against the companys bosses for a long time, emerging now after its share price took a 20 per cent tumble over the last year.
Sources speaking to Sky News said that Tungsten will have “little choice” but to give in to Odeys demands, given his significant stake in the company and supposed support from other shareholders.