Investors and shareholders clash before the crunch vote on Topps Tiles Chairman Darren Shapland

Topps Tiles accused one of its major shareholders, of misleading other investors by making contradictory statements before the board vote.

MS Galleon, which controls 29.9 per cent of the tile retailer’s stock, asked for a vote last month to expel it. TOPS President Darren ShaplandHe demanded the appointment of two non-executive directors.

The main annual general meeting will be held on January 18.

Topps asked shareholders to vote in favor of the reappointment Friday of former Carpetright Shapland chairman. He joined the company’s board in 2015 and was a member of the current board since 2015.

It claimed that more 41 percent of Topps shareholders voted for the incumbent president.

ToppsHe claimed that MSG Galleon had (MSG) contacted other shareholders in company before the meeting with “information that contradicts previous statements directly to Topps regarding MSG’s interest in the business”

She stated that MSG had previously asked Topps for Cersanit to increase its supply, which MSG owns.

The group also stated that Lydia Wolfinger, MSG’s request to be made a non-executive Director, had argued that Cersanit should have purchased 29.9% of the tiles it needed from Cersanit because of MSG.

Topps also claimed that MSG may launch its Nexterio retail tile brand here in the UK. Topps argued that this would create a material conflict of interests.

Shapland said: “The Board continues to believe that these proposals would expose shareholders to a number of serious conflicts of interest and are therefore not in the interest of all shareholders of the Company.

“The Board of Directors welcomes the strong support it has received from other major shareholders who support the position of the Board of Directors in voting against the required resolutions at the General Assembly meeting.”

Topps Independent Senior Director Keith Down said: “The Board of Directors has unanimously rejected these decisions which it does not believe are in the interest of the company and its shareholders as a whole.

“MSG is trying to remove the chairman of the board, who has been leading communications with MSG on behalf of the board, to allow it to increase its control over the business.”

Press Association