There have been fears that Interserve could go the way of Carillion, its rival that went bust last year DARREN STAPLES/REUTERSThe largest investor in Interserve wants to sack the ailing public services contractor’s chairman, finance director and most of the rest of the board in an effort to derail a £905 million rescue of the company. Interserve presented a restructuring of the business yesterday that would all but wipe out existing shareholders and hand the company to its lenders. However, within minutes of it presenting its plans to the London Stock Exchange, it emerged that Coltrane Asset Management, a New York-based hedge fund that has amassed a 17 per cent stake in Interserve, had requisitioned an extraordinary general meeting of the company. The requisition calls for the removal of most of the Interserve board, led by Glyn Barker, its chairman and a former senior partner…

Source: The Times February 07, 2019 00:09 UTC