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David Ross quits

by Scott Bicheno on 8 December 2008, 09:53

Tags: Carphone Warehouse

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Portentous news

In a surprising move, not least to HEXUS readers, David Ross has announced he has resigned from the company he co-founded.

Ross founded mobile phone retailer Carphone Warehouse (CPW) in 1989, with current CEO Charles Dunstone, and still holds between 19.4 and 19.6 percent of its shares, depending on who you believe.

He used 136.4 million of his shares, which amounts to around 15 percent of the company, as collateral on personal loans for the past two years. The rules say you have to disclose such activity to shareholders, which he didn't, so he decided to resign.

Here's what CPW had to say on the subject:

On 7 December 2008, the Company received notification from David Ross, a Director of the Company, that he had, through various agreements between 2006 and 2008 and as part of a package of security comprising other assets of substantial value, pledged 136.4 million ordinary shares in the Company against personal loans.  

David Ross has also notified the Company that none of these loans is currently in default and that he has no current intention to sell any of his shares in the Company. In addition, he has given an undertaking to the Board to facilitate an orderly market, where possible, for any potential future disposal of shares in the Company.

David Ross has tendered his resignation as a Director of the Company with immediate effect and will continue to pursue his various other business interests.

No other Director of the Company has granted security over or entered into any financial instruments relating to any of their holdings of ordinary shares in the Company.

CPW shares were down over five percent on the news, in contrast with a FSTE 100 that opened up five percent.

 



HEXUS Forums :: 26 Comments

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Oh wait, not THAT David Ross
That is exactly what i thought …
Add me to the list of those who thought erm David worked for cpw???

:D
:surprised:
There are altogether too many people called David Ross..!