Coast Capital has abandoned its most high-profile proposed director change to the board of First Group, but is pressing ahead with others. The American activist hedge fund has acquired a 10 per cent stake in the Anglo-American bus and trains group with the intention of sweeping away half the board and imposing its own plan to de-merge First’s US student and shuttle business and list it in New York. Coast requisitioned a special meeting of the company set for next week, but David Martin, the former boss of Arriva, a transport company rival, and one of the fund’s key nominees, has decided not to run for a board seat. Industry speculation suggests that Mr Martin, 67, has other projects that he is considering.

Source: The Times June 19, 2019 22:52 UTC