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Mr Hornby, who was awarded a pay package of £792,000 last year as well as 1.4m shares, narrowly won a vote on executive pay at the company’s AGM last month after the company’s biggest shareholder, Columbia Threadneedle, threw its support behind the board. Almost half of TRG’s shareholders voted against the directors’ pay report and more than a third against its pay policy.
Oasis previously called Mr Hornby’s pay package “unpalatable” and “disproportionate”.
However, since the meeting with shareholders the value of TRG shares has continued to fall, dropping by more than 20pc. Activists suggested this was linked to shareholder dissatisfaction.
Derek Vago, strategic advisor at TMR Capital, said: “They’re quite clearly under huge pressure, the share price is dropping pretty fast. And I think it’s a reflection of the fact that people were not happy with the resolutions.”
Mr Wosner added: “It’s really concerning. There’s been a big battle [on remuneration]. The register has changed significantly into the AGM and now again post AGM.”
“It is the Chair’s responsibility to look after the best interests of shareholders and he is aware there is significant shareholder dissatisfaction.”
Both Oasis and Mr Vago have asked for seats on the board. However, this has not been granted by TRG.
The TRG spokesman added: “In recent months we have received public support from a number of our leading long-term shareholders, enjoyed a positive start to the year, set out a clear three-year margin improvement plan and are firmly focused on delivery.
“All consumer share prices have been under pressure over the last month and our share price remains up 16pc since the start of the year.”
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