Nisa takeover: chairman denies reports of revolt

Nisa takeover

Nisa has confirmed it has received no request for an extraordinary general meeting (EGM) following a report that members are plotting to overthrow chief executive Nick Read amid takeover talks by supermarket Sainsbury’s.

The report, published by the Sunday Times, suggested around 30 rebel retailers were to pool their shares to cross the 5% threshold needed to call a vote on Mr Read’s future at the mutual symbol group.

However, Nisa chairman Peter Hartley told RN: “We have received no request for an EGM, and cannot see any merit in calling one,” adding the company has been carrying out regional meetings to allow members to air their views.

“Members have strongly indicated they would be keen to have the opportunity to evaluate a proposition should one be forthcoming,” he said.

Nisa retailer Harj Dhasee, who runs The Village Store in Mickleton, said: “It’s a great shame a minority are trying to destabilise the company and seem to have a personal vendetta against Nick Read.”

While an industry insider said: “This is pure mischief-making from a small vocal group. They often don’t reflect the realities of today and their actions are at odds with the interests and desires of the wider membership.”

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