Rivkin’s boardroom stoush
Rivkin Financial Services (RFS) newly elected managing director Andrew Davis may not have the opportunity to implement his revived business strategy after corporate raider Farooq Khan swooped to amass a large stake in RFS and yesterday revealing his intentions to take control of the board.
Khan, who is currently chairman of listed companies Sofcom, Fast Scout and Altera Capital gave notice to RFS yesterday requisitioning a meeting of shareholders to oust the current board and instate his own crew.
The announcement from Khan comes shortly after Rivkin sons Jordan and Shannon, along with fellow director David Croll flagged their resignation late last week.
If approved, the vacancy left by outgoing chairman Jordan Rivkin will not be filled by Lawrence Chartres, as announced by RFS yesterday but may be taken on by Khan, who at present chairs four other publicly listed companies.
Shannon Rivkin’s directorship was lined up to go to new recruit Anthony Lister, but if Khan’s assault is successful will be given to Christopher Ryan.
Khan is also putting forward Simon Cato for the directorship, who like Ryan has been a past boardroom associate of Khan.
Meanwhile, RFS current general manager Andrew Davis was not available for comment, but Khan says he is expecting Davis to put up a fight for control of the group.
In December last year, Khan appointed Constellation Capital Management as the investment manager for Bentley Equities (formerly BT Global Asset Management) and at the time said he was looking for more opportunities in the listed investment company sphere.
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