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Speedy Hire recommends against largest investor's plan to oust chairman

Reuters

(Reuters) - Speedy Hire Plc said its board "strongly recommends" shareholders vote against its largest investor Toscafund Asset Management LLP's demand to oust Executive Chairman Jan Astrand at the company's general meeting.

The company also said in a statement on Thursday that its shareholder circular contained a letter explaining why a merger of Speedy Hire and HSS Hire Group Plc at this time - as "promoted" by Toscafund - would not be in the best interests of all shareholders. http://bit.ly/2blYzKq

Industrial tools and equipment rental company Speedy Hire said in December that it was not considering a deal with HSS Hire after Sky News reported the companies had abandoned talks regarding a 300 million pound deal. http://bit.ly/1lZeYFO

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair)