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Speedy Hire says Jan Astrand to continue as chairman

Reuters

(Reuters) - Speedy Hire Plc (SDY.L) said its Executive Chairman Jan Astrand would continue in the role, after shareholders voted against a resolution by its largest stakeholder to oust him.

Toscafund Asset Management LLP, which owns a 19.44 percent stake in Speedy, called for Astrand's removal last month, saying he was "indecisive as a business leader" and that he had failed to consult with shareholders about key board appointments.

Industrial tools and equipment rental company Speedy Hire also said in a statement on Friday that its shareholders had voted to appoint David Shearer as a director of the company.

The fund was pushing for Shearer's appointment to the board.

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Shearer was the chairman of infrastructure company Mouchel Group Plc between 2012 and 2014 and played a big role in its turnaround.

Toscafund did not immediately respond to a request for comment.

(Reporting by Noor Zainab Hussain in Bengaluru)