Currie & Brown bosses back down over share scheme

Bosses at Currie & Brown voted against their own proposal to bring in a new share option scheme at the firm's AGM this week.

The dramatic move is thought to have staved off a shareholder revolt against the proposal. The idea was first proposed at an EGM held by the company last October, which was rejected. Shareholders, including staff members, were thought to have objected to the scheme on the grounds that it gave too much control to the firm's bosses as far as who would receive shares and how many would be issued. A C&B spokesman declined to comment on the motion.

Shareholders at the meeting on Tuesday night described the development as "strange". One said: "I think the board realised there was a degree of discontent against the proposals." Another added that the "fight did not happen" due to the board's move. "The dispute has been diffused. I'm not sure what's going to happen now. Perhaps there will be a circular issued by the management in the coming weeks."

The firm's latest financial results were also revealed at the AGM. Pre-tax profits doubled to £1.2m for the year to 31 March 2005. Of that the firm had a retained profit for the period of £270,000 while group turnover was up 22% to £54.5m.

I think the board realised there was a degree of discontent against the proposals

Shareholder, Currie & Brown

Chief executive Euan McEwan said the firm was going from strength to strength.

"Cost management, project management, consulting and building surveying areas have all performed well both at home and by expanding into growing markets overseas," he said. "We have consistently added value, provided long-term strategic thinking and detailed project execution, plus asset and operational management in every area of clients' businesses."

The firm has suffered a string of departures in the last year despite the positive results. A wave of bosses, including five regional heads, have left the firm as well as former international operations director David Mitchell and head of building surveying Gary Fraughen.