10 April 2008
PRESS STATEMENT
The Shetland Development Trust can confirm the current Smyril Line Shareholder’s agreement, which was signed in 2003, has expired and the Trust no longer has automatic Shetland representation on the Board of Directors with the Company.
A decision was taken in Faroe, at the Smyril Line AGM today, that the Board would consist of five Directors with specialist skills. This means the Board is being appointed to provide appropriate business skills to the Company, and not to represent the major shareholders.
Josie Simpson, Chair of the Shetland Development Trust, nominated Bobby Hunter to continue to act as a Board member. However, this was defeated by the two majority shareholders.
The Trust continues to hold its 16% shareholding in the Company, and can vote on an annual basis at the AGM. Shetland representatives were present at yesterday’s Smyril Line AGM, and Chairman, Josie Simpson said” The Trust is disappointed that this ends our active involvement in the Company’s management at Board level, however, we will continue to monitor our investment and hope that Smyril Line can continue to strengthen its position in the market.”
Bobby Hunter said, “ I have enjoyed my time as a Director, and am disappointed that I will no longer be involved with the Company. I was pleased to be reassured by the Company that my non re-election was due to strategic changes and not because of any personal performance issues. I wish the Company well and hope that Shetland recoups its investment in the near future.”