FitzWalter Capital seeks to replace Auction Technology Group chair

FitzWalter Capital, the largest shareholder in Auction Technology Group (ATG) plc, has requisitioned a general meeting to remove Chair Scott Forbes and appoint director Richard Campbell-Breeden in his place. FitzWalter holds a 27.2% stake in the London-listed company.

The activist investor is pushing for a comprehensive strategic review, which may include a potential competitive sale process. FitzWalter has stated it will not participate as a bidder but believes a new chair is necessary to oversee the review. The investor has criticized the current board for ‘extreme value destruction’ and has previously rejected a £491 million bid for the company after being denied due diligence access.

FitzWalter is also advocating for ATG to move its headquarters and listing to the United States. The investor argues that because more than 80% of ATG’s revenue is generated in the US, the company would be more valuable to US-based private equity and strategic buyers if overseen from that region.