Three directors of hotel group Gresham have lost their positions on the company's board following a vote on their re-election at today's AGM.
The move was forced by Israeli group Red Sea hotels which voted against the re-election of non-executive Gerry Liston, finance director Paul McCracken, and the manager of Gresham's european hotels Domenico Venosi.
Red Sea was represented at today's annual general meeting by Des Carville of Davy stockbrokers, who said because of the poor performance of the current board it would be voting against the directors' re-election.
Red Sea holds a 28.25% stake in Gresham, approximately 23.5 million shares, which was more than enough to beat the 9 million proxy votes held by the board.
In a statement Gresham said it regretted the results of the poll but again called on Red Sea to enter into detailed strategic discussions with the current management.
Chief executive Patrick Coyle said Red Sea actions had created 'tremendous uncertainty' for Gresham.
Commenting on the group's future plans he said further property sales to reaslise the value of its portfolio were a possibility.
