The investment fund that tried out reshape Headlam’s board after accusing it of failing and wrecking shareholders value has sold its stake on the flooring distributor.
Stian Husvaeg, First Seagull md – who was one of the fund’s nominated directors to replace the three non-executive Headlam directors – says some shareholders were ‘unable to grasp the situation’ and the fund may become involved in the future: but this would likely involve Headlam’s debtholders.
A day after reducing its stake from 11% to 7%, First Seagull has sold its remaining shareholding.
‘We set out to drive a turnaround for the benefit of all,’ he told Interiors Monthly.
‘Unfortunately, a few shareholders seemed unable to grasp the situation and misguidedly opted for more of the same.
‘There is probably no equity value left, but we believe the underlying business can still be saved and wouldn’t rule out playing a part. If the board doesn’t connect the dots, debtholders know where to find us.’
