A letter to the minority shareholders of the Lincs FM Group urges them to back a proposal for the removal of the Chairman and the sale of the group.
Two shareholders, Adam Pollock and Adam Pearson, explain to fellow directors that being a locked-in minority in a private company run by a Board ‘seemingly only there for their own benefit’ is an uncomfortable place to be. They say Mr Betton’s salary is too much and are not happy that no dividends have been paid for years.
The highest paid un-named director at Lincs FM, according to public records, received £277,232 plus £33,758 in lieu of pension contributions.
Adam Pollock is Co-Head of Corporate Broking at Zeus Capital whilst Adam Pearson is the owner of Hull FC Super League Club. Pearson was previously CEO of Leeds United.
The letter proposes to remove CEO Michael Betton and Chairman Mr Ednyfed Hudson-Davies, elect Adam Pearson as Chairman and start the process of disposing of the licences.
A notice of General Meeting will shortly be posted to all shareholders, who will then decide the future of the group.
Mr Betton had no comment to make when contacted by RadioToday.