Three Instore directors have resigned as part of a deal between shareholders Seaham Investments and Tradegro.
Tradegro’s Dr Christo Wiese, Cornus Moore and John Gnodde have all stepped down from their posts – a condition of Seaham's acquisition of Tradegro's Instore stake.
Seaham, which owns 30.6 per cent of Instore already, is acquiring a further 20.4 per cent from Tradegro, giving it a 51 per cent controlling stake in the variety store retailer.
Tradegro, which will retain a 15 per cent stake in the business, now has no representatives on Instore’s board.
Instore’s independent directors last week warned shareholders not to accept the 5p-a-share offer from Seaham Investments, arguing it “significantly undervalues” the retailer.
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