Seven Group takes a step closer to a seat at the Boral table
Billionaire businessman Kerry Stokes' Seven Group Holdings has moved a step closer to board representation at building materials giant Boral after the conglomerate lifted its stake in Boral to 19.98 per cent.shortly after Boral unveiled a $1.35 billion pre-tax impairment
last month, mostly relating to its US operations. At the same time Boral chairman Kathryn Fagg told investors the company was in the process of "board renewal" and recruiting two new directors. Seven Group Holdings CEO Ryan Stokes said last month that the company had been watching Boral for 6-12 months before investing in the building materials group.The new directors will be based in Australia and are expected to be announced this year. Long-serving Boral director John Marlay will retire at the end of this year and Eileen Doyle will retire in 2021.
Seven Group has not publicly stated whether it is seeking representation on the Boral board, but observers widely believe it is likely, as Seven and other major investors seek change at the construction materials giant.Seven's investment in oil and gas company Beach Energy is seen as a template for its plans at Boral where it built a 28.5 per cent stake in the company and has two board members.
Over the last two years Boral has issued a series of profit warnings, is facing two shareholder class actions in Australia relating to its North American Windows business and its long term chief executive, Mike Kane, recently left the role.
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