Headlam Group has confirmed it received a requisition notice on 24 April from First Seagull AS, the Norwegian shareholder which holds a 10.05% stake, calling for a general meeting to overhaul the flooring distributor’s board.
The notice was received after a period of poor share price performance, made worse by the recently announced final results, which outlined plans to manage a revenue decline by focusing on core customers.
Headlam has posted EBITDA losses in each of the last two years and generated £499m revenue in FY2025.
Headlam shares are down 63% over the past year to 28p, valuing the company at just £22m.
Some shareholders have had enough. The notice proposes removing the chair and two non-executive directors, replacing them with two FS nominees, including Stian Husvaeg, managing director of First Seagull. If convened, the meeting would sit alongside Headlam’s scheduled AGM rather than replace it.
The board said it is reviewing the notice with its advisers but pushed back on the move, pointing to its recently refreshed line-up, a new executive team and two new non-executive directors, which it believes have the right experience to deliver the turnaround strategy already underway.