Chiefs dig in over bid for control of Claims

CLAIMS Direct's independent directors today gave an insight into the bitter boardroom battle that awaits the compensation specialist by warning that they would call for the resignations of hostile takeover bidders Tony Sullman and Colin Poole if their offer failed.

David Hankinson said resigning from the board would be the "honourable thing" for Sullman and Poole to do if, as appears likely, their 19 million offer is rejected.

He would also help the pair to find a way of selling their joint 43% stake in the company.

Hankinson was speaking after Claims' independent directors formally rejected the 10p-a-share bid, which they described as a "deeply cynical" attempt by Sullman and Poole to take advantage of the uncertainties facing the group.

These include an impending Court of Appeal decision which will determine how much of the insurance premium can be recovered by successful claimants.

The ruling is expected by the end of the month.

The independent directors said in a letter to shareholders today that Claims' number of accepted cases had continued to fall since 31 March. But they said there had been some "encouraging signs" since early May, with an increased number of enquiries and new appointments.

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