Investor fund ups stake in Enero as CEO Melhuish approaches end of current contract
A boutique investment fund has quietly built up its stake in marketing agency holding group Enero to just under 15 per cent, as shares in the company continue to slide.
NAOS Asset Management has upped its stake in the group, formerly known as Photon, from 9.2 per cent last December to 14.81 per cent of the company, making it the second largest shareholder.
CEO Matthew Melhuish’s current three year contract expires on June 30. The increased stake gives NAOS the ability to have a major influence over votes on matters like remuneration and board appointments at the Enero annual general meeting in August.
Enero agencies include BMF, Naked Communications, Frank PR, The Leading Edge and Jigsaw.
[Edited under Mumbrella’s comment moderation policy]
Those poor companies in that holing group have had their souls ripped out (as well as their margins).
Mathew is a tremendous asset to any business. The onus has to be on the individual businesses to deliver to make the whole entity strong. The same with any other agency group, or of course any client company with multiple brands.