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NOVEMBER 2018

FirstGroup
Coast Capital Management wants to launch a coup
First Glasgow

19 Nov 2018

US hedge fund boss threatens FirstGroup

A US hedge fund boss has threatened to launch a coup against executives at transport company FirstGroup, amid growing investor anger about its performance.

James Rasteh, of Coast Capital Management, said: ‘They are driving the bus off the cliff; if they are deadly intent on continuing to do that they must be ejected from their seats.’

Mr Rasteh claimed Coast could get more than the 5% support necessary to convene an investor vote on the board.

A spokesman for FirstGroup, which has lost 78% of its value in the past decade, insisted there were ‘clear plans in place’ for a turnaround.

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