Shareholders demand justice at Cattles AGM

Led by rebel shareholder Barry Dearing, the investors demanded justice after an accounting scandal at the Batley-based lender wiped out the value of their shares.

The shareholders called for the resignation of executive chairman Margaret Young, as well as non-executive directors David Haxby, Frank Dee and Alan McWalter at the firm's annual general meeting in the Queen's Hotel, Leeds.

They claimed non-executive directors let accounting errors go unnoticed.

Cattles urged shareholders to vote against the special resolutions, insisting they were not in the interest of the company or its stakeholders.

The resolutions were defeated by 60 per cent of investors.

Shareholders also voiced their anger that they are unlikely to get more than 1p per share from a possible scheme of arrangement which will see creditors take control of the company paying shareholders a total of 5.25m.