Sainsbury’s shareholder Robert Tchenguiz has increased his stake in the company and called for the board to restructure its balance sheet, it emerged today.
The tycoon, who has a reputation for shaking up companies with property assets, has upped his stake from 4.67 per cent to 5.07 per cent.
He told The Daily Telegraph: “Sainsbury has £1.6 billion of debt and a capital value of £10bn. In anybody’s book this is a bad capital structure.”
He is believed to have met with senior directors at Sainsbury’s and presented them with a proposal that will allow the firm to return more than £4 billion to shareholders. It suggests the company gear up its balance sheet or take on extra borrowings and use the proceeds to finance a buyback or special dividend.
Tchenguiz wants the board to realise value from its 750-strong property portfolio.
It is understood that the company is already planning a major revaluation of its property portfolio. But Tchenguiz’s views are likely to lead to a clash with the Sainsbury family, who own nearly 18 per cent of the shares.
A Sainsbury’s spokesman said: “The board always listens to what shareholders have to say, but will do what’s in the best interest of all shareholders.”
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