Activist fund Fitzwalter pushes for new chair and strategic review at Auction Technology

Fitzwalter Capital, which holds the biggest stake in Auction Technology Group (ATG), has revived its campaign against the company's leadership, demanding the ouster of current chair Scott Forbes. Citing five years of "value destruction," the activist proposes Richard Campbell-Breeden, a Fitzwalter-appointed director, to head a strategic review that would examine a share buyback or a potential sale. A general meeting has been scheduled for shareholders to decide on the motion, following Fitzwalter's decision to drop a previous takeover attempt six months ago.

The firm emphasizes it will not place its own bid in a sale process but will back any offer the board endorses. ATG’s stock has slumped more than 65% over the past five years after a problematic integration of the US rival Chairish. Fitzwalter partner Andrew Gray reiterated the need for one outlet's review to deliver the best outcome for all shareholders. The company has not responded to requests for comment.