Friends of former BBC Trust Chairman Sir Michael Lyons will be hoping for a better 2012 for the Mouchel Group. Sir Michael's been involved with the company since its current incarnation in September 2003. Shares peaked at around £4.75 in 2007. In October last year, Sir Michael stepped up from non-executive director to Interim Chairman, after the discovery of a £4.2m error in the company's books. Shares were trading at around 19p; now they're down to 5p.
Sir Michael will step back from the frontline at the company's AGM this Friday, having found a new leader in "turnaround specialist" David Shearer. Sir Michael's last act will be to persuade shareholders to up the company's borrowing limit from £55.5m to £225m.
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