Shareholders and Roger Canham

Hornby: Roger Canham, Hornby executive chairman, said: I am highly confident that our shareholders will approve the placing but would draw to your attention the fact that if they are not approved there are serious concerns over the group ability to continue as a going concern, according to The Guardian. The fact that the placing is yet to be approved by shareholders represents a material uncertainty. The company, which makes Scalextric and Corgi toy cars but is best known for model railways and train sets, urged investors to back the share placing or risk the demise of the century-old brand. Hornby announced its turnaround plan following a year marred by a string of profit warnings, a plunging share price and the departure of its chief executive, Richard Ames, who left in February as the company financial woes deepened. Hornby plans to slash the number of individual product lines by about 40% by the end of this year, focusing on those that generate higher margins. As part of the plan, the company said it would cut the number of products it sells but reassured customers that its most popular UK brands – which also include Airfix and Humbrol – would be retained. (news.financializer.com). As reported in the news.