Managing Director of Traffic Group Con Scrinis has called for a special shareholders meeting of rival company Traffic Technologies (TT), according to a report in the business section of the Herald Sun, last Monday.
Mr Scrinis has founded TT and left his managing director post in 2007 to create the Traffic Group (for more info on Con Scrinis read Business Wrap on page 4).
The Greek Australian entrepreneur is making use of a 13 per cent voting stake he retains in TT to call for the October 14 meeting with the question of removing three of its directors, including chairman Ray Horsburgh and managing director Con Liosatos.
The two companies are competing in the traffic signage markets of South and Western Australia.
Mr Scrinis told the Herald Sun that he wishes to take over TT and run both companies.
“I think I am the best person to run the Traffic Technologies business,” Mr Scrinis said. “We have been growing the (The Traffic Group) business this year with a view to acquiring assets in Traffic Technologies or acquiring Traffic Technologies. They (the two businesses) need to come together there’s no point having them apart.”
The chairman of TT appears in the same report to challenge Mr Scrinis. “I believe he has a clear conflict of interest in wanting to be a director of both companies,” Mr Horsburgh said. “We’re out their tendering vigorously against each other for contracts and The Traffic Group has taken some of our staff.”