Blackmore chair Anne Templeman Jones pleads for shareholder support ahead of AGM on October 27

Blackmores chair Anne Templeman-Jones has written a second letter to shareholders, pleading for them to back her at the vitamins giant’s AGM in her battle with top shareholder Marcus Blackmore.

Blackmores chair Anne Templeman-Jones says a vote for her represents “stability, cohesion and performance”. Photo: Youtube

Blackmores chairman Anne Templeman-Jones is upping the ante in her feud against the company’s biggest shareholder Marcus Blackmore, writing her second letter to investors in as many weeks, pleading them to back her at the vitamins maker’s annual meeting.

With less than a week to go before Blackmores holds its annual meeting, where Mr Blackmore is threatening to vote against Ms Templeman-Jones’s election to her first public chairmanship, she is urging shareholders that a vote for her represents “stability, cohesion and performance”.

Mr Blackmores is backing self-nominated candidate, George Tambassis, who was the former president of the powerful Pharmacy Guild for more than seven years, representing about 70 per cent of Blackmores’s customers. Ms Templeman-Jones is urging shareholders to reject Mr Tambassis’ bid, instead standing firm on recruitment firm Egon Zehnder’s list of five candidates.

“Your board and management have the rights skill sets and experience to deliver ongoing shareholder growth For these reasons, it is critical we have the right leadership and team to help our multi-faceted, international business grow,” Ms Templeman-Jones wrote in an ”important letter” to shareholders.

“Following the board renewal since the last AGM, I believe we now have the breadth, cohesion and right combination of skills and experience on the Board and in the team to support our future growth.

“At next week’s AGM, you have an opportunity to vote in favour of resolutions that will maintain this Board.”

Ms Templeman-Jones is at loggerheads with Mr Blackmore - who owns about 23 per cent of Blackmores - after she rebuffed his suggestion to nominate Mr Tambassis to the board.

Last week, she accused Mr Blackmore - who built the company from being valued at around $1m when his father Maurice died in the late 1970s to $1.9bn - as not adhering to the company‘s principles of respect outlined in its code of conduct during his time as director.

The claim, made in an explosive letter, sparked a wave of support for Mr Blackmore from shareholders and employees, including former chief executive Christine Holgate, who said she was disappointed the board would issue such a letter.

“I want to assure you that your board’s recommendations and communications have only been made after careful consideration of its duty to act in the best interests of all Blackmores shareholders,” Ms Templeman-Jones said, underlying ”all” before shareholders.

It is understood that Mr Tambassis has gained around 45 per cent of the vote ahead of the AGM on October 27. The Australian has been told that Ms Templeman-Jones has also been contacting shareholders directly, urging them to support the board’s recommendations and vote against Mr Tambassis.

Mr Blackmore has a loyal following among Blackmores’ retail shareholders, particularly with those who bought in when Blackmores shares were trading around $5 in the late 1990s before peaking at more than $217 in late 2015.

Blackmores shares rose above $100 this week for the first time since February 2019, and is down 1.6 per cent to $100.63 in a slightly higher market on Thursday afternoon.

Mr Blackmore has about $440m of his wealth invested in the company and has never requested a board nominee since stepping down as a director in October last year.

Ms Holgate told the Australian Business Network that while Mr Blackmore has strong views he always “comes from a place of care”.

“I can honestly say that Marcus loves that company. All he wants is it for to be stronger,” Ms Holgate said.

“The day he first met me, he said “if I give you the CEO role, this is a massive act of trust, because all of my wealth is tied up in this business, this is my life, my father’s work, and I’d be handing it over to you.

“That massive trust he gave me what he gave all of us (Blackmores employees) and we all knew it. He really cares about the company and he has a view that it would be beneficial to have somebody with health experience, real health experience on the board.”

The Australian Shareholders’ Association and Institutional Shareholders Services ISS have both supported Ms Templeman-Jones in their voting intention advice. Institutional investor Auscap Asset Management has also backed the chair.

Auscap Asset Management principal and portfolio manager Tim Carleton said last week that Mr Blackmore has built the business into a “wonderful brand” during his 45 years of stewardship.

“It represents Australia’s best natural healthcare business. In recent years there have been a number of challenges, including a disruption to the daigou market, regulatory changes, inventory issues, significant turnover of staff and a revamping of the board,” Mr Carleton said in an interview.

“The company seems to be emerging from this in a strong position, under the guidance of the board led by Anne Templeman-Jones. We would like to see continuity within the business, so we are supporting the board’s nominated directors.”

Originally published as Blackmore chair Anne Templeman Jones pleads for shareholder support ahead of AGM on October 27