Ricardo PLC on Monday accused its largest shareholder, Science Group PLC, of attempting to seize board control without paying a ‘paying a premium for that control’.

The Shoreham-by-Sea, England-based environmental and engineering consultancy said Science Group has continued to raise its stake, now at around 16%, while pushing for board changes, including replacing directors with its own nominees.

In response to an earlier statement from Science Group on Monday, Ricardo called its actions ‘aggressive’ and an ‘unwelcome distraction’ as the company focuses on improving its business performance.

Science Group is a Cambridge, England-based science, engineering and technology business that provides services to the medical, defence, industrial, food & beverage and consumer sectors. It has been pressuring Ricardo’s leadership for weeks, criticising its governance, profitability, and executive pay.

On Friday, Science Group said Ricardo shareholders ‘should hold the board to account’ for ‘weak operational performance with inadequate focus on profitability and cash flow, excessive executive remuneration and ineffective governance’.

Ricardo, however, pushed back, saying its efforts to engage in ‘constructive discussions’ had been rebuffed. It said Science Group is trying to take advantage of its low share price.

‘This strategy has been employed by Science Group in prior situations,’ Ricardo said.

The dispute appears poised to escalate further, with Ricardo warning that Science Group intends to requisition a general meeting to replace Board directors with its own nominees.

Shares in Ricardo traded 1.8% higher at 252.52 pence in London on Monday afternoon, while Science Group shares were down 2.8% at 410.00 pence.

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