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Nicholas Tod demands reinstatement to family business

25th October 2005

Nicholas Tod, the former CEO of UK independent ATM operator Scott Tod, has launched a forthright campaign aimed, it seems, at getting himself reinstated to the company founded by his father.

Scott Tod's current chairman, David Massie, ousted Mr Tod in August 2005 after the company announced that it was struggling financially. The two men were also at loggerheads over how the ailing firm's fortunes could be reversed. This dispute apparently centered on whether Scott Tod should carry on launching new ATM sites or whether the focus should instead be on repositioning existing, under-used machines.

Mr Tod claims that he has around 50% of the company's shareholders behind him in his efforts to oust three members of the current board, including Mr Massie. He has requisitioned an extraordinary general meeting of the company.

Scott Tod specializes in providing fee-charging ATMs, and had 2,466 machines in operation in the UK at the end of 2004. Yet in recent times, there has been considerable criticism of fee-charging cash machines, with consumer groups arguing that they disadvantage poorer consumers by making them pay to access their own money.

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