Singapore-based businessman Chris Scott is to join the board of financial services group MFS.
The move follows negotiations between representatives of Scott, led by Wellington Capital managing director Jenny Hutson and the company.
Scott, who owns $40 million MFS shares, is joined by David Burke and Craig Chapman as directors of the group. They now join MFS chief Craig White, MFS chairman and former Liberal Party powerbroker Andrew Peacock, Paul Manka, Barry Cronin and Geoff Williams on the board.
In a release to the Australian Securities Exchange, Scott's adviser Hutson said the agreement to move forward together was in everybody's best interests.
She said she was confident the new directors would work well with the existing directors to ensure the MFS Board was focused on the best interests of both shareholders and the company.
On February 29 Scott wrote to shareholders with a proposal to appoint himself along with four others to the board at an extraordinary general meeting, scheduled for April 7 in Brisbane. This meeting will now not be held.
The two other Scott supporters, MFS shareholder Graham Lillyman and former KPMG corporate finance director Craig Wallace were not invited to become directors.
The three new directors are subject to re-election by shareholders at the next annual general meeting in November.
Scott owns the shares in MFS as a result of the sale of his S8 travel group to MFS in 2006.
