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Toscafund is run by Martin Hughes, who is known as ‘the Rottweiler’ in City circles because of his aggressive style when agitating for change at firms he invests in.
On the fence: Talk Talk Co-founder and shareholder David Ross
It now has £3billion of assets under management and is chaired by City grandee Martin Gilbert, co-founder of Aberdeen Asset Management.
The fund has taken seven public companies private, including telecoms firm Daisy Group in 2014. It is the second-biggest investor in Talk Talk behind Dunstone, with 29.5 per cent, and unsuccessfully tried to buy the company out last year.
Tosca will need to win 75 per cent support of the remaining shareholders to push through its latest proposal, but with existing commitments from Dunstone and the firm’s directors it has already mustered 45 per cent.