Boohoo Group PLC (AIM:BOO) has once again urged shareholders to reject efforts by Mike Ashley’s Frasers Group PLC (LSE:FRAS) to secure seats on its board.
Having previously accused Ashley of an “ulterior motive”, Boohoo on Monday highlighted a recommendation from proxy advisor Institutional Shareholder Services that investors oppose Frasers’ move.
“ISS states that Frasers has offered a superficial view of performance and no specific plans for change,” Boohoo pointed out in a statement.
Boohoo added ISS had noted “the two Frasers candidates, Mike Ashley and Mike Lennon, have real conflicts of interest”.
Shareholders are due to vote on Frasers’ resolutions to appoint Ashley and Lennon to its board at a general meeting on December 20.
Boohoo has been locked in a spat with its largest shareholder, Frasers, since launching a review earlier this year, which prompted speculation over a split of the business which includes Debenhams and PrettyLittleThings.
Ex-Debenhams boss Dan Finley was subsequently appointed chief executive in a blow to Ashley’s bid to take the helm.
“We are clearly focused on doing what is right for all investors,” chair Tim Morris said, pointing to the review and Finley’s appointment.
"I believe that the group is fundamentally undervalued,” Finley added, “there is no doubt that there is enormous opportunity for the group and I am determined to get back to being a disruptive and industry-leading business”.