Boohoo Group PLC (AIM:BOO) will not agree to Frasers Group PLC (LSE:FRAS) boss Mike Ashley joining its board “in any circumstances”, the AIM-listed online fashion retailer stated on Friday.
In the latest heated exchange between the two, Boohoo said it would be willing to recommend an “appropriate” candidate put forward by Frasers, but not those already suggested.
Boohoo’s largest shareholder Frasers has sought to get founder Ashley and restructuring specialist Mike Lennon on the board in protest against a business review launched by the struggling retailer earlier this year.
Sports Direct owner Frasers has since cautioned against prospective sales of Boohoo’s Debenhams, PrettyLittleThings or Karen Millen.
Boohoo on Friday reiterated “irreconcilable conflicts of interest” in appointing Ashley and Lennon to its board, “given their embedded relationship with Frasers”.
Frasers was also accused of taking a “selective approach” in offering concessions to try and win over shareholders ahead of a key vote later this month.
“Frasers continues to refuse to agree to a number of the key protections that the board would require should an appropriate representative be nominated,” Boohoo chair Tim Morris said.
“These are key issues which need to be addressed for the protection of all shareholders and it is not for Frasers to pick and choose which commitments it will give.”