Frasers Group PLC's (LSE:FRAS) latest attempt to get changes to the board of Boohoo Group PLC (AIM:BOO) has again been rejected by shareholders in the fast fashion retailer.
Mike Ashley-controlled Frasers tabled a new motion on Tuesday to remove boohoo’s founder and executive vice chairman Mahmud Kamani but was heavily defeated with 63% of votes against the proposal.
Late last year, Frasers lost an attempt to get Ashley and restructuring specialist Mike Lennon elected as boohoo directors as 63.7% voted against.
Dan Finley, Boohoo’s chief executive, said: “Once again, our shareholders have spoken. We want to put this disruption and distraction behind us.”
Tim Morris, independent non-executive chair, added: "Today's outcome follows the rejection in December of the previous Frasers attempt to destabilise boohoo. On both occasions, 99% of investors who are not connected to Frasers backed the board's position."
Frasers, which has a 27% stake in boohoo, has been a fierce critic of the performance of the prettylittlethings owner, which appointed Finlay in November and raised £39 million to fund a turnaround plan.
Shares in boohoo rose 1.1% to 30.1p.