Mike Ashley has been forced to call for a meeting of Debenhams PLC (LON:DEB) shareholders for a second time after a cock-up in his initial request.
The billionaire owns almost 30% of the struggling department store chain through his Sports Direct International PLC (LON:SPD) retail business.
READ: Debenhams “disappointed” with Mike Ashley’s latest grab for power
Earlier this month, Ashley made a grab for power and called for a meeting where he would ask shareholders to back his plan to remove the current Debenhams’ board and appoint him to an “executive role”.
Any shareholder with more than a 5% stake in a company is entitled to requisition such a meeting.
But because Sports Direct held its share through a third-party nominee account, Ashley’s first requisition was invalid.
The 54-year-old hasn’t given up though and after sorting out the paperwork, has once again called for a general meeting.
"Sports Direct would like the matter of Debenhams board appointments to be put to the vote of the Debenhams shareholders as soon as possible," read a statement.
Debenhams shares edged 0.5% lower to 2.9p on Thursday morning, while Sports Direct fell 0.8% to 285.2p.