Proactive Investors - Run By Investors For Investors

Mike Ashley forced to requisition another meeting of Debenhams shareholders after initial cock-up

The billionaire first called for a shareholder meeting earlier this month, but his requisition was invalid because Sports Direct held its near-30% stake via a third-party nominee account
mike ashley
The retail mogul wants Debenhams investors to sack the current board and appoint him to an executive role

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.

View full DEB profile View Profile

Debenhams PLC Timeline

Related Articles

medical imaging graphic
June 13 2019
Here we take a closer look at the imaging and diagnostics firm IQ-AI
H&T
May 21 2019
H&T investing in digital offeringProfits gain in 2018Outlook upbeat as strategy pays off
drainpipes
May 23 2019
Company is looking for more acquisitions after integration of Metro Rod

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use