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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.

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