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Findel Gets Shareholder Support To Oppose Sports Direct Proposals (ALLISS)

Wed, 02nd Dec 2015 08:44

LONDON (Alliance News) - Home shopping and education supplies business Findel PLC on Wednesday said it has secured shareholder support to reject the resolutions proposed by Sports Direct International PLC at an upcoming general meeting.

Sports Direct requisitioned the meeting earlier this month after it acquired an 18.93% stake in Findel, which owns home shopping retailer Express Gifts, an education supplies company and the Kitbag sports retailing unit, the latter of which makes replica kits.

It is seeking to have Benjamin Gardner appointed to Findel's board and shareholders will vote on the proposals at a meeting on December 21.

Findel said it has secured an irrevocable undertaking from River & Mercantile Asset Management LLP to vote against the Sports Direct resolution. River & Mercantile owns a stake of around 5.7% in Findel.

The company said it has now secured support from shareholders representing around 44% of its issued share capital to vote against the resolutions.

Shares in Findel were untraded on Wednesday morning, having last traded at 228.00 pence.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance