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Debenhams bites back as Sports Direct unveils new coup

Fri, 08th Mar 2019 07:29

(Sharecast News) - Debenhams said it was "disappointed" after Sports Direct called an extraordinary shareholder meeting to remove all but one of the current board and to appoint the sports chain's founder Mike Ashley as its new boss.Sports Direct, which owns the House of Fraser department store chain and has a near-30% stake in troubled rival Debenhams, said that if enough other shareholders support its plan, then Ashley would step down from his current roles as a director of Sports Direct to focus on turning Debenhams around. He would be replaced as acting chief executive at Sports Direct by Chris Wootton, currently the deputy chief financial officer.On Friday Debenhams confirmed that it had been contacted and that any shareholder with more than a 5% stake has the right to call a shareholder meeting. It did not say when the meeting would be."The board has been engaging with Sports Direct and our other stakeholders regarding options to restructure our balance sheet and is disappointed that Sports Direct has taken this action," the statement read. "In the meantime, discussions to address our future funding requirements are well advanced."Debenhams has raised concerns with the Competition & Markets Authority about the potential concentration of control in the hands of Ashley, the Guardian reported later, noting that House of Fraser stocks 90% of the rival department store group's beauty offering, with both stores stocking the same fashion brands.Debenhams, which has seen its shares lose more than 90% of their value of the past four years to value the business below Â£50m, had Â£520m tied up in loans and bonds, with net debt of Â£286m as of 5 January. It is thought to be looking at a debt-for-equity swap, alongside the closure of 50 stores.Ashley's latest attempt at a coup comes weeks after he ambushed the Debenhams board at its annual general meeting in January, with a surprise coordinated manoeuvre that saw the removal of chairman Ian Cheshire and the demotion from the board of chief executive Sergio Bucher.He was supported in that vote by fellow 7% shareholder Milestone Resources, the vehicle of Dubai-based mogul Micky Jagtiani.

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22 Apr 2024 14:45

UK shareholder meetings calendar - next 7 days

Tuesday 23 April
AIQ Ltd	AGM
NatWest Group PLC	AGM
Taylor Wimpey PLC	AGM
Wednesday 24 April
abrdn PLC	AGM
abrdn Equity Income Trust PLC	AGM
AssetCo PLC	AGM
Breedon Group PLC	AGM
British American Tobacco PLC	AGM
Bunzl PLC	AGM
Coro Energy PLC	AGM
Croda International PLC	AGM
Entain PLC	AGM
Greencoat UK Wind PLC	AGM
Primary Health Properties PLC	AGM
Serco Group PLC	AGM
Synectics PLC	AGM
Thursday 25 April
AFC Energy PLC	AGM
Admiral Group PLC	AGM
Beazley PLC	AGM
BP PLC	AGM
CLS Holdings PLC	AGM
CRH PLC	AGM
Dalata Hotel Group PLC	AGM
Develop North PLC	AGM
Drax Group PLC	AGM
Everest Global PLC	AGM
Greencoat Renewables PLC	AGM
Hammerson PLC	AGM
Helios Towers PLC	AGM
Hikma Pharmaceuticals PLC	AGM
International Biotechnology Trust PLC	AGM
London Stock Exchange Group PLC	AGM
Manx Financial Group PLC	AGM
Mattioli Woods PLC	GM re Pollen Street Capital Ltd takeover
Persimmon PLC	AGM
Premier Miton Global Renewables Trust PLC	AGM
Relx PLC	AGM
Schroders PLC	AGM
Smithson Investment Trust PLC	AGM
Tissue Regenix Group PLC	AGM
Weir Group PLC	AGM
Friday 26 April
Bellevue Healthcare Trust PLC	AGM
Kingspan Group PLC	AGM
Me Group International PLC	AGM
Pearson PLC	AGM
Senior PLC	AGM
Smurfit Kappa Group PLC	AGM
Monday 29 April
Goldstone Resources Ltd	AGM
Hydrogen Future Industries PLC	AGM
JPMorgan Claverhouse Investment Trust PLC	AGM
KR1 PLC	EGM re buying up to 15% of shares in issue
Ocado Group PLC	AGM
Secured Property Developments PLC	GM re name change to Mollyroe PLC
Symphony International Holdings Ltd	AGM

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22 Mar 2024 13:38

Secured Property to change name and switch focus to technology

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16 Dec 2019 11:34

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LIVE MARKETS-There's value in Europe

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16 Dec 2019 09:42

UPDATE 2-China-U.S. trade deal, Brexit hopes turbo charge UK stocks

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16 Dec 2019 09:40

UK BROKER RATINGS SUMMARY: Barclays And HSBC Downgrade Virgin Money UK

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LIVE MARKETS-Opening snapshot: STOXX 600 at record high

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