RE: AGM27 Jun 2023 17:26
All in the Hostile takeover RNS. AGM could now be as far away as August.
Proposed postponement of AGM
The Company's AGM is currently scheduled to take place at the offices of Macfarlanes LLP at 20 Cursitor Street, London EC4A 1LT on Tuesday 27 June 2023 at 1:30 p.m.
However, the Company's current directors consider that shareholders must be given sufficient time to consider whether they believe that boohoo's proposed seizure of majority control of the Company's board by voting its 26.6% stake to replace all but one of the current directors with the proposed boohoo candidates is a viable strategy that shareholders other than boohoo wish to support, particularly in respect of a business whose fortunes have only just begun to improve under a new board and management team.
Given that many of the Company's retail shareholders are required under their custodian or nominee arrangements to have submitted proxies on or prior to today's date, and given that the overall proxy deadline for the AGM is currently 1.30 p.m. on Friday 23 June 2023, clearly this shareholder engagement would not be possible without a delay to the AGM.
Accordingly, the Company will propose at the originally-scheduled AGM on Tuesday 27 June 2023 to postpone the AGM to a new date, which the Company will announce in due course, but which is expected to be in late July or early August 2023. The resolutions proposed by boohoo in the Requisition would then also be put to shareholders at a separate general meeting on the same date as the adjourned AGM.