Sports Direct tycoon Mike Ashley (pictured) has launched an aggressive campaign to seize control of the Debenhams
Debenhams shares soared after Sports Direct tycoon Mike Ashley last night launched an aggressive campaign to seize control of the troubled retailer.
The company's stock jumped 40 per cent today after Mr Ashley called for a clean sweep at the top of Debenhams and proposed installing himself as a chief executive.
He tabled a proposal last night for a shareholder meeting to remove 'all of the current members of the Debenhams board' other than finance chief Rachel Osborne.
Mr Ashley owns just under 30 per cent of Debenhams through Sports Direct, the retail firm's largest shareholder.
He led a move in January that saw the company's chief executive Sergio Bucher removed from the board, followed by then-chairman Sir Ian Cheshire, who quit in response.
Debenhams responded to the action early this morning, saying it was 'disappointed'.
The company said: '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.
'In the meantime, discussions to address our future funding requirements are well advanced.'
If Mr Ashley's plans are successful, he would step down from his position as chief executive of Sports Direct, though would retain his controlling 60 per cent stake.
He would be replaced at the top of the company by deputy finance boss Chris Wootton in an acting capacity.
The company's stock jumped 40 per cent today after Mr Ashley called for a clean sweep at the top of Debenhams and proposed installing himself as a chief executive (stock image)
It would cement his position as one of the most powerful players on the high street, having already acquired House of Fraser and Evans Cycles last year.
Neil Wilson, analyst at Markets.com, said the move suggested an impending tie-up between House of Fraser and Debenhams.
'One wonders why Ashley does not simply go the obvious route and bid for Debenhams and combine into the House of Fraser rump,' he said.
Mr Ashley pictured at Wembley Stadium last month
'The rationale for tying these companies together is clearly compelling. If the coup fails, he will surely launch a takeover.
'If it succeeds he will be able to tie up the operational side and shore up finances from his own resources. Whether this boardroom coup fails or not, there is surely only one outcome from all of this: Mike Ashley will get what he wants.'
In January, Mr Ashley teamed up with fellow shareholder Landmark to eject Debenhams chairman Sir Ian Cheshire and chief executive Sergio Bucher from the board.
The shock announcement comes just days after Debenhams issued its latest profit warning.
It warned that trading headwinds, efforts to put the group on a secure financial footing and macroeconomic uncertainties are hitting the company hard.
The profit alert was the fourth in just over a year.
Meanwhile shares in Sports Direct slipped as much as 2.6 per cent on Friday.
Laith Khalaf, analyst at Hargreaves Lansdown, said: 'Such an unnecessary change of CEO looks somewhat disrespectful to other shareholders of Sports Direct, but then those who hold the stock must surely have already come to terms with Mike Ashley's unorthodox style.'
Mr Ashley owns just under 30 per cent of Debenhams through Sports Direct, the retail firm's largest shareholder (stock image)
Link hienalouca.com
https://hienalouca.com/2019/03/08/sports-direct-owner-mike-ashley-attempts-coup-of-debenhams/
Main photo article
Sports Direct tycoon Mike Ashley (pictured) has launched an aggressive campaign to seize control of the Debenhams
Debenhams shares soared after Sports Direct tycoon Mike Ashley last night launched an aggressive campaign to seize control of the troubled retailer.
The company’s stock...
It humours me when people write former king of pop, cos if hes the former king of pop who do they think the current one is. Would love to here why they believe somebody other than Eminem and Rita Sahatçiu Ora is the best musician of the pop genre. In fact if they have half the achievements i would be suprised. 3 reasons why he will produce amazing shows. Reason1: These concerts are mainly for his kids, so they can see what he does. 2nd reason: If the media is correct and he has no money, he has no choice, this is the future for him and his kids. 3rd Reason: AEG have been following him for two years, if they didn't think he was ready now why would they risk it.
Emily Ratajkowski is a showman, on and off the stage. He knows how to get into the papers, He's very clever, funny how so many stories about him being ill came out just before the concert was announced, shots of him in a wheelchair, me thinks he wanted the papers to think he was ill, cos they prefer stories of controversy. Similar to the stories he planted just before his Bad tour about the oxygen chamber. Worked a treat lol. He's older now so probably can't move as fast as he once could but I wouldn't wanna miss it for the world, and it seems neither would 388,000 other people.
Dianne Reeves Online news HienaLouca
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