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boohoo Group PLC on Friday said its shareholders ‘overwhelmingly’ voted against the resolutions put forward by Frasers Group PLC in its much anticipated general meeting. The Manchester, England-based owner of PrettyLittleThing and Debenhams said for the first resolution, that Frasers founder Mike Ashley be appointed as a director of the company, 63.77% of votes were cast against the proposal. For the appointment of insolvency expert Mike Lennon, shareholders were matched in their opposition, with 63.76% of votes cast against the resolution. Sports Direct owner Frasers has a 27.04% holding in boohoo. The result follows recommendations provided by proxy advisers Institutional Shareholder Services Inc and Glass Lewis earlier this month in which where they recommended shareholders veto the proposals. The fast fashion retailer has been subject to a persistent campaign to appoint Ashley and Lennon to its board since October, when Frasers requisitioned the general meeting in response to what it claimed is ‘continued value destruction’ by the boohoo board as it cited an ‘abysmal trading performance and share price collapse’. The two firms have been trading barbs ever since, with former boohoo Chief Executive John Lyttle stepping down in the midst of the ongoing developments. Newly appointed boohoo Chief Executive Dan Finley said: ‘Our group is a dynamic business, with great brands and extremely talented people, underpinned by best-in-class infrastructure. Since my appointment, I have hit the ground running, taking immediate and decisive actions to maximise and unlock value for all shareholders. ‘I am super energised to realise the significant opportunities I see for this business. I continue to believe this group is materially undervalued. Our most important work is ahead of us, and we will drive value for all shareholders.’ Shares in boohoo were up 0.7% to 32.98 pence on Friday afternoon in London. Frasers shares were up 1.8% to 620.26p. Copyright 2024 Alliance News Ltd. All Rights Reserved
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