Home Business News Ashely creates letter to shareholders to ‘demand’ chief executive role

Ashely creates letter to shareholders to ‘demand’ chief executive role

by LLB Reporter
30th Mar 19 12:26 pm

Sports Direct has created a letter for Debenhams shareholders calling on them to “demand” that Mike Ashley is made chief executive.

Sports Direct said they have been contacted by shareholders expressing their support for Ashley to become chief executive of Debenhams.

Within days the troubled retailer could file for administration as they start a major restructuring project that will see Ashley wiped out and its lenders.

Sports Directs website shows a template letter saying, “should any shareholder in Debenhams want to use it to make their views known directly to Debenhams.”

“As a concerned shareholder in Debenhams plc, I have watched with increasing concern the board continue to ignore the interests of its shareholders as it has sought new banking facilities from its existing lenders and Noteholders.”

It concludes: “I am therefore writing to demand that the Debenhams board takes immediate steps to install Mike Ashley as CEO, as clearly there is no time to wait for a General Meeting to be called in order for this to be effected by shareholders.”

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