[ad_1]
Sports Direct has created a letter to be signed by the shareholders of Debenhams, which includes a "request" that Mike Ashley be appointed general manager of the department store group.
The sports channel said it had been contacted by shareholders who expressed their support for the appointment of the billionaire, owner of Sports Direct, to the position of general manager.
Debenhams could enter the administration in a few days as part of a major restructuring plan that would drop him into the hands of his lenders and erase Mr. Ashley's involvement in the distressed chain.
Sports Direct said it had published a letter template on the Sports Direct website "if a Debenhams shareholder wanted to use it to make his point of view known directly to Debenhams".
The letter states: "As a concerned shareholder of Debenhams plc, I observed with increasing concern that the board continued to ignore the interests of its shareholders in that it was seeking new banking facilities from the bank. from its lenders and noteholders. "
He concludes: "I am writing to ask the Debenhams Board of Directors to take immediate steps to install Mike Ashley as CEO, because it is obvious that we do not have the time to 39, wait for the convening of a general meeting for this to be done by the shareholders. "
Debenhams has given Mr. Ashley a little over a week to put his money where he is, either by making a public tender offer or by providing alternative financing.
Debenhams confirmed Friday that it has put in place a £ 200 million refinancing plan, of which 101 million will be used immediately.
The retailer said it would allow it to launch a restructuring process involving store closures and rent reductions.
The remaining £ 99m will only be available if Sports Direct, or any other shareholder holding more than 25% of the company's capital, meets one of the two conditions below by April 8th.
Under one option, Mr. Ashley may make a take-over bid that includes refinancing of the group's debt.
He may also cancel the emergency meeting he has requested to set up himself at the retailer 's board and pledge to provide financing for the company or to guarantee the issuance of new shares.
If none of the measures are withheld at maturity, the company will come under the control of the pre-pack, relinquishing control to its lenders and eliminating the shareholders, including Mr. Ashley's almost 30% interest.
This would then transfer the £ 99 million to the company under its new ownership.
Debenhams added that he would contact Mr. Ashley to evaluate his interest.
Earlier Friday, Ashley attacked Debenhams' advisors after his takeover approach was snubbed.
FTI Consulting works with Debenhams lenders, while Lazard and KPMG advise the retailer itself.
Only Wednesday, Mr Ashley, through Sports Direct, said he was considering submitting an offer on Debenhams worth £ 61.4 million.
But Debenhams has always resisted the opening of the tycoon.
Press Association
[ad_2]
Source link
