21st Jan 2025 13:53
(Alliance News) - boohoo Group PLC on Tuesday said shareholders rejected a proposal by Frasers Group PLC to remove founder and Vice Chair Mahmud Kamani from the board.
According to the Manchester, England-based online fast fashion retailer, 63% of shareholders voted against Kamani's removal, which was suggested by 27% stakeholder Frasers. The Shirebrook, England-based retailer also owns House of Frasers and Sports Direct.
Frasers in December tried to appoint its founder and former Chief Executive Mike Ashley to boohoo's board, alongside insolvency consultant Mike Lennon. boohoo rejected both candidates in a roughly two-to-one vote.
boohoo Chief Executive Dan Finley said of voting on Tuesday and back in December: "On both occasions 99% of investors who are not connected to Frasers backed the board's position."
boohoo added that Frasers should "end its attempts to destabilise and disrupt the group" through proposals that boohoo says are not in its best interests.
boohoo shares were up 0.7% at 30.00 pence each on Tuesday afternoon in London, while Frasers shares were up 0.5% at 599.00p.
By Holly Munks, Alliance News reporter
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