2nd Apr 2019 12:02
LONDON (Alliance News) - Superdry PLC said that proxy votes cast by shareholders approved two special resolutions proposed by its co-founders, ahead of a general meeting to be held later on Tuesday.
As per votes cast by way of proxy, 50.75% of shareholders approved the re-election of co-founder and former chief executive Julian Dunkerton as a director of the company, with 49.25% of proxy votes cast against it.
A similar result was achieved in respect of the proposed appointment of Peter Williams as a director, with 50.74% in favour and 49.26% against. Williams is currently non-executive chair of online fashion brand boohoo.com PLC.
The proxy votes cast represented 67.4 million Superdry shares, with the company having 82.0 million shares deemed eligible to vote.
Superdry clarified that the final outcome of the resolutions will be disclosed at the end of the meeting itself, as shareholders with holdings representing 14.6 million shares still have to vote.
In March, the fashion retailer received a requisition request from co-founders Dunkerton and James Holder, who hold a combined 29% stake, calling for a general meeting of the company to propose changes to the retailer's board.
The two were seeking the re-appointment of Dunkerton to the board and the appointment of Williams.
In response to the request, Superdry said it believed that a return of co-founder Dunkerton to the board would be "extremely damaging" to company's prospects.
Superdry's board had, in multiple occasions, said it unanimously recommend that shareholders vote against the two appointments.
Superdry shares were trading 1.8% higher at 558.00 pence each on Tuesday around midday.
Related Shares:
BoohooSDRY.L