2nd Apr 2019 14:26
LONDON (Alliance News) - Debenhams PLC on Tuesday said that two shareholders lowered their respective interests in the company last week.
In a deal completed on Thursday, JPMorgan Chase & Co lowered its interest in the company to below the minimum threshold from a previously held 5.13%.
Separately, Brandes Investment Partners LP on Friday reduced its stake in the department store chain operator to 4.44% from 9.93%.
Debenhams shares were trading down 8.3% at 2.56 pence each on Tuesday afternoon.
The retailer is currently facing a shareholder requisition meeting from Sports Direct International PLC, which owns a 29% stake, with the sports fashion retailer looking to oust all of Debenhams' directors.
Furthermore, Sports Direct is seeking the appointment of its own boss, Mike Ashley, to Debenhams' own board to carry out an executive role.
In a separate attempt to take control of Debenhams, last week Sports Direct priced a potential offer for the remaining shares it does not own at 5 pence each, valuing Debenhams at GBP61.4 million.
Sports Direct shares were trading down 0.5% at 290.54p each.
Related Shares:
DebenhamsSports Direct