LONDON (dpa-AFX) - Debenhams plc (DEB.L) said Friday it is disappointed that Sports Direct International Plc. (SPD.L) has taken the action to propose the appointment of Mike Ashley to the board of directors of Debenhams and the removal of all of the current members of the Debenhams board, other than Rachel Osbo.
Debenhams said it has been engaging with Sports Direct and other stakeholders regarding options to restructure balance sheet. In the meantime, discussions to address future funding requirements are well advanced.
Debenhams confirmed that it received notice from Sports Direct last night requisitioning a general meeting of shareholders to propose the appointment of Mr Mike Ashley to the board of directors of Debenhams and the removal of all of the current members of the Debenhams board, other than Rachel Osborne who became a director in September 2018. Any shareholder holding more than 5% of the issued share capital has the right to call a shareholder meeting.
Sports Direct said Thursday that If Mr Ashley were to be appointed to the board of directors of Debenhams during this business critical period for Debenhams, shley would carry out an executive role, and would focus on the Debenhams business.
If appointed, Mr Ashley would step down from his current roles as a director and chief executive of Sports Direct. He would be replaced as acting chief executive by Chris Wootton, currently Sports Direct's deputy chief financial officer, Sports Direct said.
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