LONDON - In a decisive vote, shareholders of boohoo Group plc (AIM: BOO), a prominent online fashion retailer, rejected the appointment of Mike Ashley and Mike Lennon as directors, as proposed by Frasers Group plc. During the General Meeting held today, the resolutions saw a significant majority of votes cast against the appointments.
The first resolution, concerning the appointment of Michael Ashley, received 36.23% votes in favor and 63.77% against, with a total of 1,132,928,215 votes cast, representing 81.10% of the issued share capital (ISC). Similarly, the proposal to appoint Michael Lennon was met with 36.24% support and 63.76% opposition, out of 1,132,727,253 votes, accounting for 81.09% of the ISC. Votes withheld were 305,981 and 506,943 for the first and second resolutions, respectively.
Tim Morris, Independent (LON:IOG) Non-Executive Chair of boohoo Group, expressed gratitude towards the shareholders for backing the Board and reiterated the company's commitment to its Business Review aimed at maximizing value for all shareholders. CEO Dan Finley highlighted the dynamism of the Group, its strong brands, and talented team. He emphasized the immediate actions taken since his appointment to unlock shareholder value and expressed confidence in the significant opportunities ahead for the business.
Frasers Group, which owns 399,773,352 ordinary shares in boohoo, had its proposals firmly rejected, indicating shareholder confidence in the current direction of the Group. The number of shares in issue as of today was 1,396,912,394, with none held in treasury.
boohoo Group, founded in Manchester in 2006, has been a leader in the fashion e-commerce market, with a diverse range of brands like boohoo, boohooMAN, PrettyLittleThing, Karen Millen, and Debenhams. The Group has focused on sustainable and profitable growth, leveraging technology and automation to enhance efficiency across its operations.
The company's focus remains on the UK and US markets, and since the acquisition of Debenhams in 2021, it has transitioned the brand from a traditional retailer to a digital marketplace, emphasizing a capital-light and low-risk model.
This report is based on a press release statement and reflects the outcomes of the boohoo Group's General Meeting without any promotional content or subjective commentary.
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