Fast-fashion giant Boohoo’s shareholders have “overwhelmingly” voted against Frasers Group’s bid to oust founder and group executive vice-chair Mahmud Kamani at today’s general meeting.
Boohoo said shareholders have rejected Frasers Group’s proposal to remove Kamani as a director of the business.
The retailer’s board has called on Mike Ashley’s retail empire to “end its attempts to destabilise and disrupt the group” following the result and support of its shareholders.
Boohoo said: “These continued distractions are not in the best interests of creating value for all shareholders.”
This comes after months of a war of words between the companies ahead of the shareholder meeting. Frasers first publicly called for Kamani to step down in November last year.
Boohoo independent non-executive chair Tim Morris said: “I would like to thank our shareholders for their overwhelming support, which provides the Board with a clear mandate to continue with the work of creating maximum value for all shareholders.
“Today’s outcome follows the rejection in December of the previous Frasers attempt to destabilise Boohoo. On both occasions, 99% of investors who are not connected to Frasers backed the board’s position.”
Boohoo chief executive Dan Finley added: “Once again, our shareholders have spoken. We want to put this disruption and distraction behind us. Our focus is on maximising value for all shareholders.”
No comments yet