Sports Direct tries again with Debenhams EGM demand

Sports Direct's Mike Ashley has for the second time requisitioned a general meeting of Debenhams as his first effort was declared null and void.

The sports retailer was told that its initial attempt on 7 March was invalid as the near-30% shareholding in Debenhams was being held through a third party nominee account.

Sports Direct, which also owns the House of Fraser chain, has since transferred the stake to a direct holding and issued a second requisition to appoint Ashley to the board of the department store group and remove all of the current members of the board other than chief financial officer Rachel Osborne.

With Debenhams in talks with lenders over a new £150m loan and also looking at larger refinancing and a Company Voluntary Arrangement that would involve the closure of stores and rent reductions at others, Ashley on 14 March Ashley offered an alternative £150m loan, with the proviso that he takes over as chief executive.

"Sports Direct would like the matter of Debenhams board appointments to be put to the vote of the Debenhams shareholders as soon as possible," the company said in its statement on Thursday.