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Boohoo shareholders ‘overwhelmingly reject’ Frasers’ bid to oust Mahmud Kamani

Boohoo shareholders ‘overwhelmingly reject’ Frasers’ bid to oust Mahmud Kamani

Boohoo Group shareholders have “overwhelmingly” voted against Frasers Group’s proposal to remove Mahmud Kamani, the fashion group’s founder and executive vice chair, from the board.

At a General Meeting held today (21 January), the resolution was rejected, with 63.17% of votes cast against the proposal. The final vote count showed 703 million votes against, compared to just 409 million in support.

The outcome follows previous shareholder resistance to Frasers’ actions to disrupt the Debenhams owner’s governance.

Last month, Mike Ashleys’ proposal to destabilise the board was also rejected with near-unanimous backing from investors not affiliated with Frasers.

Last year, Boohoo Group appointed Dan Finley as its new CEO and promoted non-executive director Tim Morris to the position of independent chair in November.

On the outcome today, 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.”

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.”

Both retail titans have been embroiled in an ugly battle in recent months, following Frasers’ attempt to appoint Mike Ashley and restructuring expert Mike Lennon to Boohoo’s board.

At the start of this month, Boohoo had accused Frasers Group of attempting to “destabilise” its plans in a letter to shareholders ahead of the vote.

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