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Sports Direct tries again with Debenhams EGM demand

Thu, 21st Mar 2019 10:49

(Sharecast News) - 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.
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3 Jun 2015 11:09

Caffyns full-year revenue and profits rise

Motor dealership business Caffyns posted a rise in pre-tax profit to £11.4m in the year ended 31 March 2015 from £1.57m last year as it booked a £9m credit before tax related to previously-announced changes to contributions to its pension scheme. Excluding the credit, pre-tax profit rose to £2.5m fr

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18 May 2015 14:57

Future's interim pre-tax loss narrows, CFO to step down

Media company and digital publisher Future reported a narrower pre-tax loss in the first half of the year, thanks to impairment charges not recurring. The group, whose magazines cover a range of areas from technology to football and music, saw its pre-tax loss for the six months to 31 March decline

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18 May 2015 12:53

Monday broker round-up

Lloyds: Investec downgrades to sell with 84p target. RBS: Investec reiterates buy with a 395p target price and Berenberg sell with a 250p target. Babcock International: Deutsche Bank reiterates buy and 1,150p target. Marks&Spencer: Deutsche Bank reiterates buy. Coca Cola HBC: Nomura reiterates re

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18 May 2015 10:29

Thorntons' CEO Jonathan Hart to step down

Confectionery retailer Thorntons has announced its chief executive officer, Jonathan Hart, will resign from his position on 27 June. The group said Barry Bloomer, currently serving as chief operating officer, had been appointed as interim chief executive. "Over the past four years Jonathan has turn

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15 May 2015 13:37

Athelney Trust chairman offloads entire stake

The chairman of Athelney Trust has sold his entire holding in the small cap-focused investment trust, the company said on Friday. Hugo Deschampsneufs offloaded his 78,038 shares in Athelney at a price of 201p each, raising £156,856. His move follows a 21% drop in Athelney's share price over the las

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15 May 2015 08:05

Highcroft Investment acquires Cambridgeshire retail park

Real estate investment trust Highcroft Investment said one its subsidiaries, Rodenhurst Estates, has acquired BL and its wholly owned subsidiary Belgrave Land for £8.5m. BL and its subsidiary own the Belgrave Retail Park in Cambridgeshire, which comprises a freehold retail warehouse park totalling 5

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13 May 2015 16:29

Air Partner shares take off after £1.2m deal with Cabot Aviation

Aviation services group Air Partner has reached a deal to acquire aircraft re-marketing broker Cabot Aviation for £1.2m. In a statement released on Wednesday, the London-listed company said it will pay 50% of the amount up-front for the company, with the remaining 50% in Air Partner shares to be iss

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29 Apr 2015 09:21

Thorntons posts mixed trading data as operational niggles persist

Thorntons posted mixed trading data for the 15 weeks up to 25 April, as its FMCG business contributed to a sales decline. Giving details in an update on Wednesday, Thorntons said its retail division had positive sales growth over the key Easter and Valentine's Day sales, but lower than usual results

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24 Apr 2015 17:44

Broker tips: Pearson, French Connection, Reckitt Benckiser

Publishing and education group Pearson has been downgraded by broker Numis on valuation grounds, despite a first-quarter statement that was in line with forecasts. The broker noted no surprises in the trading update, which is a "very small" quarter in the context of the strongly second-half-weighted

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24 Apr 2015 10:24

French Connection under review at Numis after profit warning

Numis put its recommendation on French Connection under review after the clothing retailer reported a tough first half trading and warned on flagged full year 2016 profits. The broker reduced its profit before tax forecast from £0.3m profit to an underlying loss of £3.5m. The company reported weak

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22 Apr 2015 15:51

Walker Crips' director shows confidence by increasing stake

A non-executive director at Walker Crips bought some shares in the group one month after announcing a £4.2m investment in a London-based wealth firm. Lim Hua Min bought 4442,766 shares through connected persons who are members of his family, spending £194,861. Following the purchase, Lim holds 9.5m

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22 Apr 2015 12:03

Creston acquires majority stake at Splendid, full-year results in line

Marketing communications group Creston expects full-year results to be in line with forecasts. The group said it expects revenues to increase by 2.7% to £76.9m and cash of £8.3m. Creston also announced on Wednesday the acquisition of a 51% stake at How Splendid, a London-based digital design consul

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19 Apr 2015 16:45

Sunday newspaper round-up: Lloyds, HSBC, Tesco, Moneysupermarket

Lloyds Banking Group is facing a legal attack over its calamitous takeover of HBOS in 2008. A class action lawsuit, bringing together more than 6,000 investors that owned shares at the time, has been planned to force the company to release emails and other documents dating back to the deal, "to find

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19 Mar 2015 08:52

Petropavlovsk completes refinancing but overhang remains

Russian gold miner Petropavlovsk has completed its refinancing and reiterated its confidence in meeting 2015 production guidance. The company has issued 3.1bn rights issue shares and $100m of new bonds. Petropavlovk has seen a poor take-up rate for the 157-for-10 rights issue of just 35.35% and tha

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13 Mar 2015 16:31

Dee Valley guides towards higher revenues and profits

Water group Dee Valley said its revenues and profits remained ahead of expectations due to favourable variances in consumption, specially in non-household customers. Water supplier Dee Valley said its revenues and profit expectations were running ahead of its previous forecasts thanks to favourable

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