Bitter battle for control of Superdry on a knife edge ahead of crunch vote
By James Young | 1st April 2019
The bitter battle for control of Superdry will come to head tomorrow when Julian Dunkerton will learn if his bid to return to the board has been successful.
The founder and former chief of the Cheltenham-based clothing chain is keen to return to the top table a year after standing down to concentrate on his other business commitments.
Poor performance in that time has seen the company's shares crash with Dunkerton accusing the current board of destroying in excess of £1billion in shareholder value.
That triggered his attempt to return to the board, and an increasingly bitter war of words between Dunkerton and the current directors.
Dunkerton holds around 19 per cent of the company's shares, while founding partner James Holder holds a further 9 per cent.
The motion submitted by Dunkerton is for his return and the appointment of former Selfridge's executive Peter Williams as an independent director.
Click here to get Gloucestershire news delivered to your inbox daily
A straight majority of votes is required for the pair to be elected to the board with reports suggesting that the vote is on a knife edge.
Sky News report that Investec and Schroders have backed the motion while two high-profile proxy advisers ISS and Glass Lewis have been joined by Aberdeen Standard Investments in advising against.
Superdry's board, led by chairman Peter Bamford and CEO Euan Sutherland, have made repeated pleas against Dunkerton's return calling it "damaging" to the company's future prospects.
The crunch EGM and vote takes place at Investec's London offices from 11.30am tomorrow.
Related Articles
Copyright 2024 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.