Sports Direct share price drops as it faces investor rebellion at AGM in Shirebrook September 7, 2016 Sports Direct investors are making their dissatisfaction with the retailer known, with major shareholders rebelling despite the company's promises to reform. And the company's share price reflected this ire, with the stock closing down by 8.5 per cent, having dipped by as much as 10 per cent earlier in the day. [stockChart code="SPD" date="2016-09-07 16:34"] [...]
Sports Direct AGM: Retailer issues earnings warning as it asks chair Keith Hellawell to stay on board despite offering to step down September 7, 2016 Sports Direct has issued a number of updates to the market this morning – including a warning of a dip in earnings and profit this year – ahead of its AGM, due to start at 11am. The retailer said it expects underlying profits for the full year to come in £120m lower than previously expected, while earnings [...]
Too little too late, Mike Ashley – shareholder groups shun Sports Direct’s report September 6, 2016 Sports Direct attempted to fix its tattered public image today by publishing a report on its review of working practices – but shareholder advisory groups are unmoved by Mike Ashley's last-ditch efforts to avoid an investor revolt at his company's annual general meeting. City A.M. understands that influential advisory group Glass Lewis has not changed its position [...]
Sports Direct issues new tannoy policy as it releases report into shortcomings in working practices September 6, 2016 Sports Direct has issued a new set of guidelines for employees using the tannoy system at its warehouse in Shirebrook – and told workers it should never be used for rebukes or criticisms. The retailer has previously come under fire for a number of its alleged working practices at the north of England warehouse, and one [...]
Sports Direct share price rockets as it admits to serious shortcomings at Shirebrook warehouse and offers guaranteed hours to staff September 6, 2016 Sports Direct has admitted to serious shortcomings in the working practices at its Shirebrook warehouse, and plans to make changes to the way its workers are treated, the company said in a report released today. Shares in the company were up 5.5 per cent in this morning's trading. The retailer said it will offer casual retail staff guaranteed [...]
Theresa May can reform Britain’s companies for the better – and she doesn’t need reams of new regulation to do it September 5, 2016 Britain's new Prime Minister Theresa May has created a big challenge for herself in proposing wide-reaching reform of the way companies are run. A close look at the existing Company Law, however, could help her deliver an important part of this agenda without a large swathe of new rules and regulations. Her suggestions that worker [...]
Delaying the inevitable: How long can central banks extend the credit cycle? September 5, 2016 Calling the end of the current credit cycle is becoming an increasingly popular sport among seasoned market-watchers. While there is division over exactly when it will conclude, the consensus is it will be soon. Last week, Deutsche Bank analysts came to the conclusion that they were “not quite ready to call the end of the [...]
Liberum analysts urge Sports Direct shareholders to “align their interests” with Mike Ashley’s September 5, 2016 Investors are competing to see who can shout the loudest over the questionable corporate governance of Sports Direct – but one set of analysts has urged investors to "align their interests with those of the founder" Mike Ashley. Liberum analysts said today that shareholders only need to look at Sports Direct's past to understand. Things aren't actually bad for [...]
Royal London attacks Sports Direct over corporate governance issues ahead of AGM September 4, 2016 Two major investment firms are set to join a revolt against Sports Direct’s corporate governance at a crunch AGM on Wednesday. Royal London and Hermes will vote against several board appointments. Royal London Asset Management, which owns a £2.75m stake in the retailer, also pushed Sports Direct to commission an independent external review into its working practices. The [...]
Asos vs Assos: Asos just paid out £20m to settle a trademark dispute September 2, 2016 In the battle of Asos vs Assos, there were only ever going to be two winners. Online retail giant Asos announced today it had settled a trademark dispute with Assos of Switzerland, a high-performance cycle wear manufacturer and German menswear retailer Anson's Herrenhaus. Asos said it will pay a total of £20.2m in cash to Assos and [...]