Friday, November 22, 2019

Tension builds between Findel and Sports Direct


Today Findel will send shareholders notice of general meeting that has been requisitioned by Sports Direct, who are proposing a new director (Benjamin Gardener) be added to the board of Findel. 

Findel, the home shopping group, is recommending that shareholders vote against the decision. 

In September Sports Direct, founded by Newcastle United owner Mike Ashley, acquired an 18.9% stake in Findel, around the same time that Findel had received an approach for sports merchandise retailer Kitbag. This was from an unnamed third party and agreed terms were subject to a contract, but there was no certainty that a deal would be reached. 

Since then, the general consensus is that Sports Direct is keen to disrupt the proposed sale of Kitbag. 

Today Findel has announced that the sporting goods retailer is exercising its right as a shareholder with 5% of the company share capital, requiring Findel to convene a general meeting and consider a resolution to appoint Benjamin William Gardener as a director. 

In a statement released thi