
Sports Direct in £150m loan offer to Debenhams
Mike Ashley's Sports Direct has accused the Debenhams board of "deliberately misleading" the market as the retail tycoon continues to pile the pressure on the struggling high street firm.
Ashley's Sports Direct, Debenhams' biggest shareholder with close to a 30 percent stake, made its unsecured loan offer late on Wednesday with conditions that include the appointment of Ashley as chief executive.
Debenhams added that any third party loan offer on these terms would "require both the consent of our RCF lenders and noteholders and material amendments to existing facilities".
In a statement, Debenhams said that its board will give "careful consideration" to the proposal and will "engage with Sports Direct and other stakeholders regarding its feasibility in the interests of all parties". Articles appear on euronews.com for a limited time. If not, the loan would bear interest at 3 percent.
"Debenhams would agree to put a proposal to its independent shareholders to approve the issue of circa 5% new shares at the prevailing market price to Sports Direct (so as to increase Sports Direct's shareholding to circa 35%)".
Debenhams had also said in January that it continued to generate cash, but Ashley's company said a £40m loan announced "a mere five weeks later" called that into question.
Death toll from New zealand's Christchurch mosque attacks rises to 49
New Zealand police said at least 49 people were killed Friday at two mosques in the picturesque South Island city of Christchurch. Bush confirmed that a further 20 people were injured in what is now the worst mass shooting in New Zealand history.
Debenhams said it rejected Sports Direct's complaints, describing them as unfounded and self-serving.
Two days after the latest profit warning, Ashley took matters into his own hands with an audacious bid to axe most of Debenham's directors and appoint himself to the board.
The letter provides an insight into the toxic relationship that has developed between the two sides, revealing that Sports Direct reported Debenhams to the UK Listing Authority and the financial services regulator after being given a preview of the planned profit warning. Last week, he launched a move to take over running the ailing company.
Eight weeks later, the retailer warned that its profits would be lower after a hit to sales in the 18 weeks to January 5.
Sports Direct is trying to turf out all but one of the group's directors and install Ashley, its founder and chief executive, as CEO. Previous year he bought both House of Fraser and Evans Cycles, and has previously been linked to bids for Patisserie Valerie and HMV.
Earlier this week Debenhams confirmed it is in advanced talks to borrow £150 million as part of efforts to stay afloat.
Recommended News
-
Beto O'Rourke takes heat for website's different messages in different languages
Ted Cruz, but Martinez said the Castro campaign asked and he said yes, and it was unclear at the time if O'Rourke was going to run.United States plans to begin long-banned missile test this year
But he thought it was more likely that the Trump administration was simply planning for the treaty's demise. The INF treaty prohibits ground-launched missiles with ranges of between 500 and 5,000 kilometers.Jones hails Gatland for Welsh 'resurrection'
Thursday saw France coach Jacques Brunel, previously in charge of Italy, denying reports of a rift with captain Guilhem Guirado. When it comes to the Women's Six Nations competition, England are now sitting pretty at the top of the table. -
Wales finale will be ideal send-off for Ireland skipper Rory Best
Warren Gatland's Wales - the only team with a chance of a grand slam - have 16 points, England 15 and Ireland 14. Hooker Best, 36, added: 'It's a really great way to finish off my Six Nations career.'Sopranos' movie gets release date and a new title ... 'Newark'
The prequel of the unforgettable, critically-acclaimed HBO series " The Sopranos " has an official title and a release date. The creator of " The Sopranos ", David Chase, and Lawrence Konner are the prequel's screenwriters.Judge orders Qualcomm to cough up the $1 billion it owes Apple
Qualcomm's legal victory today covers a case that's only one of many legal tussles playing out in courtrooms around the world. The latter three models were also found to infringe upon the third patent covered by the lawsuit, No. 8,633,936. -
Viveport Infinity the Unlimited VR Subscription Service Will Cost $12.99 per Month
New Viveport customers can sign up anytime for a free 2-week membership to experience unlimited gaming with Viveport Infinity . HTC says that this will go into effect on April 1 and run until the end of 2019 for all titles included in Viveport Infinity.Russian oligarch Deripaska sues United States over sanctions
These harms continue to compound daily and will continue to do so as long as Defendants maintain sanctions on Deripaska. Deripaska suggested that he has been illicitly targeted by the USA because it was "publicly popular to do so"."Red Bull is Team Verstappen" - Jacques Villeneuve
Max Verstappen qualifying fourth, unexpectedly splitting the Ferraris, was a good result for Red Bull . Pierre Gasly dropping out in Q1, sat in the pits as the chequered flag fell, was not. -
Real Madrid preparing 82 million euro offer for Eden Hazard
The Chelsea star has been a long term target for Madrid, with the La Liga giants tipping Hazard to succeed Cristiano Ronaldo at the club.Global Artificial Intelligence for Healthcare Applications Market 2019 Segmented by Potential Applications
In this study, 2017 has been considered as the base year and 2018 to 2023 as the forecast period to estimate the market size. IBM, Microsoft, Nvidia, Amazon Web Services, Oracle, SAP, Intel, Google, Sentient Technologies, Salesforce, Visenze ....Venezuela's Latest Nightmare: Crude Oil In The Tap Water
Since Monday, the US has revoked 340 visas, 107 of which were for Venezuelan diplomats and their families, according to Palladino. Pompeo tweeted earlier this week that the diplomats would be withdrawn because they had become a "constraint" on USA policy.