Findel PLC Response to Press Speculation (0156D)
July 01 2016 - 7:35AM
UK Regulatory
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RNS Number : 0156D
Findel PLC
01 July 2016
Findel plc ("Findel" or "the Group")
RESPONSE TO PRESS SPECULATION
In response to press speculation, the Board of Findel announces
that it is in the early stages of discussions with Sports Direct
International plc (SDI), regarding a possible commercial supply
arrangement between Express Gifts and SDI and the possible
appointment of Mike Ashley to the Board of Findel plc.
This proposal was made by Schroders on behalf of SDI and
includes a requirement that Mike Ashley be made chairman of Findel,
replacing the outgoing chairman, David Sugden, who has previously
announced his intention to step down at the forthcoming AGM.
Toscafund have also indicated their support for Mike Ashley's
appointment as Chairman.
The Board of Findel considers there to be great merit in
exploring a commercial supply arrangement with SDI and that Mike
Ashley could make a valuable contribution to the Board of Findel
but has not concluded on whether Mr Ashley should be chairman.
There would need to be means through which minority shareholders
could be protected and Mr Ashley would need first to be approved by
the Financial Conduct Authority, which regulates Express Gifts
Limited.
There can be no certainty that any commercial arrangement
between SDI and Express Gifts will be forthcoming.
A further announcement will be made in due course.
Enquiries
Tulchan Communications LLP
Stephen Malthouse
020 7353 4200
This information is provided by RNS
The company news service from the London Stock Exchange
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