In the General Meeting held on 21 January 2025, the proposal to remove Kamani from his directorial position was decisively rejected by the investors with 63.17% of the participating votes cast against the resolution. Only 36.83% voted in favour.
The voting turnout, signalling backing for the board’s vision for growth, accounted for 79.67% of Boohoo’s issued share capital with a negligible number of votes withheld.
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Boohoo Group independent non-executive chair Tim Morris said: “I would like to thank our shareholders for their overwhelming support, which provides the board with a clear mandate to continue with the work of creating maximum value for all shareholders.
“Today’s outcome follows the rejection in December of the previous Frasers attempt to destabilise boohoo. On both occasions 99% of investors who are not connected to Frasers backed the board’s position.”
In the run-up to the meeting, independent proxy advisory firm Glass Lewis had recommended that Boohoo Group shareholders vote against Frasers’ proposal to remove Kamani.
Boohoo Group chief executive officer Dan Finley said: “Once again, our shareholders have spoken. We want to put this disruption and distraction behind us. Our focus is on maximising value for all shareholders.”
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By GlobalDataFrasers Group declined to comment when approached by Just Style.
The conflict between Boohoo and Frasers, which owns a 26% stake in Boohoo, intensified following the resignation of Boohoo’s chief executive John Lyttle in October 2024.
Frasers Group issued a public letter criticising Boohoo for what it described as “terrible refinancing, lack of transparency, poor results and further supply chain allegations”.
Frasers has been vocal in its demands for corporate restructuring to “unlock and maximise value” ever since Boohoo Group reported a 15% revenue decline for the six months concluding 31 August 2024.
Prior to advocating for Kamani’s resignation it had sought to appoint Frasers Group’s founder Mike Ashley and insolvency expert Mike Lennon as directors.
However, these resolutions were met with overwhelming disapproval from Boohoo shareholders at its AGM on 20 December.
The proposal to instate Mike Ashley as a company director garnered 36% affirmative votes against a substantial 63% negative votes.
Mike Lennon’s nomination as a director faced identical voting percentages.
In light of its nominees’ rejection, Frasers Group has announced its intention to propose an alternative candidate for the board at an appropriate juncture.
