Sports Direct is no more as Mike Ashley wins vote – Now Frasers Group with immediate effect
Sports Direct is no more.
Mike Ashley proposing a change of name to ditch the SD branding which had become so toxic.
So many people using ‘Sports Direct’ as the prime example of how not to treat staff and customers.
At a general meeting in London on Monday, Mike Ashley has claimed it as a 100% victory.
With 469,116,856 of shares/votes cast in favour of the name change, with only 11,335 shares/votes against the move, making it indeed an all but 100% of votes in favour.
The number of shares/votes represented 89.93% of the total number of Sports Direct shares.
The company will now with immediate effect (once Companies House completes the formalities, if they haven’t been completed already) be known as ‘Frasers Group’ moving forward.
Ahead of the vote, Sports Direct/Mike Ashley said that the move had been proposed to ‘reflect the changing profile and consumer proposition of the group’ and that the move is ‘reflective of the business strategy of the company to elevate its retail proposition across all channels and demonstrates the transformation of the company over recent years into the holder of a diversified portfolio of sports, fitness, fashion and lifestyle fascias.’
In other words, Mike Ashley is hoping that the brand will now be seen as less trashy and more upmarket.
For Newcastle fans we now await with interest to see if/when the multitude of Sports Direct adverts at St James Park (and at the training ground and all over the official NUFC website and social media etc etc) get changed over to Frasers Group.
Many Newcastle fans believing that the decision to give 10,000 free season tickets away, is linked in with making sure St James Park presents a full crowd in front of the Mike Ashley retail adverts, instead of over 10,000 empty seats as was the case at the last home match.
Whilst NUFC supporters live in hope that they will one day see the back of Mike Ashley and his adverts, in the meantime if the adverts are indeed changed, it is tough to imagine that they could look as hideous as the red and blue SD ones.
Sports Direct official announcement:
SPORTS DIRECT INTERNATIONAL PLC
(“Sports Direct” or the “Company”)
RESULTS OF GENERAL MEETING AND CHANGE OF COMPANY NAME
Sports Direct announces the results of the poll on the resolution (the “Resolution”) put at its General Meeting held on 16 December 2019 at Academy House, 36 Poland Street, London W1F 7LU.
That the name of the Company be changed from Sports Direct International plc to Frasers Group plc.
The Resolution has been duly passed.
The change of name will be effective once Companies House has issued a certificate of incorporation on change of name (the “Certificate”).
It is expected that the Certificate will be issued later today.
The Company’s stock market ticker will become FRAS from 8:00 a.m. tomorrow, 17 December 2019 and its ISIN will remain unchanged.
The change of name will not affect any rights of shareholders and existing share certificates should be retained as they will remain valid and no new share certificates will be issued.
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