Glass Lewis recommends vote AGAINST the Resolution

boohoo group plc

15 January 2025

 

FOR IMMEDIATE RELEASE                                                                                                            14 January 2025

boohoo group plc

("boohoo" or "the Company")

Glass Lewis recommends shareholders vote "AGAINST" the Resolution

boohoo Group plc (AIM:BOO) notes the publication of the voting recommendation from Glass Lewis the independent proxy adviser, in relation to the Company's forthcoming General Meeting.

Glass Lewis has recommended that boohoo shareholders vote "AGAINST" the Resolution at the General Meeting on 21 January 2025, which seeks to remove Mahmud Kamani as a director.

Glass Lewis recognise that the Company "has initiated significant actions" in recent months, including undertaking the Business Review, strengthening its balance sheet, and introducing leadership changes, including appointing a new CEO and Independent Chair, while transitioning Mahmud Kamani from Executive Chair to Executive Vice Chair.

Glass Lewis conclude that these changes "should enable the Company to retain Mr Kamani's institutional knowledge and expertise while empowering new leadership to undertake initiatives that will likely be needed to improve the Company's performance".

This recommendation is in line with the unanimous recommendation of the Company's Independent Committee and the independent proxy adviser Institutional Shareholder Services Inc. ("ISS").

General Meeting and How to Vote

The General Meeting to vote on the Resolutions will be held at the offices of Addleshaw Goddard LLP at One St Peter's Square, Manchester M2 3DE on 21 January 2025, at 10.00 a.m.

The notice convening the General Meeting can be found here: Notice of General Meeting, and includes details of how to vote at the General Meeting, some shareholder Q&A, the Notice of General Meeting itself and additional information in respect of the Notice of General Meeting including in relation to the appointment of proxies.

Capitalised terms in this announcement, unless otherwise defined herein, have the same meanings as set out in the Circular posted to Shareholders on 11 December 2024.

Enquiries
boohoo group plc
Stephen Morana, Chief Financial Officer		Tel: [phone]
Victoria Huxster, Investor Relations		Tel: [phone]
Zeus Capital - Joint Financial Advisor, Nominated Advisor and Joint Broker
Nick Cowles / Dan Bate / James Edis		Tel: [phone]
Benjamin Robertson		Tel: [phone]
HSBC - Joint Financial Advisor and Joint Broker
Anthony Parsons / Alex Thomas / Chloe Ponsonby / James Hopton		Tel: [phone]
Headland - PR agency
Susanna Voyle / Will Smith		Tel: [phone]

About boohoo group plc

"Leading the fashion eCommerce market"

 Founded in Manchester in 2006, boohoo group is a fashion forward, inclusive and innovative business. The Group's brands are complementary, vibrant and scalable, delivering inspirational, on-trend fashion to our customers 24/7. The diversity of our brands, including the group's 5 core brands, boohoo, boohooMAN, PrettyLittleThing, Karen Millen and Debenhams, enable us to serve a broad customer base, globally, with a primary focus on the UK and US markets. Since its acquisition in 2021, Debenhams has been transformed from a retailer into a digital marketplace with a capital-light, low-risk operating model and a focus on fashion, beauty as well as home. Boohoo group is concentrated on driving sustainable, profitable growth with technology and automation increasing efficiency across the business.

 

END