Business
Response to Frasers Group plc
Response to Frasers Group plc.
About this update from Frasers Group Plc
7 November 2024 boohoo group plc ("boohoo", the "Group" or the "Company") Response to Frasers Group plc The board of boohoo Group plc (the "Board") notes the announcement and accompanying open letter issued by Frasers Group plc ("Frasers") on 6 November 2024 . The Company announced on 18 October 2024 that it had commenced a process to unlock and maximise shareholder value through a review of options for the Group's main divisions. The Group is only at the start of the process of determining what options maximise value for all shareholders and will maintain high standards of corporate governance as it undertakes this process. The Board believes that boohoo is fundamentally undervalued and that this process is the best way to serve all shareholders. In the interim results, the Company intends to provide more details to shareholders of our core brands. The Board expects that the ongoing review of options will take several months, and the Board will update shareholders with full transparency at the appropriate times. The Board remains committed to open and transparent engagement with all of its shareholders, including Frasers and that it is fully aware of, and is continuing to act in accordance with, its duties. The Board is also committed to ensuring it takes the right steps to drive the Group in the interest of all shareholders and not just Frasers' self-interest. In its announcement of 24 October 2024, the Board noted that while it remains willing to discuss board representation with Frasers in a constructive manner, it has been clear with Frasers that it will only offer a seat for an appropriate non-executive director and that before any appointment can be made, appropriate governance controls will be required to protect the Company's commercial position and the interests of all other shareholders. boohoo has repeatedly sought assurances from Frasers in this regard and none have been provided. boohoo has also repeatedly asked for, and has been promised, non-public information in relation to Mike Ashley's interests and role in competing businesses. This information has not yet been provided either. Alongside the open letter, Frasers sent a separate letter to the Board, which Frasers has chosen not to publish. In that letter, Frasers agreed to a meeting with boohoo to discuss Frasers' concerns in relation to any potential disposals ...