Buhu shareholders reject bid to oust director Kamani By Investing.com

LONDON – Boohoo Group plc (AIM: BOO), the popular online fashion retailer, has revealed that shareholders have voted decisively against a proposal from Frasers Group Plc that the company’s founder and group chief executive, Mahmoud Kamani, step down. Vice Chairman of the Board of Directors.

In today’s meeting, 63.17% voted against the proposal to dismiss Kamani and only 36.83% supported it. The total votes represent 79.67% of the company’s issued share capital, with a small fractional vote suspended.

Tim Morris, Boohoo Independent (LON:) non-executive chairman, expressed his gratitude to the shareholders “for their wonderful support” interpreting the vote as confirmation of the direction of the board. Earlier in December, Fraser cited an attempt to disrupt the company, which was similarly rejected by shareholders.

Bohu Group CEO Dan Finlay echoed Morris’s sentiments, indicating a desire to overcome these challenges and focus on increasing shareholder value.

The context of this corporate conflict is that Fraser Group owns a large stake in boohoo with 399,773,352 ordinary shares. Despite this, the majority of Bhu’s investors, excluding those associated with Fraser, have consistently supported the current board.

Known for its fashion-forward and inclusive approach, the Boohoo Group has been expanding its digital market since acquiring Debenhams in 2021. The company has been emphasizing a technology-driven strategy to increase efficiency and drive sustainable growth, primarily in the UK and US markets.

This news is based on a press release and published by Bohu Group Pvt

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