Sep 11, 2019

Sports Direct in race against time to find new auditor

UK retailer Sports Direct is in a race against time to find an auditor after Grant Thornton's 12-year tenure ended at the company's annual meeting on Wednesday. Sports Direct had little new to report about the receipt of a £600m demand for alleged unpaid VAT, plus interest and penalties, from the Belgian authorities. Sports Direct said that 41.7m votes were cast against Mr Ashley's reappointment as chief executive - equivalent to 9 per cent of the total votes cast but 31 per cent if Mr Ashley's 62 per cent stake is discounted. On the same basis, 17 per cent of investors opposed the reappointment of remuneration committee chair David Brayshaw, while 11 per cent voted against senior non-executive Richard Bottomley and 8.8 per cent against Nicola Frampton. Sports Direct shares have risen 11 per cent since the start of the year but are down 22 per cent since this time last year.

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