Sep 11, 2019

Sports Direct shareholders look forward to a testy annual meeting

Sports Direct's shareholders get their yearly moment with Mike Ashley at the company's AGM today. Shareholders can still look forward to a testy affair. Last month, shareholder advisory service Pirc recommended investors vote against the company's senior management, citing concerns over the shambolic publication of its annual results, an unexpected £605m Belgian tax bill and a 50 per cent fall in its share price. The company has not yet proposed a replacement, so unless Ashley can name a new auditor today the company faces being left without one and in the hands of a government appointment process. WeWork bonds tumbled on Tuesday after the Financial Times reported that the unprofitable property company was facing pressure from SoftBank, its largest outside shareholder, to pull its initial public offering after getting a cool reception from public market investors.

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