Debenhams has lost its fifth-largest investor as retail tycoon Mike Ashley leads a boardroom coup at the struggling department store chain.
Invesco Asset Management had a near-5% stake in the business.
It confirmed a story by Financial News on Monday that it had sold its entire holding but declined to give any reason.
Invesco made it out of the door at a time when Mr Ashley’s Sports Direct – the largest shareholder with just under 30% – is leading a charge for change as Debenhams battles to preserve its future.
The chain is currently engaged in negotiations with banks on a £150m refinancing as part of its wider restructuring.
Mr Ashley’s plan includes a rival offer of a £150m loan that would be interest-free should he get what he wants – the chief executive’s job.
Debenhams said on Friday it would give “careful consideration” to Mr Ashley’s separate offer but cautioned that its lenders would have to sign-off on any such deal.
Mr Ashley’s offensive has raised hackles in some quarters, with sources at the company telling Sky News last week that the hostility has become a barrier to any kind of engagement.
Invesco, like others with holdings in Debenhams, saw the value of its investment collapse – accelerating last year.
Debenhams shares were trading at 96p per share in 2015.
They are currently worth just over 3p – giving the chain a market value of just over £40m.
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