Sports Direct investors REJECT proposed £11 million payout to Mike Ashley brother

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Preponderance shareholder Ashley abstained from voting

Majority shareholder Ashley abstained from show of hand on the plan to give a back payment to John Ashley for his IT work. The sponsor was more than 70 per cent against.

A review by the firm’s admissible advisers, RPC, and accountants Smith & Williamson found that if John Ashley had been treated the still and all as other senior executives he would have received £11 million numberless. 

Sports Direct said: “The board trusts that shareholders order welcome the steps taken to reassure them that John Ashley did not allowances inappropriately from being the brother of majority shareholder Mike Ashley.

Shareholders will welcome the steps taken

Sports Straightforward

“In fact, John was actually disadvantaged by approximately £11 million after he forewent hand-outs that he would have received if he were treated equally to other executives who cured to build the company.

“By voluntarily abstaining from voting on this scions, the board has provided the company’s independent shareholders the opportunity to determine whether or not to dream a retrospective payment to John Ashley.

“The board respects the views of the retinue’s independent shareholders, and considers all these matters to be closed.

“We now intend to proceed on.”

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