The ( ) share price has been picking up a bit in the past few months. But anyone who’s held for any length of time has had a painful ride. It’s down a horrible 88% over five years.
We’ve seen backer Mike Ashley trying to get himself appointed to the role of CEO. And with Frasers being a key boohoo shareholder, and Ashley having a track record of relishing taking charge at struggling retailers, some might have seen that as a way forward. But on 1 November, boohoo named Dan Finley as its new CEO with immediate effect.
He was formerly with , and had been at the helm of boohoo’s Debenhams. The share price uptick since then suggests boohoo shareholders are on board with this appointment. Time running out? The problems are far from solved at boohoo, and Finley has his work cut out.
My big worry is that I fear he might not have much time to weave a bit of magic before the pressures mount even more. But the changes have already started happening. On 13 November, boohoo revealed it had successfully raised £39.
3m from a placing and subscription, which it described as having been “ “. As part of the refinancing, the company has now repaid £50m of its £97m term loan. Crucial AGM That’s helped with boohoo’s health.
But there’s still infighting going on which should peak at the Annual General Meeting (AGM). Frasers want to get Ashley and insolvency expert Mike Lennon on the board. But boohoo’s management say they’d be happy to offer one board seat to “ ,” exclu.
