Mike Ashley has launched a brand new assault on Debenhams executives as he tabled a £150m rescue provide, accusing the board of “a sustained programme of falsehoods and denials”.
The Sports activities Direct billionaire’s more and more bitter pursuit of Debenhams intensified on Sunday night time as he urged board members to take lie detector checks and known as for the chain’s shares to be suspended.
Mr Ashley provided to underwrite a £150m sale of recent shares within the firm in a deal that may see him take over as chief government.
In his newest broadside towards the corporate he mentioned that “misrepresentations have been made to induce Sports Direct into signing a non-disclosure settlement, locking them out of any means to commerce within the bonds or fairness of Debenhams for a time period”.
In a press release, Sports activities Direct mentioned Mr Ashley and two Sports activities Direct colleagues had taken lie detector checks which confirmed “with none doubt” that they have been telling the reality of their recollection of the assembly.
“Certainly, Mike Ashley’s rating for instance was so considerably excessive as to be thought-about uncommon compared to others,” Sports activities Direct mentioned.
The retail magnate’s new proposal is contingent on £148m of debt being written off that means it can face stiff opposition from Debenhams’ lenders.
But when Mr Ashley’s method is rejected, Debenhams is probably going to enter administration this week with its lenders seizing management. That might make Sports activities Direct’s stake nugatory.
Sports activities Direct, which owns slightly below 30 per cent of Debenhams, confirmed its proposals on Monday and mentioned it was nonetheless contemplating a £61.4m bid to purchase up the remainder of the shares.
In a inventory change announcement, Sports activities Direct mentioned it had till 17:00 on 22 April to announce a agency provide or stroll away.
“While Sports activities Direct continues to actively consider all potential choices to assist Debenhams, it needs to make clear that, as a technical matter, have been it to finish, the fairness issuance can be another transaction to the potential provide and vice versa,” the corporate mentioned.