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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Sports Direct International    FRAS   GB00B1QH8P22

SPORTS DIRECT INTERNATIONAL

(FRAS)
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Sports Direct International : Ashley's Sports Direct mulls legal action over Debenhams rescue plan

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05/20/2019 | 01:12am EST

MIKE Ashley's Sports Direct is looking to launch legal action against Debenhams over a controversial rescue deal secured this month.

The sportswear group is set to challenge two company voluntary arrangements (CVA) that could lead to the closure of 50 the chain's 166 stores, with rent cuts expected on dozens more locations.

A source close to Sports Direct said the company is currently in talks with a number of third parties, including landlords, about a possible joint legal challenge.

"The CVA votes, with one receiving 95 per cent support and 97 per cent for the other, bear more resemblance to the presidential elections in North Korea than they do to a fair, open and honest process," the source said.

It came as Ashley's retail group issued a statement outlining "serious issues" with the department store chain's CVA process.

"With an unprecedented turnout, the CVA proposals had overwhelming support from landlords," a spokesperson for Debenhams said.

KPMG, Debenhams's administrator, said: "We are entirely satisfied that the sale process was robust and that the timetable was reasonable."

(c) 2019 City A.M., source Newspaper

Stocks mentioned in the article
ChangeLast1st jan.
DEBENHAMS PLC 0.00%End-of-day quote.-64.33%
SPORTS DIRECT INTERNATIONAL 0.78% 518 Delayed Quote.12.08%
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Financials (GBP)
Sales 2020 4 229 M
EBIT 2020 235 M
Net income 2020 139 M
Debt 2020 323 M
Yield 2020 -
P/E ratio 2020 19,3x
P/E ratio 2021 19,6x
EV / Sales2020 0,69x
EV / Sales2021 0,66x
Capitalization 2 612 M
Chart SPORTS DIRECT INTERNATIONAL
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Technical analysis trends SPORTS DIRECT INTERNATIONA
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 3
Average target price 433,33  GBp
Last Close Price 518,00  GBp
Spread / Highest target 15,8%
Spread / Average Target -16,3%
Spread / Lowest Target -42,1%
EPS Revisions
Managers
NameTitle
Michael James Wallace Ashley Chief Executive Officer
David Daly Non-Executive Chairman
Chris Wootton Chief Financial Officer
David Brayshaw Non-Executive Director
Nicola Frampton Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
SPORTS DIRECT INTERNATIONAL12.08%3 382
ULTA BEAUTY7.45%15 548
NEXT-0.40%11 654
TRACTOR SUPPLY COMPANY-0.70%11 086
GRANDVISION1.02%7 796
FIELMANN AKTIENGESELLSCHAFT1.25%6 794