Superdry's Dunkerton gets vote of confidence as investor buys shares
Superdry’s co-founder Julian Dunkerton may have got back onto the board because of the large size of his shareholding plus those of key allies, but while most smaller shareholders voted against his return, he’s just had a significant vote of confidence.
Oasis Management has bought a 3.3% stake in the company in a clear indication that it likes the way the management of the company is going. And such supportive shareholders are just what Dunkerton needs as he embarks on a turnaround programme that means a complete change of strategy at the firm.
Dunkerton won the backing of 51.2% of existing shareholders a fortnight ago, which means a large number voted against his return and preferred to back the strategy under then CEO Euan Sutherland. Dunkerton managed to convince some shareholders about his strategy but he and his co-founder James Holder own 29% of the firm between them so he knew from the start that almost a third of the shares would vote in his favour.
The Mail on Sunday reported the Oasis purchase and also said that investment firm Standard Life, which had been one of the shareholders voting against Dunkerton’s return, had a “positive” meeting with he and his new team that includes ex-Boohoo chairman Peter Williams.
That team has shared a few ideas so far and what we’ve heard suggests that there should be plenty of change at Superdry. At least they have a fairly clean slate as far as the management of the firm is concerned as the board, comprising chairman Peter Bamford, CEO Euan Sutherland, CFO Ed Barker and chair of the remuneration committee Penny Hughes all resigned with immediate effect when Dunkerton was voted back. Non-executive directors Dennis Millard, Minnow Powell, Sarah Wood and John Smith also said they would stand down.
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