- Findel has confirmed it is in the early stages of discussions with Sports Direct International over a possible commercial supply arrangement between Express Gifts and SDI and the possible appointment of Mike Ashley to the board.

This proposal was made by Schroders on behalf of SDI and includes a requirement that Ashley be made chairman of Findel, replacing the outgoing chairman, David Sugden, who has previously announced his intention to step down at the forthcoming AGM.

Toscafund has also indicated its support for Ashley's appointment as Chairman. The Findel board considers there to be great merit in exploring a commercial supply arrangement with SDI and that Ashley could make a valuable contribution to the board but has not concluded on whether Ashley should be chairman.

There would need to be means through which minority shareholders could be protected and Ashley would need first to be approved by the Financial Conduct Authority, which regulates Express Gifts Limited. There can be no certainty that any commercial arrangement between SDI and Express Gifts will be forthcoming.

At 1:54pm: [LON:FDL] Findel PLC share price was +23.88p at 199.88p

Story provided by