10 July 2020
New major shareholder at Esprit
We welcome the new increased shareholding of North Point Talent Limited, now Esprit’s largest shareholder. Management has not had any dealings with North Point Talent Limited as until recently they were below the registered shareholder threshold.
Our track record demonstrates that we are always ready to having an open and transparent dialogue with our shareholders about our business strategy. We are surprised about the proposition to remove the Executive Directors from the company. Esprit is right now at a crucial moment as we are just starting the implementation of our restructuring initiatives in our biggest market Germany, after the opening of the proceedings announced last week.
This is in addition to dealing with the challenges of the economic crisis caused by the pandemic. It is the Board’s view that any contemplated removal of the Executive Directors would be a threat to the going concern of the business. Nevertheless, we are in the process of assessing the arguments posed by North Point Talent Limited, and will seek further clarification on their vision for the business, and their operational intentions to master the challenges the company is currently facing.
In any case, we are looking forward to the coming Special General Meeting.