Mike Ashley’s Frasers Group has published an open letter to the board of fashion retailer Boohoo Group demanding shareholder approval for any asset disposals. 

Frasers, which owns 27% of Boohoo’s shares, has criticized the company’s current management and put forward Ashley as the best leader for it as it undertakes a review of options for each division in the face of a plunging share price.

Boohoo has so far brushed off Frasers’ approaches, last week naming insider Dan Finley as its new CEO and ignoring Frasers’ demand for a shareholder vote on the appointment. 

“In light of the Board’s refusal to allow shareholders to vote on key decisions affecting Boohoo, such as the CEO appointment,” Frasers said in the letter, it had no choice but to ask the board to confirm that it “will not make any disposals of its assets, in whole or in part, without prior shareholder approval” and that it will “obtain and publish the confirmation of an independent global adviser/investment bank” prior to any disposal, to ensure “the terms of the disposal are fair and reasonable, the disposal has been conducted at arm’s length and the disposal is in the best interests of Boohoo’s shareholders.”

The letter concluded: “Frasers firmly believes that the restriction on disposals without shareholder approval and the requirement for confirmation from an independent global adviser/investment bank are required in order to protect the interests of boohoo, its shareholders and its stakeholders.”