BusinessCorporate Finance‘No show’ FD angers analysts

'No show' FD angers analysts

Sports Direct said this week that it had appointed brokers to communicate with its investors, after widespread criticism of group finance director Bob Mellors

Analysts reacted with disbelief to the move this week. ‘It manifests itself
as a complete lack of guidance and a huge lack of credibility for the management
and the “no-show” FD,’ said Andrew Wade from
Seymour Pierce.

Seymour Pierce’s vice chairman, Richard Ratner, said: ‘House brokers should
not be responsible for communicating day to day with the investors. It’s wrong
that the FD is effectively kept in cotton wool and never shown to the City. Mike
Ashley and David Forsey are good executives, but there are a number of analyst
issues that need an FD’s insight.’

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