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Finance Notes: Sports Direct Emerges As French Connection Shareholder

Sporting goods retailer Sports Direct "emerged as the ultimate owner" of an 11% stake in fashion retailer French Connection. Founder Mike Ashley's discount sports chain "informed investors that it is behind the mystery purchase of a large holding previously owned by fund manager Schroders." Sports Direct used its "favoured method of taking a stake in the retailer through a derivative" -- a contract for difference -- a "tactic it has used in the past when taking positions in a number of other retail chains," including Debenhams. Schroders, French Connection's second biggest retailer, disclosed that it sold its 9.27% stake on Wednesday, but did not identify the buyer at the time (London TELEGRAPH, 2/2).

Standard Life Investments, the "fund arm" of insurer Standard Life, has "concerns about governance" at Sports Direct and Volkswagen and will "press for more change at the companies." SLI said that Ashley's previous role as exec deputy chair of Sports Direct had been "ill-defined and did not seem to reflect the reality of his influence at the company." SLI also said that it had "major concerns" about the firm's remuneration policy (REUTERS, 2/2).

Gambling company GVC Holdings said that it expected "full-year net gaming revenue to rise" about 9%, "slightly ahead of its previous estimate, on strong fourth-quarter trading." Shares in the company were up 4.5% at 644 pence at 8:38am GMT Thursday, "making them one of the top performers on FTSE mid cap index." The company posted a 7% increase in net gaming revenue per day for the fourth quarter as int'l business helped it offset the impact of "punter friendly" sports results in the U.K (REUTERS, 2/2).

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