In honour of Mike Ashley’s latest charm offensive in the City of London, we’re extending the deadline on last week’s caption competition for those of you inspired by the Sports Direct founder’s words of comfort in the wake of his company’s tanking share price.
We were due to pick a winner today – but we wouldn’t want to deny readers a chance to respond to Mr Ashley’s comments this weekend, in an interview with the Sunday Times:
“I’ve got balls of steel,” said Ashley. “Some investors have been great and have been very supportive. But some of these City people act like a bunch of cry babies. I’m not giving in. I think the shareholders will divide into two distinct camps. I want a loyal band of followers — long-term shareholders who aren’t on the phone every five minutes just because there’s a share-price movement up or down. Sports Direct should come with a government health warning — this stock is not for the fainthearted.”
Sports Direct last week issued a profits warning that knocked a quarter off the company’s share price, taking it to below half its IPO price of 300p a share just five months ago.
Ashley added in the interview:
“The current share price is pathetic. I can’t think of many safer long-term investments at this price. What annoys me the most is that some people are saying they didn’t get what they bargained for. In my opinion they got exactly what it said on the tin.”
Sports Direct shares were on Monday trading up almost five per cent, at 153p. The wonders of tough love.