The headline is obvious: no crying in Kamani clan after brother’s boohoo.com gift. The fashion retailer’s founder and co-chief executive Mahmud Kamani has handed Nurez Kamani and a trust for the latter’s children 6.8 per cent of his company.
It’s an incredible gift, coming as it does with the company very much back in fashion on the stock market having bounced back from a post-Christmas profit warning to record a 35 per cent rise in first half sales.
However, it’s also a complicated gift. Mahmud, Nurez and the trustees have agreed not to dispose of any of the ordinary shares they are interested in for 18 months. They have to get the permission of the company’s broker for a six months after that.
But what happens after that time if Nurez, or his children, find themselves in need of funds? Will they be willing to risk the wrath of their relative and sell down their stakes to get their hands on them? What happens if there is a takeover bid that is welcomed by one, but not the other?
Such eventualities might entail some potentially complicated conversations on the part of all concerned. At least if they want to avoid tears before bedtime.
