Frasers Group seeks approval for Mike Ashley to cash in £585m in share buyback

Company wants investors' permission to buy billionaire's shares in private deal at market price at the time

Mike Ashley's Frasers Group is seeking approval for the billionaire entrepreneur to cash in 585m of shares which could be bought back by the company in a private deal.

Under the plan, the stock market-listed retail group said it wanted permission from shareholders to buy back the shares privately from Ashley - in one or several transactions - at the market price at the time.