Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Relates to the Irish business element - makes sense as it was always separate - FYI here is it:
Debenhams Group announces today that Mark Gifford is to be appointed as a director and Chairman of Celine Jersey Topco Limited, parent of the Debenhams group of operating companies. Mark has a wealth of experience in large scale turnarounds, bringing stability to retail businesses and delivering change and growth in the consumer sector. He is currently Chairman of Radley Group and a non-executive director of Ann Summers' parent GGI and of No. 9 Investments (the McCarthy family investment office). He was previously CFO of Game Digital from 2015 to 2018 and CFO of House of Fraser for eight years.
Stefaan Vansteenkiste, Debenhams' CEO, said:
"We are delighted that Mark will be joining the parent board to work with our investor consortium, who have confirmed their continuing commitment through providing additional liquidity for our peak trading. Mark's expertise and understanding of business change as well as the retail industry will be invaluable. I look forward to working with him as we deliver the turnaround of the group."
Mark Gifford, Chairman-Elect of Celine Jersey Topco Limited, commented:
"Debenhams is strongly backed by a supportive investor group with substantial resources and has an experienced management team with a clear plan to deliver a turnaround. I am excited about the opportunity to play a part in building a successful future for one of the UK's best-known retail businesses. We are assembling a strong group of Board members and I am looking forward to working with the team as we implement the necessary changes to deliver a sustainable and profitable future."
Just noticed a RNS this morning on a new BoD appointment - one of a series of appointments it seems in the works with the financial backing of the new "owners".. not sure how a RNS has been issued (maybe due to bondholders?) but a gentle reminder that this company continues to trade and that solutions were found to keep the company afloat - just that the old shareholders were never asked to assist financially... never mind... not the first time nor the last I suspect this happens
You can offset them against any tax on your gains. I hoped something could have been done by the courts to address the way the rug was pulled on shareholders after they gave MA 2 more weeks to come up with a better offer. This action caused many to rush to buy shares and is despicable and underhanded move, that IN LAW is called :- 'Taking a Pecuniary Advantage for Gain' ...and can carry a prison sentence of up to 10 yrs.
A rarely used law ie, 'Knowledge Aforethought' means much the same and is a criminal act if used to foreclose on shareholders if they mislead investors beforehand.
MA should have challenged on behalf of ALL shareholders, not just for his own interests. If i had the money i would have. The point in law was giving MA two weeks to make a better offer, then THE VERY NEXT DAY the lenders pulled the rug, misleading genuine investors in the process. IMO, they should have allowed MA those extra 2 weeks. They obviously did this to prevent MA from attempting to recover some of his 150m stake and to prevent him taking control?
"Are our shares lost?
Mine are still showing in my II account with no value, but show my book cost so makes my account look very bad! I dont know what to do with them"
You can't do anything with them, the company has been de-listed, you can only trade them on a private basis if you can find a buyer and come to some legal tansfer arrangement with them. You'd need a Solicitor to draw up a contract and pay the Administrator to amend the register.
Because the company, Debenhams PLC, is likely to be liquidated then it's unlikely anyone will want to buy them from you. All it's assests have been already sold. It's in Administration.
The company hasn't been "struck off" yet, so it's still a legal entity. Eventually HMRC will give it a NIL value status and you can use the loss to offset any capital gains (over the threshold ) you've made. Some will do that before the NIL value status has been granted.
You could ask the broker to remove the entry. They should remove them once the company has been dissolved and NIL value has been granted. They probably leave the entry available to assist you with claiming loss relief.
Are our shares lost?
Mine are still showing in my II account with no value, but show my book cost so makes my account look very bad! I dont know what to do with them
"????"
Yes, Debenhams Group. Secured another £50m facility to cover Christmas trading.
There's a payment to bond holders due in January if memory serves me well.
I haven't seen any further news on the liquidation of Debenhams PLC. I have a "web" checker running on the FTI site (it checks once a month), but I dont think there's been an updated since September.
I guess you could use the expected loss on your tax return without waiting. I'd chance it. I mainly offset using SEIS/EIS.
????
Debenhams plc
Supplemental information on new financing
RNS Number : 3499P
Debenhams plc
09 October 2019
9 October 2019
DEBENHAMS GROUP
Supplemental information on new financing
Debenhams Group confirms that following the successful consent solicitation concluded on 6 September 2019 (the "Consent Solicitation"), Debenhams has raised a new secured £50m facility with certain of its existing lenders. This provides the group with an additional £50m liquidity in order to cover peak trading, in particular the weeks running up to Christmas. This coincides with the normal seasonal peak of inventory requirement for the group. Debenhams expects its peak (Q1) and low (Q2) inventory levels for the financial year ending August 2020 to be within the c. £450m to £270m range, based on historical trends, noting that the portion of ineligible inventory is relatively consistent across the year, with a small increase around the Christmas peak trading period.
The facility is subject to substantially the same pricing terms and utilisation mechanisms as the £200m first lien facility announced on 29 March 2019, as refinanced by the £200m first lien facility announced on 9 April 2019 (as amended from time to time). Through the Consent Solicitation, the holders of the £225,000,000 5.25% Senior Notes due 2021, of which £200,000,000 remains outstanding (ISIN: XS1081972850; Common Code: 108197285) approved certain amendments to the Trust Deed and the Intercreditor Agreement, including permitting the drawing of a further £50 million of secured indebtedness. The group hereby announces that the Fifth Supplemental Trust Deed has been executed by all the parties thereto and the Proposed Amendments contained in the Fifth Supplemental Trust Deed have become effective. Capitalised terms used and not otherwise defined in this paragraph have the meaning given to them in the Consent Solicitation Announcement released by Debenhams on 3 September 2019.
www.investegate.co.uk/debenhams-plc--irsh-/rns/supplemental-information-on-new-financing/201910091625493499P/