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Simply a disgusting RNS. Tom has done very well for himself, going from owning under 22% to 34%, while shafting all other investors. Definitely some underhanded deals have gone on here. Unfortunately PI's left with nothing.
Who didn't see that coming! https://www.bnnbloomberg.ca/next-buys-collapsed-uk-retailer-joules-out-of-insolvency-1.1853532
Wink
Along with Tom joule. We’ve been shafted
Bloomberg suggesting next have bought us
Unfortunately there won't be anything left for shareholders here. 0% chance. The takeover company will buy the parts of Joules they want on the cheap. The rest will hardly be worth anything.
Laws need to change to make the board more accountable in these situations. The board of Eve, Made and Joules all have serious questions to answer and shareholders end up paying the price or their gross negligence and mismanagement. I do wonder the frequency of underhanded deals between the board and takeover company in these situations.
It does seem odd to say the least. Perhaps a deal simply could not be done.
Problem is the RNS suggested that the absolute worst case scenario was a CVA, but not before an equity raise was fully explored - as it doesn't appear to have been.
I reckon we won't be getting anything as shareholders so have written off all my investment here; I won't pretend it doesn't hurt - I put too much here. Very disappointed that management could make nothing of negotiations with Next, Foschini or TJ before bringing in the administrators, along with misleading language in the RNSs. Something smells very bad here.
The only positive is that the brand will survive if this deal goes ahead and looks as if the majority of stores and - most importantly - jobs will stay.
I am assuming there still remains absolutely zero chance of any of us getting any money back?
Why the hell didn't management sell to this Co, whilst the Co was still operating?!
Are next in charge yet?
Nice see the company is sailing along without us...
https://www.joules.com
Shares even!
Reflects the position at 14th October 2022, yet a TR1 was issued regarding Mr Teatum increasing his holding on 31st October 2022. Does the Key Shareholders List accurately reflect the position as at today's date (26th November)?
Last RNS detailing directors dealings issued on 1st March 2022, so one must assume that no director of the company has bought or sold any issues since 1st March 2022.
It’s a pity he didn’t go months ago , he was obviously bloody useless
CFO left ...big deal to all of us here, whose interest in the business is now worth approximately zero.
Think we know the source, all will be revealed next week when someone comes out smelling of roses.
KingJoules - silimar things happening in most retail outlets, shareholders sha**ed in McColls this year, in Eve Sleep this year, they were two I lost collectively a similar amount to you this year.
There is NO protection for the average everyday shareholder, it stinks to high heaven !!
Missed a bullet here but only just, slight loss, but will make it up elsewhere with the rest of my portfolio hopefully.
Takes a while to let it go but nothing you can do or say, we are a little voice that never gets heard !!
ATB
Part from interpath's faq for shareholders
'' Will there be any future value in my shares?
You should seek advice from an independent financial adviser. Although the
Administrators will seek to maximise realisable value for the Company’s assets, it is
considered very unlikely that the shares will have any value in future.''
The bidding is ongoing but they already know there wont be any value left for shareholders... Couldnt be more clear in my opinion, even if any residual value is available its not intended to be paid this way.
And honestly, the hipocrisy of the message makes me sick
Stinks that interpath have been advising for months and are now the administrator. Inside job. Hope tj has a battle on his hands and has to pay handsomely to get this back. Doncaster guy must be seething,
Retail investors have been shat on
*Tom Joule won the first round of bidding yesterday with Frasers and M&S also submitting bids.*
So, even TJ waited to buy it out of admin, rather than rescuing it so as to prevent such a fate.
Article in The Sun (paper only) saying Next and Tom Joule won the first round of bidding yesterday with Frasers and M&S also submitting bids.
Give it up and move on.
No money back for shareholders; same as Mccols, Made & POG
More likely you will get counter sued for slander if you tried to take this to court with no evidence and ramblings from anonymous people on an anonymous chat board!!