Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
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swamp that is.
The swap being drained of directors ahead of the take over bid? Looks to me as though board members are getting out as fast as they can before Ray Kelvin takes back control and drains the swap himself . Most board members failed to support Ray whilst he was under attack or to professionally maintain his life long work which means every thing to him.
Very interesting manoeuvre by Martin Hughes now holding circa 12% of TED.
With Ray Kelvin holding circa 38% of the business.
So combined, that is the 50% of ownership required to take control of the Board, if that indeed was to be their strategy.
I'd suggest definitely one to watch now and as a result I'm seriously considering taking a position...……………...
“Rottweiler has bite of Ted Baker” 14/12/19.
http://www.thetimes.co.uk/article/3700a5ea-1dc5-11ea-8556-8cb7c08c0f76
An activist investor has more than doubled its stake in Ted Baker days after a profit warning resulted in the chairman and chief executive resigning.
Toscafund, a £4 billion hedge fund founded in 2000 by Martin “the Rottweiler” Hughes, 58, took a 5.9 per cent stake on Tuesday but took advantage of the fashion retailer’s sinking share price to build it to 11.9 per cent.
Ted Baker was started by Ray Kelvin in 1998 with one shop in Glasgow and has grown to 550 stores and concessions. He stepped down in April after allegations of misconduct, which he denies. This week in a third profit warning it said full-year profits would be £5 million, a 90 per cent nosedive on the year. A week ago the retailer had admitted a £25 million accounting error.
The shares have lost three quarters of their value this year but rose by 19½p, or 5.6 per cent, to 372¾p after the Toscafund stake was revealed.
One commentator said there was little for the activist to agitate for as the board had already been cleared out. “The numbers have been kitchen-sinked, there is fresh leadership in key positions and there is an upside from asset disposals and cost reductions,” he said. “Acting chairman Sharon Baylay is not wasting any time.”