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Bogdan, you would need proof that the directors issued misleading statements and/or ignored their fiduciary duties when calling the in administration whilst dealing with next imv.
I would be willing to join in a action group as losing a fair chunk.
Knowbody, ref class actions here is my experience to date; Flybe lots of energy expended but because collective losses were less than £2m no win no fee lawyers not inhterested , Angus energy - no win no fee lawyer engaged and is serving notices against previous directors and some current ones - this will likely suceed imv, DDDD shareholder action group formed on telegram and legal case being prepared in readiness for the Administrators to confirm no returns for investors. In each case 2 years before you will see anything back. Good luck all.
Any firms take this sort of 'class action' up on a no win, no fee basis?
We could still unite and bring the board of directors to court to claim any shareholders losses because they rejected the Foschini bid without another resonable offer on the table
Because small shareholders are not legally represented nor informed. Only way to get some value out is by joining and get a solicitor. Without representation shareholders dont matter
Too late for this one in my opinion, its been done quick. Good example of financial engineering and dishonesty
*Next also acquiring the old HQ, which cost £20m and which started the problems by sucking up cash, for £7m.*
Indeed, was this independently valued? Who signed off on the deal?
*But why does one shareholder get a seat at the table with Next and not the rest of us? Some of us might have been willing to join in a rescue attempt but were never given the opportunity. Questions for the receivers I think. And did we (the shareholders) ever get to appoint the receivers?*
These are questions that need to be answered regardless of whether anyone gets any money.
I would also like to know whether Taetum got out...
I noticed that the WRN (still 'suspended') BB got shut down pretty quickly once people started calling for investigations.
Might be worth forming a group whilst people are easily able to express an interest in joining...
But why does one shareholder get a seat at the table with Next and not the rest of us? Some of us might have been willing to join in a rescue attempt but were never given the opportunity. Questions for the receivers I think. And did we (the shareholders) ever get to appoint the receivers?
HH
As of 26 June 2, the Group had net debt of £17.7m. It went up after that a tad. Makes you wonder where that £35, Million is going. Probably to pay off debt then keep the rest in cash to keep the business going etc. Zilch for shareholders here. Its now a private company it seems. Or should I say a subsidiary of Next.
Misleading RNS’s until Nov 7 are the problem here.
My guess is the cheif financial officer , who left last week will be subject to a NDA but therein lies the answers to the criminal activity question imv.
So TJ is losing a couple of million when the old firm goes bust and stumping up around 8 million for his new 25% share. meanwhile my guess is creditors of the old joul will lose much more and shareholders wiped out. My guess is this deal was cooked up when next first showed some interest a few weeks ago and it enables them to obtain a much larger stake at a lower cost ditto TJ but is that fraud?
This is so wrong , serious fraud office will be informed .
No position here, but unfortunately looks like another situation where shareholders will get nothing.
I’ve seen quite a few administrations in my time but don’t think I’ve ever seen one where the founder somehow manages to maintain an equity stake after it’s acquired out of admin.
What an absolute crook, unbelievably unfair on other shareholders.
Also need to see the garden trading deal. This is still outstanding, whos buying that?
im guessing once again shareholders left with nothing whilst the board of directors make a killing and just waltz into another high paying directorship.
Lol
Grampyan, after admin costs shareholders will be left with nowt imv.
The last financials I read said the net assets were £40m after creditors. With a market value of £10m based on the SP. I think we should be looking for 25p per share out of this
Why should we wait for the SFO to do nothing. can’t we get a class action of shareholders against this fraud.
Does not deserve his OBE any more.
What a sucker I feel. Wife works in head office, I believed in the brand and the founders story. I really didn’t think he would be this ruthless. Tens of thousands of pounds lost. Not a good feeling. I should know better.
Because it’s the right thing to do .
Unfettered capitalism at its worst
My sentiments exactly. I might only be a small shareholder but I will never be a customer of theirs ever again. I wouldn't have their stuff even if they give it away.