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Not sure either of those things have happened.
Has there been insider trading Selling ?
Maybe . Director’s selling shares with no RNS ? Also first administrator resign from it ,,have to wonder why !
One what basis?
I agree - something seems a bit off here, but there is no evidence that anything untoward has taken place.
Give it a few day then take action
Funny how sky news are first to break with this story too isn’t it?
It all stinks. Very surprised Tom joule has let shareholders down. Seems orchestrated to me.
Where is king of joules now?
Be good to know who blocked this at the time (probably for their own selfish reasons).
This is the problem with the UK market place...
*Sky News has learnt that The Foschini Group (TFG) was in discussions with Joules for several weeks prior to it calling in administrators about investing in the business in return for a substantial stake.*
https://news.sky.com/story/phase-eight-owner-foschini-weighs-bid-to-rescue-joules-12750243
The best they could hope for is somebody buying the rights to use the brand and do something fresh with it. It would be hard to fix a loss making retail chain when you're bloated on shop rental fees and other huge costs.
Walts I have never been invested here but popped up recently to warn investors of the dire circumstances.Looking for Joules accounts I find a disturbing lack of reporting and exceptional vagueness in stock exchange communications ( a big red light IMV). However from the last reliable data I have discovered (February's interims) I see that joules had assets of £190 mill and liabilities of £140mill, on the surface not too bad BUT those assets include £61 mill inventory(now in a distressed situation worth far less), £30 mill of goodwill and intangibles and right of Use assets of £28mill. If you look up those latter two categories you will find that they are accounting conventions rather than real cash assets. SO in reality Joules' liabilities will far exceed any tangible assets on which they can raise money. They are effectively broke , indeed even creditors way above shareholders in the queue will get nothing.
I read all of the comments here and assume that everything is lost although I do have a question.
To the best of my research, Joules owed somewhere in the region of £25-30 million. At 10p per share the total shares in issue are worth approx £12 million. Assuming all of the above is correct, by the time you have taken into account the website, brand, intellectual property combined with the stock, buildings and plant would it be unfeasible to assume that they could have the £42 million in assets?
I once purchased a significant amount of things from a bankrupt auction for a company that used to be shoplifters (for big companies including NEXT). They had a large amount of work on the books and they had £2 million in assets and lost it all over a £350,000 debt.
Any advice or opinions would be welcome.
In the broadest sense, what I'm saying is no doubt the directors will be absolutely fine here. Doesn't matter what it says on paper about their shareholdings. Further, it is almost unheard for directors to be held accountable (in a financial sense) in the situation you describe. WRN & QPP provide excellent examples of glaring malpractice and potentially 'fraud' (and I use this concept carefully, as nothing has ever been proven) ...which resulted in zero accountability and in one case, nobody has any idea where the BOD is today.
I lost £20,000 with the AA, Talk talk, you must remember directors will look after themselves when they get it wrong,
Is that right Knowbodyyouknow?
I mean lets just say that hypothetically Tom Joule (or any other major shareholder) divested a significant portion of his shareholding with the benefit of insider information that the company was going into administration yet the company did not publish an RNS to that effect in compliance with its obligations under LSE rules and then attempted to purchase the best bits of the company out of administration shafting all other private shareholders in the process that private shareholders would have no redress in that regard?
All hypothetical of course
It does seem odd though that the parts of Joules website that sell apparel are all working yet the webpage displaying a list of 'Key Shareholders' has magically disappeared.
But as you say, no doubt best just to let it go.
Joules is a parrot,
Courtesy of Monty Python:
C: I'll tell you what's wrong with it, my lad. 'E's dead, that's what's wrong with it!
O: No, no, 'e's uh,...he's resting.
C: Look, matey, I know a dead parrot when I see one, and I'm looking at one right now.
O: No no he's not dead, he's, he's restin'! Remarkable bird, the Norwegian Blue, idn'it, ay? Beautiful plumage!
C: The plumage don't enter into it. It's stone dead.
I’m hearing huge interest…upwards of 50 potential buyers…
Reading Will Wright’s statements in the news report on BBC, seems like sale of Joules’s brand is a high likelihood. And all options for the group “still being assessed, including possible sale”. Question is whether shareholders will get anything out of it - likely not, unless it’s a Hertz like exception!
*I will ask this again in case anyone knows the answer. Is the company still obligated to issue an RNS showing a TR1 or recent director dealings?*
One would assume so, but this UK is such an unregulated market, in this respect, even if you discovered that the directors sold everything before announcing the intention re the Admin etc..., nothing at all would come of it.
Also, large director sells would have shown up.
As a side note, there is a need to let go - we're getting nothing.
Yes, keen to understand. Looks like the Key Shareholder data has been pulled off the website.
I will ask this again in case anyone knows the answer. Is the company still obligated to issue an RNS showing a TR1 or recent director dealings?
I can't see why they wouldn't be just because the shares are suspended. Could make for some very interesting reading..
Scandalous
We’re in administration.
Done. Won’t be buying any more Joules branded stuff from whoever buys them
That’s my understanding
I expect administration will be confirmed this afternoon.