Member Info for ajc2

Glad to have sold out last year at a heavy loss.

I think the only way to gain on this is if an offer were to come in.

Bob Holt had since started a new business back in his previous industry, Earnz plc, with Elizabeth Lake as CFO, better to dump Revb and put your money there.

Well said SCB

Well there's clearly difference of opinion, which is healthy. All personal opinion.

In my opinion Mike Ashley is the one standing up to Kamani. Kamani has not stood up for investors, except now he wants votes. He has been self serving. The idea of targeting board members with smear campaigns is a little far fetched and as mentioned, Ashley would not be able to asset strip, he would have to have businesses fairly valued if he wanted to acquire anything. As directors they know there fiduciary responsibilities.

Unfortunately having the two Mike's and Kamani couldn't work, their egos are all far to big!

I just try to look at the facts on how Kamani has treated investors and how the business has performed, and it's time for him to move on. Frasers have acknowledged working with Finley, which would be a good outcome.

Ashley has treated his investors like most other decent companies and the returns have been exceptional.

Collaboration with Frasers will add significant value to Boohoo, you can see they respect Finley, so him remaining would be a positive. Kamani is the issue, not the solution. Past results speak for themselves, but time will tell.

Interesting how Boohoo have failed to respond to the Revolution aspects of the latest letter and Boohoos double standards/hypocrisy. Boohoo tried to de-stabilise Revolution shortly before it's readmission to AIM by kicking out the Chairman, CEO and CFO, which would have likely resulted in shareholders never seeing their investments again. Fortunately the CEO, Bob Holt, outsmarted them. Ultimately though, Boohoo gained control and offered a poor settlement deal with their former Founder CEO to ensure they controlled Revolution.

It's worth remembering how Kamani has poorly treated investors. Look at how he is desperately pleading for support now. Look at how he was willing to screw over PIs at Revolution. A leopard never changes it's spots. A vote for him will likely be a vote for the same, except probably worse as he would be empowered by a vote of support. Founders never really cease control of their company whilst invested/involved, regardless of titles created.

Like or loathe Ashley, he has already had a positive effect at Boohoo, preventing Boohoo from carrying out whatever was intended, forcing the board to treat investors (albeit for vote support) better, improved communication, forcing change within the business, focus to the business. And this is without even being directly involved.

I believe Ashley on the board, supporting Dan Finley, with Kamani kicked out, is the best outcome for Boohoo. Finley has much to offer, and Ashley has a wealth of experience and know how to drive this forward. Ashley has long term support from his investors, and an enviable track record of success and returns for investors at Frasers.

I believe Ashley genuinely wants to see this business succeed. And if that means more collaboration and support from Frasers, that's surely a good thing. I do not see concerns around Frasers potentially acquiring brands, if that were to happen, they would be at a fair independent value and have to be voted/approved by the board.

Kamani has proven to Boohoo shareholders what he thinks of them, and the returns to investors speaks volumes. Ashley has proven to Frasers shareholders what he thinks of them, and the solid business model and returns speak for themselves. This is more about collaboration between Frasers and Boohoo, and Kamani would be the one to prevent that.

While Kamani is chairman, he is running the show, not John Lyttle, not Dan.

With the contempt Kamani has treated PI’s and II’s over the years, to write a begging letter asking for support now is desperate.

Kamani has shown no regards towards other investors, not at Boohoo, nor at Revolution when he wrestled control. He tried screwing over every investor, de-stabilising the re-admission to aim, just as it was about to be relisted after a year, and then forcing out the CEO. What goes around comes around eh? And now, an abysmal share price too.

How many more attempts does he need to turn Boohoo around. Frankly, he’s had too many disastrous attempts.

Mike Ashley may have his own interests and agenda, but I believe Ashley as CEO is in the best interest of all shareholders too. As CEO he has, as he stated, fiduciary responsibilities and to act in the best interest of all shareholders, he simply wouldn’t be able to ‘get hold of Debenhams’ without paying a fair price, independently valued which would release value to long suffering Boohoo shareholders. Not that I believe he will do this anyway after this drama. I think there are many other opportunities for Frasers and Boohoo to collaborate for mutual benefit. Frasers shareholders have been more than happy with their business and share price performance since listed with Mike Ashley as CEO. Ashley in!

Slight pull back in share price means the buyback will have more effect.

Possibly may see a good run up to xmas... £1.50 by year end.

Frasers Group maybe

Well said Supercharger.

Earnz are in the very early stages of building a large scale business. Bob being a director/shareholder of the companies acquired is positive as he has good knowledge of the businesses, more knowledge=less risk.

The financials for each company acquired are stated in the RNS announcements.

Reputation is everything. Take a look at Mears to see what was achieved (£9m to £1billion), the turnaround at Totally, and saving Revolution from near bankruptcy (with Elizabeth Lake as CFO).

For long term investors, this is a good time to invest and enjoy the ride with a good team, good market, good potential. For short term investors/traders, best to move on.

Excellent news Bob. Already invested, and looking forward to the future

Only valued at 6.5 x PBT! Key point is the business is now PROFITABLE, with a solid base to grow from

How is the audit progressing??

Taken from Boohoo's end of year accounts. Nice numbers for REVB if they are accurate.. £11.3m profit after tax for H2. Makes REVB current market cap look cheap imo.

"The table below provides the summarised profit and loss and balance sheet for REVB. As at the date of publishing these financial statements REVB's results for the period 18th July 2023 to 29 February 2024 have not been publicly disclosed by REVB and the audit of REVB's financial statements for the year ended 29 February 2024 has begun but not been completed by REVB's auditors. The group has reviewed analyst notes prepared by REVB's NOMAD, Liberum dated 27 March 2024, the management accounts of REVB for the period ending 29 February 2024 and post year end RNS notes published by REVB. These estimated results have been amended to reflect adjustments made by the group when using the equity method, including fair value adjustments and modifications for differences in accounting policy"

Sales (for the period 18/07/2023 - 29/02/2024)

£122.3m

Profit after tax (for the period 18/07/2023 - 29/02/2024)

£11.3m

Group share in %

27.13%

Group share in £ million (for the period 18/07/2023 - 29/02/2024)

3.1m

Must work for them or has a short position. Clearly doesn't understand the business. Boohoo are significantly up on their investment and have installed their own people onto the board to propel growth. They weren't invested at IPO and even if so they would essentially be launching a case to then defend themselves!

Nobody forced them to sell and incur the losses they have. That was their choice, and if they had held, their their losses would have been far less today. Obviously we don't know the full details as to what they feel substatiates their claim, but I don't see what the grounds are when you sold by choice rather than being forced.

Warpaint (w7l) released a very positive trading update yesterday so REVB benefitted from this.

The article fails to mention 2 key points.

1. BDO contributed to the previous audit delay due to their understaffing and lack of resource.

2. BDO were not asked to take part in the audit tender, most likely as a result of the above.

I see this as another step towards moving on from the issues of the past.

It will take some time to see results from the new teams strategy, it won't be overnight, but the business looks to be doing the right things.

Minto was also sat in the centre of the room. Notice his reaction to the last question. Seems to find it all amusing

They seem to be more focussed than before and the new team seem highly experienced. They said they expect revenue to fall near term as they exit low margin non core business. The business seems to be following a typical turnaround pattern. They are now at the stage of being stable and returning to growth and I think the share price will lag until we see solid results and are on a clear upward trajectory, at that point I'd expect institutional investors to buy in. Until then I think the share price will sit in a range, I'd guess 25 to 35p. I still think this undervalues the business, but investors understandably will wait to see results.

Video recording is now online