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Yeah i wonder if the market makers are accumulating for somebody.

If not, these constant drops based on absolutely nothing are bizarre

The only thing I'm disappointed with today is another BS sp fall based on absolutely nothing

I don't think anybody was making outlandish predictions about the impact of the NTA. It's a step toward the mining licence which, in tandem with the DFS, should move this massively.

The more i think about it, the more I'm convinced Troy didn't act honestly. That's no excuse for a BOD with the experience of three remaining directors to put out a dumb RNS but it does largely explain the recent fall, which now seems to have stabilised atleast.

So much news to look forward to here, if they can get it right

Hexam there is an ongoing operational saving i think. They had 400 people and a warehouse serving some low performing brands.

They are now going to have say 100 people and element of an automated warehouse servicing those low performing brands. So hopefully we see similar revenue at a lower cost to serve.

Those brands haven't worked particularly well so i'm happy to see decisive action being taken.

Hexam you are correct in that they have sunk cost into this warehouse that they won't be able to retrieve. Given that they never got to more than third of the anticipated headcount, I'd assume for discussion purposes that the proportion of the £50m spend was the same, so around £17m we have also had the revenue from the labels but i doubt if they would ever be profitable with a dedicated warehouse.

My point is more that if we get rid of £12m costs minimum, just in salary, and assume we pay something like 6 months redundancy then even with 100 jobs being created in the other warehouses, then the decision to close the warehouse will pay for itself in a year or so without sunk costs and probably within three years taking into account sunk costs.

So, ignoring the human cost, it's a very simple business decision

Where is the green box team today, have they been given a day off for bad behaviour

Alex, the RNS doesn't say that at all, it says they have lent out their remaining nearly 3% holding.

Maybe Wace borrowed their shares from Norges

Alex, the RNS doesn't say that at all, it says they have lent out their remaining nearly 3% holding.

Maybe Wace borrowed their shares from Norges

Puncture, here is just one example of literally hundreds

https://www.thesun.co.uk/news/1246497/sports-direct-founder-mike-ashley-accused-of-running-a-gulag-after-mp-grilling/

Short memories indeed!

Puncture, here is just one example of literally hundreds

https://www.thesun.co.uk/news/1246497/sports-direct-founder-mike-ashley-accused-of-running-a-gulag-after-mp-grilling/

Short memories indeed!

Weird how little some people understand 5x5.

Any business will be valued against a DCF model. So the real value will be in the region of £400m, dependent on the rate used

It's strange how short people's memories are.

It's not so long ago that sports direct was a toxic brand and the City couldn't have tried harder to discredit Ashley!

Daventry was set up to support the Arcadia brands. Boo made it clear at the half year that they are removing focus from these brands so it wouldn't make any sense to keep a warehouse open for them.

Sheffield has plenty of capacity to absorb the work, it's just a natural part of the business strategy imho

George the market has already been woken once, which is why we got the stupid drop to let a few biggish investors in on the cheap. Sadly it has now fallen asleep until we get some news as evidenced by the current anaemic volumes. Note to market makers, you reap what you sow.

I very much doubt if it will be the back end of 2025 before we get another positive awakening.

I think there will hopefully a good positive flow of construction news this half and lots of activity can still happen despite the rainy season. Not to mention the formal licence transfer.

I'd also hope to see a lot of drilling at Bougouni to continue to expand the resource

Wrt the first mining, I guess it depends how much contingency Bernie has built into the plan, given his conservative nature it may be considerable but the next six months will give us a far better estimate

I've got Kodal as well, I think that should do atleast a few hundred percent this year

That's almost 1.5%, I wonder if we are heading towards a TR1

Timster i take it you aren't a regular visitor to anywhere north!

Agree on the Thornogson thing, he made a proper fool of himself and it was a pleasure to prove it!

Yeah we will have to wait and see for confirmation, although the website view stats are encouraging in the last couple of months, especially around Debenhams. It's good to see the "professionals" at Shore Capital take no news as being in line with guidance but as i've said a few times, negativity will always fill a void and the field is left open for the shorters for a while longer sadly

Hexam, to a degree i agree with you about the last half year, hence my comment about pricing strategy. There are a few factors at play i think.

1. They reported at the half year that inflation was 8% and they had actually reduced prices by 1%. So for the core brands , where revenue fell by c10%, that means that volume was largely flat. My belief is that they could have largely passed on the inflation rise without impacting sales. I'd like to see if they are going to flex the pricing strategy

2. Debenhams, although a brilliant opportunity for long term growth, is actually a short term revenue drag. This is because only margin is reported not revenue. I believe this could make the revenue comparator look worse for a few quarters yet as they are obviously investing heavily but only reporting margin which is only a fraction of gmv.

3. The labels. They have largely stopped investing in them, which is the right thing to do but will be a revenue drag, although maybe not as severe going forward as in the first half.

As the move to online continues, i think Boo remains well placed in the medium term, but it certainly isn't without challenges

Lowpay a simpler explanation might be that the reporting on here is wrong!

On HL the spread has only just tightened for example