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I think I know why Gary is hooked… same reason I am.
But … and I’m not buttering up anyone…. Gary’s views help me question mine and the discussion today have helped cement my thinking … which is opposite to his … that doesn’t make him an idiot or sinister any more than it does me.
His views may help someone decide to get out and save some losses … or help someone like me … assess and accept I could lose all.
It’s what BBS are for …. Mature debate with no abuse IMO
Just for balance Gaz you smell 🤣
I’m opposite from you Gary
He’s proposed to underwrite it … for how much 10m… prob 20m
Which equates to an offer of 20p…. Why not buy it for that?
“Alternative Structures”… maybe a reverse TO into a shell company?
I thinks he played his hand terribly and has a busted flush. He can’t follow this through because he hasn’t got the board behind him. If he did it would be a MBO and none of this shenanigans would have happened.
£20m buys a brand with some value, stock to fire sell off, some prime fashion retail sites - less debts, unprofitable leases, etc… prob net sim zero with the ability to build on.
Would I buy in now … nope 💯
Would I cut my losses if I were risking a lot… yep 💯
If I can afford to lose my stake would I wait for the river card … yep 💯
For transparency I have about £5.5k @ 25p
Oooo…. And I can’t resist and am laughing as I type this 🤣🤣🤣 I HAVE IT ON A GOD (sic) SOURCE…. About everytime this year there is a resurrection and obviously this has been planned. Trust me and look at my past predictions, they’ve all been right 🤣
Even I can’t drink that much 🍺 🤣
But yes … I went from it being my biggest holding to one of smallest… so materially doesn’t matter.
But I’m interested in opinions on whether it’s technically not possible or … ummm the odds … which I know you like Gary … so I’ll go first
Dilution sub 15p 1/2 on
CVA Evens
Hostile TO 10/1
Bidding war with SD 100/1
Stewards enquire afterwards and JD sacked …. Bang on ‼️
Hi Rayte
Good post… but I have an opposing opinion (which normally attracts abuse and vitriol but I’m hoping we are all grown up now 🤣 so rebuttal welcome)
I’ve always asked why did the offer period start and I believe it was because the BoD had lost patience with him vetoing plans, particularly from the CFOs. Cost cutting is always driven by the CFO and the revolving tenures indicate none could work with JD.
Humour me and think of JD as a third party. The board, not JD, went public to force his hand starting the offer period. SD plc do not have to declare every proposal they get, they only have to declare firm offers.
I believe this is brinkmanship between JD and the BoD (transaction committee, that he is not on) JDs RNS puts his proposal public. SD plc RNS confirms it but says a transaction is NOT guaranteed.
IMO a dilution taking the SP down to low teens opens SD up for a hostile TO bid of 25-50p.
Why would JD try to circumvent the ban for bidding for 6 months in his RNS if this didn’t worry him.
I’m not ramping here. I’m holding a stake that I can (and have mentally) written off. It’s less then the profits I’ve made in trading SD.
Grown up rebuttals and debate welcome 🙏
Hahaha …. I didn’t take it as a slight … please don’t read all as you’ll see how dumb I can be 🤣
But thanks for your posts especially the one with formula for avg down …. It made me feel a bit more positive about holding.
I think there’s more to this saga
Ta 😘
Toffers I’m not gonna let you drag me back to being the worst version of myself.
You need help …. And I mean professional help…. Financially, psychologically and physically.
Your receipts are here about ISAs, your sources and information and your modis operandi is on RR and other boards.
Justanothernoob read the room and bowed out…. Please do the same.
Leave me alone and I’ll leave you alone … deal ?
I shoulda sold at 30p yesterday but didn’t.
Now I’ve read and reread the RNSs I think there’s more action to come.
IMO there was a proposal that was too low and he’s in war with the board (transaction committee) His put up deal wasn’t good enough and instead of shut up he’s put the proposal out public. Remember, this is a statement from JD not SD. Their response says it may not happen. He’s put it out there which will flush out any offers, which he’s left a back door open to counter even though the code says he can’t offer for 6 months.
IMO he’s squaring up to the board saying
I walk and you CVA
Or
You get a better offer from outside
Or
I fund dilution and own more then 30% but delist so rules don’t apply.
Just my ramblings… but I’m hoping I’m holding a nut flush and not a busted flush
♥️♣️♦️♠️
JD has tried to keep an escape open I think.
The announcement is from him as an individual. The response is from SD. I’ve always said he is in a boardroom battle and they may be some hope left…. Why would he put this in his announcement
“ For the purposes of Note 2 on Rule 2.8 of the Code, Julian Dunkerton and any person(s) acting in concert with him reserve the right to make or participate in an offer for Superdry (and/or take any other actions which would otherwise be restricted under Rule 2.8 of the Code) within the next six months following the date of this announcement in the following circumstances:
(i) with the agreement of the Transaction Committee;
(ii) following the announcement of a firm intention to make an offer for Superdry by or on behalf of a third party;
(iii) following the announcement by Superdry of a Rule 9 waiver proposal (as described in Note 1 of the Notes on Dispensations from Rule 9 of the Takeover Code) (excluding a Rule 9 waiver proposal by Julian Dunkerton) or a reverse takeover (as defined in the Code); or
(iv) where the Takeover Panel has determined that there has been a material change of circumstances.”