Member Info for devonplay

"If indeed he is going private then the shareholders have to be agreeable to any offer correct?"
If the Board takes the business private, de-lists, they don't require the approval of shareholders.
Usually that within their remit, unless something is stated differently in the Articles of the Company.
Un theory it doesn't effect your shareholding, just the ability to trade the shares. You can still exchange them privately, in accorcancw with the some Articles. They may mena you have to offer the to the business first, them other shareholders, before anyone else. If you can find a buyer.
It doesn't mean there's an "offer".

"Are our shares lost?
Mine are still showing in my II account with no value, but show my book cost so makes my account look very bad! I dont know what to do with them"
You can't do anything with them, the company has been de-listed, you can only trade them on a private basis if you can find a buyer and come to some legal tansfer arrangement with them. You'd need a Solicitor to draw up a contract and pay the Administrator to amend the register.
Because the company, Debenhams PLC, is likely to be liquidated then it's unlikely anyone will want to buy them from you. All it's assests have been already sold. It's in Administration.
The company hasn't been "struck off" yet, so it's still a legal entity. Eventually HMRC will give it a NIL value status and you can use the loss to offset any capital gains (over the threshold ) you've made. Some will do that before the NIL value status has been granted.
You could ask the broker to remove the entry. They should remove them once the company has been dissolved and NIL value has been granted. They probably leave the entry available to assist you with claiming loss relief.

"????"
Yes, Debenhams Group. Secured another £50m facility to cover Christmas trading.
There's a payment to bond holders due in January if memory serves me well.
I haven't seen any further news on the liquidation of Debenhams PLC. I have a "web" checker running on the FTI site (it checks once a month), but I dont think there's been an updated since September.
I guess you could use the expected loss on your tax return without waiting. I'd chance it. I mainly offset using SEIS/EIS.

Debenhams plc
Supplemental information on new financing
RNS Number : 3499P
Debenhams plc
09 October 2019

9 October 2019

DEBENHAMS GROUP

Supplemental information on new financing

Debenhams Group confirms that following the successful consent solicitation concluded on 6 September 2019 (the "Consent Solicitation"), Debenhams has raised a new secured £50m facility with certain of its existing lenders. This provides the group with an additional £50m liquidity in order to cover peak trading, in particular the weeks running up to Christmas. This coincides with the normal seasonal peak of inventory requirement for the group. Debenhams expects its peak (Q1) and low (Q2) inventory levels for the financial year ending August 2020 to be within the c. £450m to £270m range, based on historical trends, noting that the portion of ineligible inventory is relatively consistent across the year, with a small increase around the Christmas peak trading period.

The facility is subject to substantially the same pricing terms and utilisation mechanisms as the £200m first lien facility announced on 29 March 2019, as refinanced by the £200m first lien facility announced on 9 April 2019 (as amended from time to time). Through the Consent Solicitation, the holders of the £225,000,000 5.25% Senior Notes due 2021, of which £200,000,000 remains outstanding (ISIN: XS1081972850; Common Code: 108197285) approved certain amendments to the Trust Deed and the Intercreditor Agreement, including permitting the drawing of a further £50 million of secured indebtedness. The group hereby announces that the Fifth Supplemental Trust Deed has been executed by all the parties thereto and the Proposed Amendments contained in the Fifth Supplemental Trust Deed have become effective. Capitalised terms used and not otherwise defined in this paragraph have the meaning given to them in the Consent Solicitation Announcement released by Debenhams on 3 September 2019.

www.investegate.co.uk/debenhams-plc--irsh-/rns/supplemental-information-on-new-financing/201910091625493499P/

"Whoever's buying" hasn't yet even built up of notifiable position, so it's speculation that "someone" is doing that.
If they "likely" know what the results are, that would suggest insider trading. Again speculation.
Good chance the price will return to it's norm on Monday. There was a similar spike on Thursday, but the price returned to trend.
The company could move back into the black, but that doesn't mean this will fly away.
I doubt they will provide market sensitive data at the AGM. That's just more speculation.

List of other high yiled debt:
Co-Op 9,5%
Oak North 7,75%
Clydesdale Bank 9,25%
Santander UK 7,3755
Just Group 9,375%
Lowell 11%
Domestic & General 9,25%
As you see they are all quite high, so this isnt that out of the ball park.

I thought this was going bust by the end of September Pearls? LOL

DEBENHAMS GROUP
Directorate Change
Debenhams Group announces today that it will be appointing Mike Hazell, currently Group Finance Director, as CFO and to the board of the Group. Mike, a seasoned finance professional, has been with Debenhams since February 2010. He previously held finance roles at Sky and Pfizer, among others. Following a handover period, Rachel Osborne, the current CFO, will be stepping down from the board and leaving Debenhams to take an external role.
Stefaan Vansteenkiste, Debenhams' CEO, said:-
"I would like to thank Rachel for her important contribution to the successful progress of our restructuring during her time at Debenhams. I am pleased that we have such a strong internal candidate for the CFO role, with Mike having played a key part in the refinancing and restructuring activity over the past 12 months. I look forward to working with him and the rest of the leadership team on delivering our turnaround plan."

Certainly pleasing for debt holders.

"it is an elementary"
But you still haven't expalined this £250m that's need by the end of the month that could cause the bank to go under?
Are you talking about the MRLE? That's not required for months, early 2020 and it's not working capital.
So I'm still at a loss why you thing the bank is going under? At least we know you can use a calulator....
The MRLE, if that's what you are talking about, is a form quasi debt that converts into equity on default. It's not working capital it's a senior tier of capital that's a form a "bail-in", it's designed to protect the public purse.

£250m = a share price of 145
That's just nonsense.

"urgent funding needs of at least GBP 250m"
Do they, could you explain where yo get that piece of information from?

"No point being too optimistic here Devon."
Great, here's you opporunity to explain why you think this will be in trouble by the end of the month then. In 4 days time.
Didn't you post that in the last few days.
- this should be interesting.

"Devon, I doubt MA will get involved this time, despite your hopes."
LOL

"putting together a rescue rights issue"
Perhaps MA will come to the rescue?

The board suffer from delusions of grandeur. They were expecting to get them off at 4%.
But, you'd expect CoCo's to have a higher yield. They are more risky, as they have to absorb capital losses. They should have a higher coupon than Senior Unsecured debt.

"The board suffer from delusions of grandeur. They were expecting to get them off at 4%"
I doubt if that was the case as they are paying 5,5% at the moment. Maybe they're expecting a blow away Q3 and think they'll get closer to 5,5% than 7,5%, maybe 8% would have done it. My guess it that potential bond holders wanted some assurance they couldn't give them at the moment, but they'll just return later in the year and get it away. They may or not require an extension but given the Bank (of England) (and Treasury) want to create a broader ranger of lender, to reduce systemic risk, they'll be understanding. This might be the best point to make use of the weakness and go long on the equity.

"The Co-Op bank were given extra time to meet an MREL Requirement and"
And they were in a much worse situation that Metro, and of course they got a bond offering away after test the market. The Co- operative Bank 9.5% April 2029.
The question we don't yet know the answer to is would they have got 100%, rather than 87.5% take up, if they'd offered a slightly higher coupon or are they holding out for a lower coupon based on Q3 trading?
The lack of comment from the Board suggests some confidence in their position.

"There was the moment to buy bonds @7.5% return with little interest this week from Metro. Does not look good going forward!"
They had 87.5% of the funds commited, before stepping away. I never really thought that 87.5% was little interest. Guess we all have our own interpretation of that term :)

"marketmakers have reset the price based upon amounts they are all holding between them"

at a lower price..... LOL, nevertheless.