Member Info for devonplay

"What is your view on TCG?"
I don't have one. I'm not a big fan, but I haven't looked at it. For the most I buy ETF's, IT's and bonds. If I do buy a single company I'll often do that in unlisted high growth companies. I short a small number, but SPD is one. If it's of any interest, my recent purchases have been:
BUR1, RE20, AMPIL 2 (an illiquid bond associated with AMPH), LBOW, IUKD, IDVY, BCPT. I'm keeping cash on hand to support the possible upcoming pre-emption round of Seedrs.
Some of the stuff I see you comment of is too high risk for me, it should also be for you if you haven't already a diversified portfolio. I see you are keen on SGI. My single largest lost has been in that stock. It's another very high risk proposition in my mind. Difficult to value as you have to take their word for the value of their assets. Last time it was very overvalued by them v what they realised it for.
The fist 3 I bought in £00's, the rest in £000's. I hold a broad spread of investments. At any single time around 50 positions. I once calculated that represesnt several 000's of underlying businesses.
Probably in few years will trade more when my pension is available to supplement my income, but for now I live off this activity, so any lossed have to be won back...in my experience that makes you take too much risk.
Purchases represent my activity in the last 30 days. Hope it was of interest.
I'm looking to buy one more slug of LBOW. Then LIV2 is on my scope IUKP, IUKD, ISF, HHI and a few others.
PEY, RGL, VIN remain of interest. Although I have full positions in RGL & PEY (up 40%). I note that VIN is gearing up for Brexit opportunities.
After, I may start a monthly buying plan in either RMDL or VTA. I'm happy to hold these type of fixed income vehicles in number at c25% of a normal holding cash position.

"Does anyone else find that you cannot download the lse site anymore on an iPhone? This is getting to be really irritating especially when following various share price movements lately."

go to the botton of the page and select "desktop version" that works for me.

I was planning similar, but the supply of the unsecured bonds has dried up.

I'm wondering if some of the unsatisfied notes buyers bought equity instead.

https://www.investegate.co.uk/debenhams-plc--irsh-/rns/new-guarantors-of-the-notes/201908141423020791J/

NEW GUARANTORS OF THE NOTES

Pursuant to (1) a third supplemental trust deed dated as of 28 March 2019 (the "Third Supplemental Trust Deed"), by and among the Issuer, the subsidiary guarantors named therein, Debenhams plc (in administration), a company incorporated in England and Wales, Aktieselskabet Th. Wessel & Vett, Magasin du Nord, a company incorporated in Denmark and the Trustee, to the Trust Deed, and (2) a fourth supplemental trust deed dated as of 9 April 2019 (the "Fourth Supplemental Trust Deed"), by and among the Issuer, the subsidiary guarantors named therein, Celine UK Newco 1 Limited, a company incorporated in England and Wales and the Trustee to the Trust Deed, Debenhams plc (in administration) and Aktieselskabet Th. Wessel & Vett, Magasin du Nord have been added as additional guarantors of the Notes, with effect from 28 March 2019 and Celine UK Newco 1 Limited (together with Debenhams plc (in administration) and Aktieselskabet Th. Wessel & Vett, Magasin du Nord, the "New Guarantors") has been added as an additional guarantor of the Notes with effect from 9 April 2019.

The Jakarta Post, 12 August

https://www.thejakartapost.com/news/2019/08/12/jokowi-wants-30-biodiesel-in-cars-as-soon-as-january-next-year.html

Jokowi wants 30% biodiesel in cars as soon as January next year

President Joko “Jokowi” Widodo said he wanted to increase the portion of diesel blended with crude palm oil (CPO) from the current 20 percent ( B20 ) to 30 percent ( B30 ) starting January next year and to 50 percent ( B50 ) by the end of 2020.

“I want it so that by January 2020, we have already moved to B30. And by the end of 2020, we will jump to B50,” Jokowi said during a Cabinet meeting at the Presidential Office on Monday. “We need to anticipate any pressure on CPO [by driving up] domestic demand and so that we can have a good bargaining position, whether with the European Union or other parties that try to weaken our position.”

Sounds promising.

"There are no ex shareholders. Its a new company."

Just the same old bon holders :)

My great surprise seeing SV become CEO. His name was mentioned months ago.

More information about the "notes" can be found here. Well the 7,5% '22 $ notes any way.
https://www.rea.co.uk/websites/reaholdingsplc/English/2150/noteholder-information.html

This is the LSE (London Stock Exchange) page if that helps:
https://www.londonstockexchange.com/exchange/prices-and-markets/debt-securities/company-summary/GB00BYY8MM32GBGBPSTBS.html?ds=0&lang=en

"Silly me...your in the preference which has performed poorly recently."
No, I'm in the usecured bond.
It appears to me they present a reasonable return if they are redeemed in 12months time. At the moment the YTM (yield to maturity) is in double figures. So over a 12 month period a return of 15-20% looks very likely.
I see they are expecting a heavy crop and Reuters see the price of palm oil increasing backend of the year.
Coupled with the possibility that China using more palm oil (Indonesia provides 75% of their consumption) as a replacement for American soybean oil I thought it was, well, worth a punt.
I note the ''prefs' had the dividens suspended. It's much more difficult for them to do that with the "notes".

Hi, I just bought some on the REA 8,75% 08/20

Looking forward to seeing what everyone posts.

"How can 674m euros = $1.2bn?:

The issue isn't the FT's calculations - I think it should be more like $750m - but potential they might end up with an auditor appointed. One appointed by the Department for Business. Even with the very outside risk that will happens it's going to very difficult. You've got to wonder haven't you. Why there's no one who wants to step forward?
That isn't a matter of calculation, but it is a very large red flag.

London | The UK arm of Grant Thornton has told regulators it intends to quit as Sports Direct’s auditor following concerns over the disclosure of a €674 million ($1.2 billion) tax bill.

https://www.afr.com/companies/professional-services/grant-thornton-to-quit-as-sports-direct-auditor-over-1-2b-tax-bill-20190730-p52c22

"Should have bought Debenhams after all"

I'm sure the shorters would have loved that! LOl Imagine what state they would have been in now....

"I have a theory..."
You certainly do, I have a simpler one....incompetency born of ego.
I thought The Guardian article was fair, but with out digging into the detail there are 2 very obvious red flags.
The delay and the exit of the CFO.
The buy back feels cynical. But that's the problem, and why lots of funds avoid the stock, too much control from one major shareholder.

From The Guardian:
"John Colley, associate dean and professor of practice at Warwick Business School, said: “Mike Ashley’s failed bid for Debenhams may have provoked an angry response at the time, but it may have saved him and Sports Direct from themselves.”
https://www.theguardian.com/business/2019/jul/26/house-of-fraser-poses-significant-challenge-as-it-posts-546m-loss

Again from The Guardian:
"John Colley, associate dean and professor of practice at Warwick Business School, said: “Mike Ashley’s failed bid for Debenhams may have provoked an angry response at the time, but it may have saved him and Sports Direct from themselves.”
https://www.theguardian.com/business/2019/jul/26/house-of-fraser-poses-significant-challenge-as-it-posts-546m-loss

The Guardian covers it all in one page:

Sports Direct’s annual results statement is an extraordinary document, peppered with shock financial revelations, scathing attacks on financial advisers, and stark warnings about the state of the high street. The idiosyncratic publication often descends into a rant by Mike Ashley, Sports Direct’s founder, controlling shareholder and chief executive. Here are some of the key points.

https://www.theguardian.com/business/2019/jul/26/the-state-of-sports-direct-key-points-from-results-statement

"What does everyone think about these?"
Further evidence of why SPD is uninvestable. Just for a moment imagine the managerial stress of having to sort out Debenhams & House of Fraser. The House of Fraser they now wish they hadn't acquired. Then add the undoubted extra stress on the balance sheet of continually having to push cash into them. They would have got top line growth, but the profit would have gone to further hell. It's a rant, a distraction, that's only going to further unnerve institutions. I'm surprised, given the regret over HoF, they are willing to back a spurious court case. You know what they say comes before a great fall dont you? Pride, but in this case...ego. It frankly just sounded like desperation. That's not a good thing in management.

"So disappointing."

It's not over yet Pearls, but it looks unlikely. It's never over till the fat lady sings, or the fat man pushes off Lol

"Ha ha, so Mike Ashley has bottled it yet again."
Work of Debenhams legal team. Now just 1 creditor claiming, against a backdrop of very high acceptance. Court case early September, should just last a few days.
Looks like a typical compromise. SPD removed, case proceeding. They (Combined Property Control Group) don't sound that confident. They aren't even playing with their own money!