Member Info for devonplay

Further to the announcement of 8 July 2019, Debenhams notes that Sports Direct International plc and Sportsdirect.com Retail Ltd ("SDI") have now withdrawn as parties to the outstanding challenge to the Debenhams' CVAs. This challenge was brought jointly by SDI and the Combined Property Control Group ("CPC"). However, SDI is continuing to fund the ongoing challenge by CPC and has agreed to bear any costs award eventually made against CPC and in Debenhams' favour at the conclusion of the challenge. Debenhams will continue to defend the outstanding challenge as being without merit.

https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=3627531&lang=en-GB&companycode=uk-deb&v=

"Devon, thanks for yet another excellent posting. That Wisealpha website looks most interesting - but why is there nothing about this sort of thing in more ordinary investment guides / journals etc? Investors Chronicle for example never explains how an ordinary investor can buy into bonds, the impression being that you need £1m before buying bonds. Minimum investment here is £100! Most interesting and many thanks"
It's a startup Pearls, although they have been around since 2016 and won several banking awards. There's aplatform as well as investment risk.
I wouldn't bet the house with them. I have just a few thousands with them out of a portfolio of 50 plus listed investments ( and 80 startups).
It's early days for them, and the idea of offering "notes" to private investors, but if it's succesful it might one day form a plank in every portfolio.
Slowy, slowly.
I very rarely find any reason to rush when investing. It's not like there wont be another opportunity coming down the road.

"wouldn't know enough about the corporate debt World to be comfortable"
Easy solution for that. You normally need to buy in lots of £100,000, BUT, here you can buy "notes" in bonds for an initial £100 and what ever's available after that. I've bought as little as £1.26 after opening an intial £100 position:
https://www.wisealpha.com
You can get more of a feel for Corporate Bonds here: https://www.fixedincomeinvestor.co.uk/x/default.html
And here: http://p2pindependentforum.com/ WiseAlpha have a discussion room.
I invest in a broad spread of listed equities, P2P and startups. Corporate Debt was out of my price bracket, so I thought I'd use WA as a way of learning, diversifying and gain better understanding when I analysis listed fixed income vehicles. I also wanted to experiment with a long deb/short equity strategy. Hence Debenhams.
I also own ETF's, in reference to fixed income ETF's SLXX.L
Hope it gives you the confidence to try. Full disclosure, I'm shareholder of WA. They've raised a few times on Seedrs & CrowdCube. https://www.crowdcube.com/companies/wise-alpha/pitches/l8x4dl
Enjoy!

Long way to go, but there's a chance I might double my money and in the interim there's a 12% yield.
It's an OK gamble is a diversified portfolio.
Invested the income in the debt of Atalian Servest. Already made a slight capital gain, again there's income on offer of 8.6%
I see some private investors are looking at Thomas Cook bonds. I haven't got time or interest, althought I might look over SPD. I made a very goosd hand of shortening all the way down a dew years ago. Until then, I'm back to reading the Prospectus of Pemium Credit.

Received my first interest payment today from Debenhams. Decent enough yield.

I've subscribed for 28 days using trashmail.

You might be able to sign-up for email updates for the Chancery Division of the High Court:
https://www.judiciary.uk/judgments/page/2/?filter_type=judgment&search=chancery&tax-single-judgment-jurisdiction=-1&tax-single-court=887&date-range-after&date-range-before

It's basic, but they do publish the judgements.

If you are keen to hear first. Sports Direct's lawayers, so I believe, are Soosmith's:

https://www.shoosmiths.co.uk/

Otherwise, just wait on the RNS & update to Debenham's IR site https://ir.debenhams.com/news-releases

That's if it ever gets to court.

Delay in preliminary results announcement

Sports Direct announces that the publication of the Company's preliminary results for the period ended 28 April 2019 will be delayed beyond 18 July 2019, the date Sports Direct had expected to announce.

"The reasons for the delay are the complexities of the integration into the Company of the House of Fraser business, and the current uncertainty as to the future trading performance of this business"

One of the legal challenges brought against Debenhams regarding the department store’s CVA has been withdrawn after negotiations between the two parties concerned.
In a statement, Debenhams confirmed that following “positive, constructive discussions” with M&G Real Estate, both parties have “resolved their concerns” and agreed to withdraw the court action related to Debenhams’ CVA.

https://www.retailgazette.co.uk/blog/2019/07/mg-withdraws-debenhams-cva-court-sports-direct-challenge/

I'm missed out on the initial offering, bit as it happens I'm not sorry.
It's gone on my watchlist, the 2023 7.75%, and I'm waiting to see what happens next.

That's no problem Pearls.

My exposure to the debt is a tiny percentage of my overall portfolio, probably less than it's daily volatiltiy in normal markets. Much less than 1%.

So, for me it's been an interesting learning excersise of shorting the equity and then reinvesting in the debt.

It's never pleasant loosing money, but the big lesson is not trying to win it back by taking on more risk. It never works. I hope that isn't your strategy. You end up getting into really sticky ground.

I suspect the court case, if there is one, will be quick. I don't think you'll get the outcome you dersire, but good luck anyway.

As I say, I'm a highly diversified long term investor, either way it's not going to make me or break me.

Hope it works out for you.

I should add, there's supposed to be a payment to bond holders on the 15th July. That might also be an important date for the parties involved.

"Frankly I would imagine we are unlikely to get any proper developments before year end on this"

The Guardian is suggesting (if it reaches a court) it will be early July.

"The cases are likely to be heard together in early July."

https://www.theguardian.com/business/2019/jun/11/mike-ashley-starts-legal-challenge-to-debenhams-rescue-plan

Against that background FTI & Celine are proceeding as per the proposal and their restructuring plan.

It's likely the court case will be quite quick.

Speed is often an issue with these things, as otherwise it results in further job losses, damage to creditors, so the court brings it to a conclusion quickly.

In this case the very high levels of creditior acceptance (90%) means I don't think you'll have to wait that long.

Nothing new on The Gazette. Last update:

https://www.thegazette.co.uk/company/05448421

AM02 Statement of affairs, if you've got good eyes you can see the final closing position of SPD:

https://beta.companieshouse.gov.uk/company/05448421/filing-history

i guess the next notice will be about strinking off alongside posting in the London Gazette.

6 Proposed Exit Routes
6.1 The most likely exit route for the Administration of the Company is by filing a notice of dissolution with the Registrar of Companies. The Company will then automatically be dissolved by the Registrar of Companies three months after the notice is registered, if no alternative action is taken.

- 3 months.

https://www.fticonsulting-emea.com/~/media/Files/emea--files/creditors-portal/cip-emea-public/debenhams-plc/notice-of-approval-of-administartors-proposals-14-june-2019.pdf

"can someone please explain the current bond price?"

It's up from April, but it's an Inherently ill company that was close to death. I would have thought that was obvious from all the terrible figures over the last 12 months. The post-Admin comments from the Board and everything else.

You are expecting the Bond price to recover like Lazarus? Think again, this a was a dead man walking.

You may not recognize it, but markets did, landlords and the vast majority of the creditiors.

"A fairly quiet time for the Portfolio, adding to the holding of American Tanker 9.25% 2022 in the bond space and taking advantage of a distressed seller in VPC speciality lending to add to the holding, also opening a holding in Just plc. Ordinary, some 20% below the level of the recent placing by the company. "

I own a small amout of the Fixed Rate Reset Perpetual Restricted Tier 1 Contingent Convertible Notes

Good man Devon.... Keep chasing the dragon

Will do, but with less than the daily volatility of my portfolio. On the out chance this makes it, it's not a bad risk v reward.

One of the benefits of debt v equity on these highly geared plays is you get to stay on the merry-go-round a little longer.

Than does improve your chances a smidge.