PYX Resources: Achieving volume and diversification milestones. Watch the video here.
Have to love Odey in this he automatically goes on the attack against the German financial regulator ,certainly a story to follow
Thought this might be of interest
https://www.cnbc.com/2019/02/18/reuters-america-britains-ft-says-allegations-over-wirecard-reporting-are-false.html
“ Mike Ashley will not bid. He confirmed he prefers to throw things of a cliff and assemble the parts he wants.”
Looking at the state of HoF I think he must of lost the instruction manual
I think regarding the loan in the Jan update net debt stood at 286M with the 40M bridge now stands at 326M with the same lenders, maybe the reason for the separation is as I think UU was implying is that at the 286M the loan is breached and assets frozen at the present time , they couldn’t legally allow any more borrowing under the RCF but most importantly it now allows them to initiate and gives credence to the initiation of a CVA alongside refinancing plans to be announced shortly (beginning of March).Once the cva is announced it will be with a refinancing package that will follow a couple of months after .This gives an 8-10 week window for bids which to me is what is being played out , only a fruitcake would want to short the share within this period,debs own internal audit recognized 61.7M Onerous lease costs within the year which when added to labor and maintenance in some of these old buildings is an extremely conservative valuation.With a cva these costs within an instant become savings/profits not just the first year but infinite .Regarding UU Loakes absolute quality shoes of which I normally purchase the Chelsea boot :)
Sorry typo shed
I’ve never been to Leicester but good to hear busy ,I came across this article can anybody local share anymore light.
https://www.leicestermercury.co.uk/news/business/whats-happening-debenhams-plans-open-2550017
Wish it was the bid!
You can ask :)
Morning sain I’m glad to see you’ve got out the right side of the bed,your usual cheery self :)
@sain I agree if a cva is going to happen it will be sooner rather than later
@pearls I agree MA is taking a look at the books to evaluate a bid offer assuming an assurance of creditors approval for a cva
This was my feeling ,which in itself will be able to reduce a large chunk of rental liabilities through renegotiation and store closures whilst also making it more attractive for potential bidders.
Sorry threw a tantrum
Sain wouldnt a cva linked to the rcf be more preferable to attract potential buyers, last year i thought the reason MA through a tantrum was because he got wind of a d4e , judging by his letter leak when he mentioned share dilution for shareholders, the thing is he wasnt worried about our holdings he was worried about his!
Just with the initation of the cva the huge savings that will occur will be enough encouragement for someone like MA paying 200M out to bondholders when due,as i have said he wont be the only one, lets be honest hes spent over 300+ trying to revive hof
Sain with this 40M im only talking about another 20M if i remeber in tbe case of mothercare a loan came from large investor shareholders, i know you feel it will take a lot more regarding refinancing i disagree,60M will be enough to get debs on the right track ,good to see you back involved today:) i always value your input ,remeber this is all new to a novice like me dont be so harsh :)
I’m struggling to find anything negative in the update, if a cva was to follow and any more refinancing is linked to its approval via the rcf or a large investor loan instead of D4E this share has huge upside potential.Debs already announced last year up to 50 store closures, if 20 were to shut your looking at an automatic fixed cost savings of circa 30M instantly ,add to rent renegotiations and the ability to reduce space just in the prime landlords locations could see savings of circa 20M. 50M per year saved purely on rental fixed costs which if they follow through on their prelims statement last year this could well reach a figure between 80 -100M , eye watering amounts which have the potential to reduce the rent bill by 30%. I’m sure this alone would more than keep creditors happy. If the cva gets approval MA will definitely not be the only bidder
Anyway what do I know I’m just happy for a positive day long may it continue
It depends on your sticky plaster , late last year there was an attempt by a joker who sells tracksuit to con us out of a %of our shares ,and up until this morning I thought the creditors might take a % through D4E so I for one will enjoy the moment,as we know with debs good news has been rare.
I wonder what derogatory remarks our largest investor will make today ,we will find out shortly when he dictates his message to Sky and DT .I can’t get me head around it you’d think he’d be pleased :)