focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
Now that all the financials are concluded, hopefully attention will now be focused on the actual path for the future of the business. In 2004 when RDH sold out, he owned a travel company with no harbour or seafront. In 2015, when he had no travel company, he bought Folkestone Harbour and a year later the adjacent former Rotunda site (and private beach in front). Amongst the various proposals for the site over the years was the reintroduction of a Folkestone-Boulogne ferry service, which RDH proposed in 2006. Since the business was founded around the Folkestone hotel trade, with the Sealink ferry links forming the usp, it seems quite conceivable that now that all the stars are aligned, this could become a reality. Not only is there the revenue stream to Saga but it would also bring the much desired year round footfall to the neighbouring Old High Street, Stade and Tontine Street, of which the majority of the properties are owned by the RDH Charitable Trust. Additionally, a planning revision to the seafront site to include a Saga Hotel could also act to draw continental customers to ferry over to Folkestone for a short stay before hopping into a courtesy car for the short trip to Dover to embark on their cruise. It looks like RDH is holding a good hand but the only concern is the Public/private ownership split, which would make it highly likely that Saga will have to be taken private - at a price!
Post-mortem examinations in China of individuals who have died after contracting COVID-19 have revealed that areas of the lungs are being filled with a sticky mucus that literally prevents the patient from inhaling as there is no space for the air to enter.
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Circassia market the products directly in the United States, United Kingdom, China, Germany and Italy!!
Interesting connections and possible opportunities during difficult times.
"We also continue to develop the assets in our DDR portfolio, SRA737 and SRA141, and have previously announced we are conducting a campaign intended to seek non-dilutive strategic options to support their further advancement."
This is simply restating the announcement of 27th June indicating that a 3rd party alliance is being sought. Nothing has changed, except the share price!!
Sports Direct are obliged to offer a sum no less than the highest price paid within the 12 months prior to the date of a takeover offer. The last purchase was 18th April 2018 which means that in 27 days Sports Direct are free to make an offer at any price of their choosing. The recent efforts to destabilise the restructuring efforts are part of the stalling process and since the Board are keen to accelerate their efforts it is likely that a legal challenge would be mounted, should this be necessary to delay the restructuring process and regardless of any probable outcome, simply to run down the clock. Debenhams Board have now declared their loyalty to their staff in preference to their shareholders, which is morally admirable but certainly questionable, since the shareholders are the owners and should be the prime concern of the Board in a purely business context. A single digit offer from Sports Direct will always be preferable to the package that the Board have outlined for shareholders in today's statement.
Three targets set out over a three year plan. We are at the close of year two.
Target 1. Reduce floorspace by way of store closures or reductions with reduced rent.
Target 2. Remodel stores incorporating in store treatments.
Target 3. Reduce inventories.
Result 1. To date, the Board has announced the closure of Farnborough and Eltham and the 20% reduction of the Uxbridge store.
Result 2. The stores which have completed the transformation will be shown to have a substantially increased G.P. as a result of service based sales.
Result 3. Year one reduction of inventories from c.326m to c.318m. In line with guidance from the Board, a further 24m reduction by year end 2019.
We are all aware that the Debenhams Redesigned strategy is an ambitious plan to turn reinvent the business to suit a changing market. We are just closing on year two and should not expect anything different to that which has been outlined.
Whilst the profit forecast has been revised, to which the market reacted, this was simply a forecast set a year in advance. The Redesigned strategy is not a forecast but a fact, for which the 15m exceptional costs will still be more than covered.
Therefore, the October results should be viewed as a testament to the commitment of the Board to their three year strategy, since the market has already been briefed on the figures. Whilst the market appears to be judging the Board, sadly any such judgement, positive or otherwise, should be reserved for this time next year, upon completion of the Debenhams Redesign strategy.
Mike Ashley has not actually purchased HOF but is simply running the company under licence until terms are agreed with the landlords and therefore his offer is conditional and not completely binding.
Since gaining the keys, the website has shut down and the supply chain ground to a halt. The company trades only from what's left in the stock room, which is being depleted on a daily basis, whilst leases are negotiated, since all existing leases are null and void. The unreasonable lease terms demanded by Mr Ashley mean that it is inevitable that the deal will break down, Mr Ashley walks away with the bulk of his money blaming the landlords and suppliers and HOF is no longer a going concern and therefore it's demise is terminal.
During these weeks, the HOF customers migrate to DEB, suppliers come calling with great deals in order to fill gaps in the order book and the 52 week high keeps dropping - by killing off the competition, it sets things up nicely going forward.
Purely speculation of course.