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I think this is bigger news than has been reported. Can anyone recall SPD selling anything as big as Dunlop from its extensive locker of brands? The departure from gobbling up everything cheap and distressed in pursuit of investing organically is truly a huge change in direction for the company. Either MA has woken up to the fact that he has a sprawling empire that lacks direction or he is getting some solid advice from his new non exec as to the simple moves he needs to make in order to unlock value. Either way, the shift in direction cannot be underestimated. It does, though, go against his purchase of a plane for the purposes of international expansion but I suspect that was just an excuse to have a toy to indulge in and zip off to Vegas as and when he desires to have some fun. To answer your question Skindle, we are a 'third party' and as such we should expect an announcement for a commercial agreement. It is afterall the simplest of wins for MA to make and enhance the value in both companies. If I can work it out, I can only presume MA has too. In the meantime, I am hopeful for some good Christmas trading figures given all the positive reports of retail spending together with just how much was done online.

Here's hoping Skindle, however, by your measure, one quick look at Rank's shareprice over the past year doesn't fill me with a great deal of confidence.

Not even a flicker of interest from the market following this morning's RNS. I suspect that as it had been publicised in the press, it is old news. At least we have not been made to wait until the new year as previously suggested. Personally, I remain somewhat underwhelmed by the appointment and cant help but feel disappointment that this is the best we could do after a "comprehensive" search. Still, we have little choice but to see which direction Mr Burke wishes to take us and my hope/ gut feel is that an announcement will soon follow on a commercial tie up with SPD to herald his arrival. Fingers crossed he will have read the small print of the contract as MA normally only does business when he is the sole beneficiary. I don't think it is coincidence that Toscafund have upped their stake only a day before today's RNS, so maybe, just maybe, we are about to see some progress being made.

...from Toscafund upping their stake. Good to see our share price reacting so positively....I wonder if it is being pegged back to allow others to do the same....perish the thought again, it must be the pre-Christmas Port making me more cynical in my advancing years.

Good point, well made 1GW. A very logical approach but I can't help but wonder why we haven't heard anything of substance on this since it was first acknowledged. Its taking forever to announce one way or the other and my only conclusion is that MA is being very, very awkward/ unreasonable in his demands which ultimately, for his business/ personal wealth will prove to be shortsighted. Surely he can see how by coming to an agreement with Findel he would boost his own sales and our shareprice through which he would be the principal beneficiary. A more simple win win scenario is difficult to imagine. So why the delay....does it have whiff of getting personal between MA and Mr Sugden following the sale of Kitbag to a well funded American outfit that are investing heavily in what they have bought and going to make life for SPD rather diificult? To me, the answer is yes and until a new chairman is announced, I suspect we won't hear anything more on the subject. Skindle, I see you took your thoughts over to the SPD board although there didn't appear to be much reaction. Well done for thinking of doing so though. Back to today, It was interesting to see a large trade of 450,000 shares go through following a walk down in our shareprice. Surely this hasn't been manipulated....perish the thought.

This extract taken from Sharecast's reporting of SPD's results today would suggest there is a moratorium on any corporate action.... Reported PBT shrank 25% to £140.2m and reported earnings per share by 36% to 15.6%, while the board decided not to propose a dividend and said it was "prudent to pause" from actively pursuing strategic acquisitions and investments.

You make a valid point 1GW and I would agree with what you say. The key issue though is what MA's strategy actually is and for the life of me, I cannot work it out and I don't think the market has a clue either. Everything he states is very laudable but leaves me scratching my head as to what the actual plan is? He strikes me as someone that makes policy on the hoof and has deliberately surrounded himself with 'Yes Men/Women', which until 18 months ago worked ok but he has now been found out and doesn't have the answers. Arrogance keeps him going but for how much longer, only time will tell. Returning to your point again, I do recall reports of SPD being actively encouraged by their advisors to takeover Findel and it may just be possible that the file has just had the dust blown off it and it's under review again. Whatever the case is, MA has to be seen to be doing something to stop the slide and possibly the newly appointed Non-Exec is the man to help nudge him in our direction.....

I don't think the Sainsburys Kids programme alone is of enough importance to them to warrant interest Khufu, however, you make a good point with Express Gifts. I have long thought that there has been corporate interest behind the scenes but for whatever reason this has never materialised so continues to be open to speculation. Having offloaded Kitbag and Kleeneze, the obvious next move would be to dispose of the Education side as its earnings potential is cloudy at best and there is only so much cost cutting you can do before it needs to be actively enhancing the groups earnings and not continuing to act as a makeweight. It is possible that a potential buyer sees Education as a 'poison pill' and doesn't want to take it on themselves, which if correct, should focus our boards minds in accelerating a sale at which time we can then see: 1) How much someone is prepared to pay for Express Gifts as a standalone business. 2) How much this would release the hand brake on our lowly share price. Either way, a no brainer, so as per Skindles previous post......just get on with it!!

Sadly it appears that even the simple things are a struggle for our board Skindle. I am not sure what more can be said that hasn't already been said. Even my patience is being tested here. I just cannot understand how the board is allowed to drift in a directionless fashion without being held to account. Surely our major shareholders are active behind the scenes and will not let the shareprice drift further south. They cannot be at all happy with the current situation. This is my hope anyway.

My sentiments exactly. The last year has been one of being held in a holding pattern and today we are being subjected to a further jam tomorrow report. I am finding it hard to understand how it took 700k in advisory fees just to say no to MA.

.....to have seen a steady rise into the close but it looks like we are going to have to wait until 7am tomorrow. Not an inkling by way of what to expect, although the walk down on the price has to be a concern.

Fingers and toes firmly crossed for a strong set of numbers. The time really has to be now to start delivering. It is disappointing to see how we have drifted back to a level below £1.90.

....remains strong. I would like to see an rns quantifying the estimated loss of revenue after todays announcement from Mr Hammond. I think todays markdown is overdone and once the dust settles we will see a steady recovery.

Pleasing to see, I agree. The earliest it can be exercised though is in 3 years time. I do hope we don't have to wait that long to get to 10p+

Allowing for a bit of humour.....it crossed my mind that maybe with Mr Burke's corporate background in beer and gambling, he might be the perfect Chairman to engage with MA and thrash out a commercial alliance although the terms might boil down to who wins on the spin of a roulette wheel.....

Agreed on the jam tomorrow sentiment. It looks like they miscalculated on a major order which is now being dressed up as a loss leader. Lets hope the new sales manager knows his numbers better and we can capitalise on what appears to be stronger interest in our business products. As for the share price, I cant see this improving until such time that they have got their house in order but will hold for the moment.

A quick look at their share price over the past two and half years that Mr Burke has been at the helm doesn't make very good reading. I have to admit to feeling rather underwhelmed. Surely there are better candidates out there with more appropriate skill sets for an e-commerce driven business such as Findel?

Well spotted indeed Feanor and by complete coincidence I spoke with Tulchan, our appointed IR company, this morning to voice my concern at the seeming lack of progress being made and that the share price was being held back partly because of this factor. The response was polite and restricted as to what could/ couldn't be said but I was guided to the interim results due out in the next couple of weeks by way of an update. I was thanked for my input and advised that it was valued by the board when these concerns are highlighted in such a fashion...... I agree with the sentiments of your last post Skindle, surely now is the time to finally deliver a good set of exceptional free results and move us in the direction we have been so patiently waiting for.

Agreed Skindle. More immediately, we are still in the dark as to who our new Chairman will be. I can only assume that there are differences of opinion between our major shareholders as to who is best suited because this really should have been buttoned up by now.

Very well put Columbo and agree on the £2 level for the moment as I have various entry points below this price but sadly these are countebalanced by others all the way up to £2.70. I will throw another analogy in there if I may be so bold to come alongside your 'dentists chair' in that my good friend and neighbour is a lifelong Gooner and has the most fabulous seats on the halfway line with all the trimmings that come with a good day out.....sadly though on the days I have attended and as has become synonymous with their past seasons they have always threatened the goal with lovely football but never quite delivered on the full potential...still as a Forest fan...... every cloud and all that!!! Sticking with the Arsenal theme though, this time around they do look like the real deal....here's hoping the same is true for Findel...