Member Info for FED1

At the interims, I want Dan to announce:

1) guidance for FY

2) confirm liquidity

3) annualised benefits of Burnley closure for FY27 and maybe some tacid guidance such as “transition year is over”.

4) a JV with Shein or similar for PLT to put us in net cash

5) positive FCF in FY27

The full year was disappointing. Dan failed his grand opening.

Reardon,

I’m not selling and understand the patience of waiting. I don’t buy into viewpoint that management are trying to put this into administration to buy on cheap. That is literally ‘tin-foil hat brigade’.

I’m just frustrated at pace of change. Yes a PLT disposal or JV with Shein could be game-changing albeit speculative.

Dan and BoD seem bad at this though. And for the paltry director buy on 25th, we will probably lose £10millions in market cap as all it said was: shorts, you have another 30 days.

Literally this BoD are numpties.

I was looking into William Barker, the person behind Camelot Capital.

He has a 13F in Carvana for $680m meaning his fund owns this much in a US company. I recall shareholders with more than $100m have to declare ownership quarterly to SEC. It has done really well.

However, he bought heavily into ASOS and Boo. Most likely with investors’ money although not sure. His firm has just over £1bn AUM so not huge.

Suspect he lost a lot of people’s money on UK etailers. Sits on ASOS board. Imagine his clients are not too happy with this performance. Yet he supports Kamani?

In the past Barker has advocated splitting the business.

Don’t worry guys:

Kimberley Lewis is asking sophisticated questions. Out shareholder interest are saved. Hooray!

https://www.responsible-investor.com/let-the-market-decide-schroders-on-calls-for-stewardship-code-abolition/#:~:text=Clients%20are%20increasingly%20sophisticated%20and,manager%20stewardship%2C%20says%20Kimberley%20Lewis.

Literally the definition of a patsy.

The Telegraph should focus its attention on the complicity of Schroders in this corporate governance shambles.

Which Schroders funds actually own this? Why did they vote against its own stated guidelines? Are they meeting obligations under Stewardship Code?

We are seven months into fiscal year, and the only guidance we had was “profitable growth”, adjusted EBiTDA is higher than last fiscal year, and Youth Brands still in turnaround.

This is not acceptable. Why would Schroders endorse this nonsense? What does Camelot know what we don’t. Is this how to communicate to shareholders; whilst asking us for 7 figure salary while share price has halved?

I am angry and astonished at this.

I be encouraged with a simple announcement of when we can expect Interims.

The bar is that low. Preferably confirmation that CFO wasn’t doing a slick media video in order to avoid sell-side would be welcome. CFO’s job is questionable given the grand introduction is Dan & Phil.

When I saw the director dealing announcement, I thought great, this is a plaything for shorts for next month.

Dan and Board or making unforced errors. But at least we have another lawyer on the BoD to protect founders.

Literally the limp-wristed ISS said Dan doesn’t deserve the pay packet. Yet Schroders and Camelot decided he did.

Disagree Bfd, 30 clear days. Still 27th October.

Although not optimistic.

I appreciate Dan is firing 1200 people in Burnley who are now going through due process. Likewise, I hope the disposal of PLT is now in serious talks. However, suspect Hexam’s hypothesis that this was a desperate 11th hour announcement before full year is true. Yes Thry may have spoken to Shein/ABG in August, but still nascent stages.

Unless Mike makes a bid, this message board is going to be toxic over next 4-8wks. The share price remains adrift much like summer. I suggest you don’t get drawn in Bfd.

A closed period is legally 30 days before the announcement of interim or full year results. This restricts directors with inside knowledge purchasing shares within this timeframe before a results announcement. It would also apply to the announcement of a major corporate actions such as a large disposal if directors are deemed to have insider knowledge.

Given the director dealing on 25 September, the earliest date for the interims announcement is 27 October and the last is 28 November. Given the budget is 26th November, I hope they would avoid the final week in November as UK stocks may be volatile.

I refuse to buy more shares. If you’re long this, then don’t buy anymore.

I use to be a global generalist equity analyst.

Retail sector was always a turkey. Never made money. Yes I had a few successes, mainly Inditex.

I knew full well that AIM was utter rubbish, let alone UK stocks.

Yet I took a position in Boo at c 51p cost price.

I’m now trapped in this ugly marriage. Luckily my actual marriage is much better.

I don’t have your name or ISP. Just messing with you. Lol.😜

We need an open and frank CEO.

CFO introduction to market at full year results was a disaster.

I had much higher expectations of Dan to dazzle us with his plan. Share price reflects market confidence in Dan and Phil.

Sorry to say it. Wanted them to succeed. Still do. But Business Review announcement was damp squib.

“We have pencilled in some restructuring after a 9 month review. Please pay me 7 figure salary.”

I apologise Adder for being rude the other night.

I agree with that. Manchester is quickly turning into 1st tier city.

Time to dump London.

I still believe in bull case. This is probably binary outcome.

Bull case:

1) dispose PlT and pay down debt which is major drag on cash flow (high interest)

2) debs market place continues strong growth;

3) close Burnley with substantial 1,200 job cuts and move to Sheffield (rightsizing business to be able to compete against Shein).

4) youth Brands will eventually stabilise

5) takeover bid from Frasers.

There’s enough here for me.

Being a shareholder in this dog is painful.

Dan and Phil somehow don’t like communicating with investment market. This pay deal was not warranted.

I appreciate sacking 1200 is not fun. But Dan lacks charisma to communicate to investment community.

Given the source of the article was a [unhappy] supplier, I’m sure they would have told the Telegraph if trade credit insurance was removed.

I wonder the date of this email? Is in recent or from August.

Boo maybe giving preferential treatment to larger suppliers who get insurance. I wonder if smaller textile manufacturers bother with insurance.

Carol Kanes insider buy would also be odd if she was aware of liquidity concerns (unless PLT deal was already pencilled).