Member Info for FED1

Bfd,

I think I am understanding this better. Admittedly I havent examined Annual Report and the breakdown of Dan's pay.

I assumed they were paying Dan based on his recent performance as Group CEO? Does this pay relate to his performance as divisional-CEO prior to November 2024; a pay award he would have received regardless of whether he took the Group CEO role?

Sounds like Kamani using shareholder funds to thank Dan for keeping Ashley out. That is not a performance hurdle for a bonus.

I do not know Dan's financial situation. He may live in a one-bed flat above a shop in Manchester. I somehow doubt it. He may have been key in winning the proxy battle against Ashley and Kamani may be thankful. I believe that.

What I don't understand the argument that he forfeited previously accumulated share awards and pay by being promoted to Group CEO?

When he worked in his role as division-CEO of Debenhams, the shares that accrued but not yet vested still remain. He then left that role and started a new role. A new pay arrangement is put in place to reflect his promotion and based on how he runs the group, not the division. Any unvested shares or awards related to his previous position would still be valid. Any new pay arrangement should be based on the 34p share price when he started his new role and promised to deliver value for "ALL SHAREHOLDERS".

The numbers talked about in this remuneration report for an AIM company see eye-watering, particularly in the context of a halving in share price. I'm still okay with Dan leading this business forward, but the Remuneration Committee are clearly not up to the job.

I wasnt aiming my post only at you Bfd.

Just a bit of jest. I am also technically self-employed. Monday mornings are usually manic for most working people.

Unless you are retired, work for Boohoo IR, or have some other occupational relation to this (i.e., day trader or retail analyst), then I do not know how you can spend Monday morning arguing with folk on here.

Let's face it:

1) Kamani is going to be re-elected along with Chairman

2) By mid week, the BoD will pull the resolution on remuneration when it becomes apparent it will fail

Why did ISS endorse Kamani’s re-election.

By their own guidelines, a BoD should be majority independent. Can they name me five independent NEDs?

Dans bonus should be tied to share price when he started his tenure and they promised to release value for all shareholders. I recall the share price being 34p when he started.

Why did they put their efforts into extending RCF until 2028, rather than divesting PLT?

It implies the credible plan (i.e., sell PLT, close Burnley) was an 11th hour strategy. The Chairman’s position is equally untenable as he has been overseeing this business review for nearly a year. Evidently, nothing had progressed apart from a new RCF facility.

Adjusted EBITDA guidance is not really guidance, especially after kitchen sink.

I hope big shareholders don’t vote for Kamani. This is taking backward steps in terms of corporate governance. ISS, who I presume are endorsing his re-election are a joke.

Sparse guidance says Debenhams strong momentum continues.

Youth Brands still struggling .

It’s what they don’t say in guidance at 6mths into fiscal year that shouts loudest.

Effectively, we have the status quo.

Rinse and repeat FY25.

The reason why Dan is scared to give guidance.

Look at Lyttle’s outlook statement in the FY2023 results. He suckered me into this.

https://www.debenhamsgroup.com/files/results-centre/2023/fy23-presentation-v1.pdf

Dan is too scared to issue FY26 guidance when he was 5 months into fiscal year.

From a technical perspective, the share price looks weak. Management are too scared to put numbers to the investment thesis so sell-side cannot upgrade their ratings. Boo is adrift.

However, behind the scenes, they seem to be going in right direction albeit at a glacial pace. Kamani is off putting to institutions.

However, I do think on a fundamental 3yr basis that this is undervalued. They have optionality to strengthen balance sheet with PLT disposal. They should be able to get to FCF neutral with Burnley closure (rightsizing).

Be patient, ignore the doomsayers.

Correction: a closed period is 30 days before results, not 6 weeks.

The irony is that after a 5 month closed period for full year results, IR are probably in a close period again for interims.

Considering Carol bought recently, then you need to take six weeks from her purchase date as the earliest date for 1H results. There is a three month deadline from period end for interims so I’m guessing 1H results would be mid October at the earliest. Hopefully this will also see a PLT announcement.

I think upon disposal (JV?) of PLT, closure of Burnley, and hopefully a stabilisation in Youth, then this is clearly undervalued. The glacial pace of change and poor communication with investors is painful.

Bfd,

It is the right move and I actually think this along with PLt is worthy of being called a credible plan.

I am frustrated at the pace.

It appears that Dan told the local MP that Burnley was definitely closing; they are just going through formalities.

https://www.lancashiretelegraph.co.uk/news/25457639.burnley-mp-calling-action-boohoo-plans-leave-town/

Kamani needs to be voted off.

The Chairman needs to be voted off. He failed to deliver credible plan in timely manner.

The BoD is not majority independent.

It is shocking that Caroline Cane is not up for election.

And the so-called EsG not up for election either. They should hold this company up to the same minimum corporate governance standards as a main board listing and all directors should stand for election every year.

I am not impressed with Dan and CFO’s poor full year results presentation. That presentation was full of empty platitudes and had no substance.