Member Info for FED1

I’ve just checked the share price and before I even opened app, I knew Boo share price was down.

If the main reason for delaying results is because it wants to acquire RevB, then I be annoyed. The silence has wiped a huge chunk of share price. This was trading over 20p a short while ago.

I hope Dan isn’t that dumb.

It sounds as if RevB mgmt were a bit irked at the auditors insistence on the adjusted item (sales to outlets not yet delivered but still in inventory).

With the RevB accounts signed off, it just needs to finalise its restructuring. By the sounds of RNS, it will be announced next week with annual results.

It is appearing that Boo results are also predicated on RevB results and they be announced together.

As such, my intuition tells me that we probably won’t get results this week and then there will be a fanfare next week as the Credible Plan is announced. No doubt good and bad.

Share price is so low at moment that you would hope that some clarity will be enough to underpin a strong bounce. However, probably not enough to convince me to vote for BoD.

1) There is credible information that TPG are involved in a £180m refinancing which will be secured against subsidiaries.

2) There is supposedly a business review which hopefully means more than marketplace - Kamani said himself last year it was the right time to look at corporate structure; and

3) RevB is in constructive talks with stakeholders regarding an equity raise (plan B?)

If it was just item (1) above, then we would have had results by now. Surely Boo wouldnt sit back in silence and watch its market cap fall by tens of millions just for a deal with RevB? That would be idiotic. So I would hope that there is more to the Business Review than market place and a debt refinancing.

" advance its constructive engagement with its stakeholders, including in respect of a potential equity raise."

It sounds like Boo has agreed to partake in an equity rights issue. It also sounds like a third party is still involved.

I think there are two things we can say with relative certainty:

1) Something is going at Debenhams;

2) It relates to a lender/debt investor who wants to secure a loan against the equity of the main wholly-owned subsidiaries of the Group (e.g. Debenhams, Boohoo, Pretty Little Thing, Nasty Gal, Burtons, etc).

What is odd is the Head of Legal being on his summer hols whilst in negotiation with TPG?

If I was to hazard a guess regarding change in Articles:

There was a story earlier that Boo was in talk with leftfield lenders who wanted to secure its loan again assets. I suspect TPG has agreed to lend £180m to Boo on the proviso that it is secured against Boo's wholly owned subsidiary (Debenhams Group Ltd).

You cannot change the articles of association without shareholder approval.

Six months from 28th February is the 31 August according to companies act 2006

https://www.legislation.gov.uk/ukpga/2006/46/notes/paragraph/689?view=plain

The Articles of Association however indicate that the last day is 28th August due to AGM rules.

Many agms say "approve the results"

I would hope they dont delay until next week.

It would be highly unusual as one of the resolutions is to accept the accounts. Market would be very worried. But no, Articles dont say you have to announced results with AGM.

But then 6 month results rule for AIM listing kicks in the next day 29th as it is last working day.

Ive explained why it is 28th Aug. Nothing to do with six month result rule. It has to comply with its own Articles of Association on AGM as this date is earlier.

Last day to have AGM is 19th Sept (15 months from last AGM). Need to give 21 clear days notice.

I think it is fair to say that Shein is now the dominant, value proposition, apparel etailer targeting 20-somethings.

It does not necessarily mean that Boohoo doesn’t have a place. It just needs to do better than what is doing at the moment.

Https://www.swgroup.com/insights-events/insights/ending-de-minimis/#:~:text=According%20to%20HMRC%20data%2C%20the,53%25%20from%20the%20previous%20year.

https://www.itv.com/news/2024-08-08/shein-avoided-an-estimated-150-million-of-uk-import-tax-last-year

it would seem it would be announced in budget. The article suggests clothing is already subject to 12% import duty?

SCB,

Please stop gloating on the share price falls. There are retail shareholders who have lost a lot of money.

1) we all know Ashley is stalking;

2) how are Boo handling it? Badly judging by share price.

I think BoD are making poor decisions.

I suspect Ashley’s motive are more strategic than selling his stake above his weighted average. He wants to buy cheap. He wants Kamani out. He wants Debs. It is a key part of investment thesis.

I’m inclined to back Ashley from here. Kamani has let me down.

Ashley getting less than one more percentage point is not relevant. His next move will be a bid if he chooses to increase.