Member Info for FED1

If the Sky News report warranted a vague RNS, surely the Drapers article, which is significantly more serious, warrant a RNS tomorrow morning.

A suggestion that you have run out of liquidity is more damning.

At this point in time, I reckon shareholders would have been better off with Mike Ashley running the show in Manchester.

I think someone needs to explain what “releasing shareholder value” actually means to BoD.

I’m sure hunkering down and poor shareholder engagement is not the usual strategy?

Agree that Finley is showing his inexperience with poor communication to market. Ultimately, he is head of Comms for Debs Group.

Yes share price is down on low volume with people trading single shares on large bid/offer spreads. No sell side analyst can recommend this stock nor can any fund manager buy it given poor shareholder engagement. Hence liquidity is thin and buyers have dried up.

Whether you are optimistic or pessimistic, I think it makes sense for existing long term holders to wait until announcement of full year results. That is the time to reassess.

Good points Reardon.

Whilst it is concerning given lack of communication, I cannot see how this is going bust in short term.

If Mike was concerned, he would put someone on BoD as he has been invited too. I recall he would have to sign undertaking not to bid. He obviously wants option to bid. Or he is in negotiations on something else.

I suspect Mike has enough connections that he would probably get whiff if TpG were to snap up the prized assets.

Considering I chose to invest in Boohoo, it is certainly questionable whether I am smart when it comes to investing.

Airplane or vulture?

Frasers is like an airplane stuck in a holding formation but cannot get a landing slot.

He desperately wants Debs, Arcadia and KM but is too miserly to bid. Why else have a dedicated page to Boo Group on your corporate website?

Agreed Ocean Passage that he has publicly declared a reason for strategic stakes is to build partnerships and share knowledge. fraserPay for instance although this hasn’t worked.

He bought Currys well but sold too early before averaging down on AO.

Boo is personal for Mike. He wanted/wants Debs. Likewise Arcadia is probably also complimentary to his strategy of buying shopping malls.

Frasers has four strategies:

Be a leader in sports

Buy premium brands

But retail real estate

But distressed retail businesses

KM fits premium.

Arcadia and Debs for real estate.

Boo Group fit distressed.

No doubt, when the time comes, Frasers will be looking at River Island. I think Boo should strongly consider a JV with him in regards to Arcadia brands. Burtons and DP could be positioned as heritage brands targeting older consumers.

It would be interesting to see the bridge (waterfall) chart for net debt (showing changes in cash movements).

Since FY2H is meant to be a seasonally positive WC movement, then understanding why it was negative is important.

These full year results is pivotal in properly introducing Dan Finley to the market and what he has planned. Realistically, I think negative revenue (GMV) growth in FY26 albeit an improvement upon last year is to be expected.

It would make sense to provide further drawdown capacity above the £125m so that they have flexibility in terms of working capital. They need to build inventories.

Yes it does seem that with all the one off cash inflows (office, equity raise, etc) that underlying cash flow from the business was negative in 2H 25 (based on reported net debt figure in trading update). What we don't know was how much liquidity they have but it does seem that TPG and Frasers are happy to provide funding (albeit at a cost). Boo has choices. Whether purchasing RevB is one of those choices remains to be seen.

I also believe SCB is genuine shareholder. It wouldn’t make sense for a shorter to campaign to have Kamani removed from BoD in AGM.

I share your frustration on lack of results. However, I do believe that the situation is not yet critical for Boo and that it has financial flexibility. We can therefore rule out worse case scenario (run out of liquidity/auditor concerns).

I think there is pressure on BoD to finish business review. I’m realistic as to what can be achieved.

Likewise, I do think there is some truth in adage that mgmt are happy to report good news, but will delay reporting bad news. The trading update confirmed Youth Brands were still being turned around in FY26.

I think the results will be significant in terms of news flow and that market has effectively priced in continued weakness in Youth Brands.

Maybe the RNS was intended for Frasers.

Labels barely get a mention on website now. This is seemingly non core now. It would make sense to sell it to Frasers or enter into strategic partnerships like ASOS did with TopShop.

The beauty business is normally high margin but I don’t have an opinion on RevB.

I also wondered if it was slightly mocking.

Yes I wondered if it was a coded message, or that the RNS was intended for someone else (like TPG).