Member Info for FED1

Like many, I am confused by the purpose of the RNS.

I suspect there is an element of truth to story. However, the terms put forward by TPG were not good so Boo has walked away and decided to continue to review options at a later stage.

Im not sure what to make of RNS.

Mgmt seems to have told us that it is not pursuing a £175m debt refinancing with TPG.

Base case cont'd:

3) Debs continues to grow at a rapid clip but Youth Brands still struggling - overall negative Like-for-like guidance for FY26

4) Nascent signs of marketplace greenshoots across formats

So what is our base case now:

1) TPG provides financing for £175m secured against assets

2) Boo buys out RevB and assume debt

I was curious whether TPG would be interested in this from a private equity perspective. Alas, it does have a large corporate lending division which "pursue equity like returns with downside protection".

At the very least, it will probably sort out the debt issue until 2028 or so.

I was hoping for a takeover battle but I now suspect that TPG is simply providing financing with its debt secured against Debs (or similar). TPG may be securitising the debt for other investors or it may actually be keeping it on its books.

https://www.tpg.com/platforms/tpg-angelo-gordon/tpg-angelo-gordon-credit-solutions

https://www.tpg.com/platforms/market-solutions/debt-capital-markets

Bfd,

I agree with your assessment that by increasing the debt load by £50m, it opens up the possibility that something more strategic is at play which could form part of the credible plan (a phrase that mgmt now seem embarrassed by). This could be RevB, or something else. It may also be that it simply needs WC to build inventories for 2H.

I also will accept that provided something substantial is announced that is strategic (I do not consider refinancing existing debt to be strategic), then this may be a valid reason to delay results. I am even questioning whether RevB is strategic enough to warrant delaying results.

Given that TPG is now being touted as the lender, this does suggest something more strategic may be in play.

Despite my rant yesterday, I am pleased to see share price is moving in right direction.

Paulley,

We can distill this down to two scenarios:

1) the BoD have a credible plan

2) the BoD does not have a credible plan

Refinancing debt is not a reason to delay results.

Dan Finley is a burnt out CEO who will wake up at 5am tomorrow and doom scroll social media for 1hr, before going to work and play pretend influencer.

Kamani clan and BoD know it but too weak sack him.

Mike Ashley would at least delivered the crappy results.

RevB is worth a pittance. Not an excuse.

If he cannot juggle the expectations of shareholders, how is he coping with BoD, staff, strategic investors, sell-side analysts, and competitors.

To delay results this long for a debt restructuring is weak.

When an individual in a high stress role shuts down and stops communicating, they have probably burnt out. Dan is not coping.

I’ve lost confidence in Dan.

Bfd- we can imply FCF from trading update net debt. We know certain cash outflows and inflows. Suggests negative FCF (excluding disposals).

Retailers need financial capacity for Working Capital going into 2H. To build inventories. It is seasonally a cash outflow period. We are coming up to end 1H FY26.

Thanks SCB for the Sky news story.

I’m still bewildered by delay. Why do they need an extra £50m? Inventory/working capital for Christmas?

I’m not sure RevB is worth it. Disappointed by share price action since November.

Unfortunately I had the displeasure of reading your posts in real-time..

I imagine Spidey you may have trawled through my historic posts. I haven’t looked through yours. I know who you are. You have never said anything I respect.

This board is about Debs. Not T4G.

Many of us spectators on here would like you all to go to a new message board were you can discuss T4G.

Painful.