Member Info for FED1

I think we can all agree that the news from IR that it has postponed the full year results by a month reflects poorly and possibly even shows contempt for shareholders.

The only valid reason for a delay of this magnitude is if it were implementing the "credible plan". Maybe the business is being completed reorganised? Maybe a third party is doing due diligence. Then it would be understandable.

Mike Ashley is being quiet?

Early June seems a long time to announce results and we are back to the old ways.

They better not say Strategic Review is ongoing! Something will probably leak prior if a deal to dispose of something is on the cards.

In regards to RevB, I do not follow closely but wouldn’t be surprised if there was a rights issue giving Boo control and then it was taken private.

Strategic review means BoD have been confidentially speaking to private equity about offloading assets.

The fact they effectively cancelled March capital markets day suggests a deal was not agreed. Dan issued that Debs group rebranding as a poor excuse for a CM day. I hope they are still finalising a deal before full year results.

It may explain why Ashley hasn’t slung any mud since January as he is an interested party?

Alternatively I will take a positive group level like-for-like, positive FCF, and upbeat guidance?

*I have other projects

I think we are beyond polite letters to IR. However, activism doesn’t work in UK. The British would rather their shareholding go bust than sell to an opportunist like Mike Ashley - the anti-establishment.

Personally, I have a 53p cost price and have been over projects. I want to bail and Umar can live it up in Dubai on someone else’s platinum Amex card.

To me, I wanted BoD to deliver on strategic plan. Out options are narrowing.

I would explore a deal similar to following:

Sell Debs, KM, Arcadia to Frasers for c£350m. This can be paid by Fraser scrip if necessary directly to shareholders (Inc Frasers). Part 2 is that all of Frasers shares are cancelled in residual Boo, Boohooman, NastyGal and PLT giving Kamani majority control. I think this deal gets me above my cost price.

I think there are now only four assets which can move the needle in terms of strategic review: Debs, Boo, PLT and KM.

I’m not saying I’m advocating a disposal of either of these. However, I do take view that the sum of the parts is worth more.

Last year, there were other assets such as RevB and office. RevB is now worth a pittance. The office asset was essentially offset by negative cash flow.

Question is, do they just admit to market that they could sell Arcadia and NastyGal, but it won’t make a difference and strategic review is now moot.

Companies not giving medium term guidance:

Zalando

Next online

M&S apparel

Inditex

“Medium term” guidance is an euphemism for a failing mgmt team

I am impartial to the dynamics of this board.

The share price will adjudicate when it comes to full year results.

Dan was not a reset for more time. We need results. If not Kamanis should relinquish mgmt control.

Pedro,

I’m also in group 3 (shareholder, non-believer in mgmt)

I feel group 1 circle is now nearly fully eclipsed by group 2.

Let’s wait for full year results.

I have no issue against Dan, but honeymoon is over and marketplace strategy is weak.

I can explain this board in a Venn diagram.

Let’s start with two non overlapping circles describing the two groups:

1) shareholders who believe in mgmt

2) non shareholders who do not (shorts or trolls)

Now after 3 years of poor mgmt, and a 90% fall in share price we can now overlap the two circles into three groups. The overlap area now represents shareholders who cannot sell as they have lost too much money, but have little faith in mgmt

“The business review remains ongoing and a further update will be provided with our full year results.”

This was in the announcement for Debs on 11 March.

You can all argue. I stay out of it but I read your posts.

The share price is the only true arbitrator.

So far, Dan and Kamanis are not winning.

I’m down a lot on this investment.

Like many of you here.

I have a lot of experience in investing and believe there is a good probability this will come good. If you over-invested, then don’t invest more. If you have the time horizon, then there is a good chance this will come good.

Next time buy a Vanguard multi-asset fund!

A retailer puts together a business model that is so compelling to consumers, that it gets a share of their wallet.

It is a multi-faceted proposition.

Debenhams is a brand with legacy value. If you are going to sell knock off watches with no after-sales, then you will kill brand.

Dan is not a retailer

I wish shareholders voted to have Mike Ashley as its CEO.

The share price would be higher.

I think Dan’s strategy is weak.

Debs had a very low base and strong brand. He is selling third party crap merchandise.

I am not convinced he has a plan for Boo or PLT. I am worried when he says there is a lot to do. We have had 3-4yrs of double digit revenue declines.

Mgmt promised to “release shareholder value for all stakeholders” last Autumn.

No plan. My investment in Boo has halved since the BoD ask me to vote for them.

I’m angry.