Member Info for FED1

If Frasers got on BoD, i definitely want Kamani there and would reject the second EGM.

If they fail to win, then I will give the second EGM some serious thought.

I suspect Frasers is playing a blinder here.

The irony with these shareholder advisers is that they say:

1) Frasers has a conflict of interest and there is not any protection for minority shareholder.

However, on the BoD, there are only 4 independent directors according to their own definitions. A BoD should be majority independent. Even if you exclude company secretary, BooHoo fails to meet this and Kamani's have control. It is also questionable according to these same advisers to have an EXECUTIVE vice chairman.

By their own logic, they should support Frasers second EGM to oust Kamani?

Does anyone have a view on Boo adopting marketplace strategy?

I thought they wanted own label sales as higher margin. Now it’s all about fulfilment for 3rd party brands. I sense this will be the new thesis at Capital Markets Day. Is this another US Distribution mgmt spin. Or is it pivoting towards a SHEIN/Zalando strategy?

That was genuinely what I thought. It was that post that made me realise I needed to work out my cost. I have been trading in and out and put new money in last year.

Boohoo and Asos have to be one of the worst trades I have ever done on my personal account. I have been trading Asos since 2020 and Boohoo since 2022. I have also been adding new money thereby averaging down.

I was admittedly in denial about working out my P&L for these two disastrous trades. I have also been investing on my partner's account which makes it worse. I today went through all the contract notes and worked out my breakeven in an Excel spreadsheet:

Boohoo: 52.3p (need 54% return)

Asos: £8.92 (need 132% return)

I know this is classic behavioural finance biases in wanting to breakeven. However, doing a proper P&L on an Excel spreadsheet has been cathartic.

Seven minutes to midnight*

Agree SCB that they have brought this situation on themselves.

We were 7 hours to midnight at the end of FY24. We were expecting 1H25 to be the final set of poor earnings and then to achieve guidance of a return to growth.

The fact that they are now bouncing around like a pinball trying to identify the right strategy to appease investors is too late. They should have got rid off JL as soon as they knew US distribution was a disaster and be ready with a plan at results. Not announce that they are now going to come up with a plan.

Im perfectly happy for Mike Ashley to give them a bloody nose.

However, I recognise other posters concerns that he may disrupt strategy and pressure BoD for a stake in Debs.

On the business update and interim results, the BoD was very vague about releasing value strategy. The letter this morning has changed to say it is now only looking to realise value by disposing non-core assets.

There seems to be some cuckoo suggestions on here that Mike has bought 30% of a business, to then drive it into administration, so he can buy assets on the cheap from the receivers!

A trading update with a marked improvement in Youth Brands would be enough for me to switch sides.

We just need a positive like-for-like at Youth Brands.

Mgmt would be wise to orchestrate that.

Not to be a Debbie Downer, but if you are in a proxy war and potentially about to lose control to an activist, you would rationally give an impromptu trading update. The ISS RNS was a bit desperate.

We may still get one but as of yet I don’t believe Youth Brands rebound. Although I note Zalando doing well so may be precursor to Boo.

Ultimately, when Youth Brands turn, share price will fly. However, Boo silence on operations speaks volumes.

I am positive tactically as there are too many positive scenarios before H2 results.

ASOS did a JV with its major shareholder over TopShop.

I reckon Fraser’s wants a JV with Boo over Debs.

This theoretically could be quid pro quo if Debs returned to high street and turned into credit business similar to Very.

Yes mgmt may be well paid if it is successful as the there are only two shareholders. No remuneration committee.

I wouldn’t be surprised by this outcome

Regardless of outcome, Frasers may have achieved its objective of Boo keeping Debs.

SCB - I will be interested to know ISS stance on the 2nd EGM.

Regardless is whether Mikes get on, BoD is not majority independent. They state that they have four independent NEDs. By its own standards, they should not support Kamani’s re-election.

I reckon Carol Kane should resign, not MK.

Agreed that 60p may not be enough to get him over 51%.

It would be win win for him. His shareholding increases in value.

It was a joke Bfd.

Fraser’s have been in a spending spree and may be spreading itself too thinly.

Many have said why are they going for a proxy war when it can take control with a bid. Hence I wanted to see what balance sheet would look like if it did go for control.

My view is that Fraser’s could do it, but have to be more disciplined in other capital allocations.

no need for ****phobic slurs

1396bn*25%*60p = £209.4m

Thank you BFD for your contribution 🫡

Just trying to add to debate BFD.

Don’t know why you are so threatened by it.

I’m doing back of the envelope calcs on an iPhone.