Member Info for Franalex

Beginning to wonder if it is game over for this type of business. Nothing the likes of Boohoo, ASOS, THG or Revolution Beauty have done for several years has stopped the on-going destruction of shareholder value and zero sign of it getting better. During the same period the likes of Next, Marks Tesco etc have not only increased share price but also increased dividends.

If you don’t like risk what do you like here? An unmitigated disaster in terms of shareholder returns and it is not out of the woods by a long margin and a complete shareholder wipeout is not out of the question. I did not take up the option of further shares as it looked like throwing good money after bad and nothing has changed my view.

Let’s just review the vast volume of posts on this Board.

Certain No vote - wrong

Big spike when relisted - wrong

Minimum price 60p - wrong

Multiple (up to 10) bidders in waiting - wrong

Clean audit report - not many CFOs would have been happy to have seen the content of the audit opinion

Anyone new to these Boards should take note that most of the comments have no factual basis behind them and are just a strongly held opinion often held by individuals not prepared to listen to the alternative. It is a very common theme and individuals are very often totally wrong so always do your own research.

I have seen this posted so often on these Boards. NMC, Carillion, Patiserrie Valerie to name a few. No.

Stew, Rowing back on your “Crazy opening, 38, 42p” then. Posted just yesterday. Just blind optimism.

A huge reality check for all those posters predicting a huge rise when its listing was reinstated. Just look back over the couple of weeks to see the ridiculous figures some were suggesting.

Yes mine arrived in HL.

“10 rival bidders”. That is just wishful thinking. Nobody is going to buy this without doing significant due diligence which will take a long time, time that the business may not have.

Either the Board are playing games or the accounts are still not ready. Given the already ridiculous length of time, the accounts should have been in final format waiting for the result of the meeting last week which would have given the auditors the comfort they needed to sign off on going concern. They could then have released today. It just raises suspicion that there are sign off issues still to resolve.

Have been into 2 different B&M stores this week, wanted two different single items that cost between £10 and £20. Got as far as the queue, turned around and put item back on shelf. Others were doing the same. This is a common occurrence and they must be losing a lot of business. Either they need to introduce self service or have more tills open. Quite often at my local store the only till open is the tobacco kiosk which also sells lottery tickets, as soon as I see that situation I just go away.

But can they get the accounts signed off as a going concern without the changes proposed in the RNS earlier this week? . Not sure they can so are likely to push the publication right to the wire.

Needs to do something about the queues, they are dreadful at the one in our High St and others I use occasionally. Must now be a dozen occasions where I have returned items to the shelves rather than queuing and have seen other customers just dump full baskets rather than wait.

No doubt some of the eternal optimists on this board will dismiss this RNS but how this emerges at this stage is beyond me. I bought in at 22p shortly before suspension knowing that it was a big gamble and still not sure I will come out at a profit. The indications are that the numbers will be dreadful and we still don’t know when the numbers will be out and what level of auditor qualifications they may carry.

Not remotely surprised to see the drop. As I posted before the fund raise, taking up the option was just throwing good money after bad.

Just astonishing that some people continue to look for reasons other than dreadful management for the endless decline in the share price of this business. Really difficult to see what will stop a drop into single figures, but clearly that outcome is what those who voted for the directors accepted.

James. I agree. Nobody is going to bid anything concrete without due diligence and anyone who thinks so is in cloud cuckoo land. The buyer assumes all liabilities for the business and just taking these on without quantifying the potential quantum is just not going to happen.

AGM giving the Board the mandate to continue with what they excel in; the destruction of shareholder value.

So the Board see this as a mandate to continue with the value destruction, something they have excelled in for several years. Would not be remotely surprised to see a drop into single figures, indeed any trend analysis would predict it as inevitable.

How anyone other than his immediate family can vote for Kumani is a total mystery to me. Hope someone pushes him really hard about why he, and the Board have delivered absolutely nothing that they promised a year ago.

The unlocking of shareholder value, promised when they were trying to retain their positions, continues as is has done for years. Problem is that it flies away once unlocked. Can not believe anyone would vote in favour of any of the shower running this business into the ground.