Member Info for Hexam

What have I supposedly lied about?

I have given my opinion on the comment in the video about the sale of PLT and on you for your interpretation of it so they are just that, opinions.

And I have proved I have watched the video by mentioning something relating to Debs MP which, as far as I know, hasn't been covered by anybody else on this board previously.

As to sounding angry, I accept that is just your opinion rather than a lie - wrong as it is.

You are odd at times.

I have already given my answer and unlike you I'm not a hopeless AIM gambler that makes too much of a single word that was said and joins imaginary dots to something else that was said so as to conclude something really significant but somehow missed by the rest of the market.

Also love the way you keep suggesting I haven't watched the video. The video that revealed in an answer to another question the performance of Debs MP. Up about 90% in the year!! Surprised you haven't been all over that!?

Must admit I didn’t have Bfd down as the sort of desperate AIM investor you often see on these boards that latches on to a single word spoken on a subject that doesn’t appear anywhere else that subject is spoken of or written about and then runs a mile with it.

Guess I was wrong.

I’ll believe there is a ‘strategic partner’ when they tell us so in writing. In the meantime I’ll stick with what they have told us many times. Exploring a sale and seeking a strategic buyer.

“they are hoping the PLT sale is to be sold before the end of the year.”

Where did they say that? What I read was ‘in the next year’. Alluding to Topshop means nothing in terms of progress in my view.

Yes. The only difference is the word ‘partner’ which is not used any of the times the sale is written about and so assume he just means a future party rather than anybody they are working with at the moment. I think it was just poor phrasing in response to a question.

Everything else screams that they are in the very early stages.

Reardon, they have said they are SEEKING a strategic buyer, not that they have found one and if anything HAD been finalised they would have to RNS it.

I suspect it will be several months at least before we hear anything concrete.

If it continues to be an unprofitable business leaking cash - as I thought I made clear.

Agree Oke but it all depends on actually getting that growth AND attaining real profitability/positive cash generation. Do that then indeed 13p WILL seem very cheap - otherwise it may look expensive.

Yes Kachra, you'll be missed. A decent, balanced poster who makes well thought through points. I can understand your frustration though both with the share and this board.

"Depending on disposal of PLT / Burnley on favourable terms to Debs then I think this could be a decent bottom fishing buy"

I agree Oke, it could be, though I think your £4bn GMV is optimistic for Debs MP and not sure where you get the current, nearly £1bn from (it was seemingly only £475m for FY2025 once labels on Debs are excluded).

Still, even a much lower growth will be enough so long as the business has decent profitability (and by that I mean not just on the heavily adjusted EBITDA basis without inconvenient parts of the business included). You say the business is now 'right-sized' but I think that is debateable - especially if revenue continues to fall. The interims should give a clearer picture though as to whether they have really turned the corner - unless of course they come up with another different way of adjusting, and slicing and dicing, the numbers to obscure everything yet again.

In the meantime I think you are wise to be cautious.

Umar was (being) paid £2m 😉

"Not even Frasers claimed it was true"

Good point. How can they be lying then about the £2m? The only lie they could be making is if nobody actually made the allegation that they said was made.

'Is receiving' is not the same as 'has received' and is clearly referring to it on a annual basis (as explicitly mentioned) and that annual period had not been completed on 28th Feb. I'm not sure why you are struggling with this so much or ignoring the other possible reasons that have already been given by Kachra and myself as to why the £2m may have been true but only £0.5m appears in the accounts.

Anyway, everything has been said on this that can be said so people can make their own minds up. It's pretty irrelevant now anyway and a distraction from the massive losses and the good point Oke makes about the dodgy way they have presented their numbers.

"We know he was there for six months and possibly more

So £500k for six months

How does that equate to more than £2m"

We don't know if he worked all those six months (was he full time given his other jobs?), we don't know if any of that £2m was based on performance (not met) and we don't know if they were intending £2m but simply backed down after the outcry. One or more of those things (or something else) COULD be true OR the £2m could well have been bogus to begin with.

We just don't know but keep on pretending that you do - but I don't think your continued petulant and childish behaviour on this board is convincing anybody and I doubt very many take you seriously anymore.

The £500k only relates to part of a year (and we don’t know exactly how much - the equivalent of three months would give exactly £2m annually for example) and the £2m could include payments that were never made or will be made (e.g.performance related or simply reduced after the outcry).

Grow up.

"The accounts say he was paid £500k. This doesn't equate to £2m"

It can do - as Kachra has already explained so I won't bother to do so again (even though there are other possible explanations on top of those he gave).

As I said, we will probably never know now whether the £2m claim was true or not.

"There seems to be a Constant supply of non- believer's, I wonder why ??"

Because the company keep making promises that they don't keep and claims that they never back up with any proof?

Seems like a recipe for non-believing to me.

This is what the letter said:

“Frasers has recently been made aware of reports alleging that Umar Kamani is receiving payments exceeding £2 million annually from PLT to a bank account in Dubai.”

The accounts neither confirm this nor do they show it not to have been true when it was written. We just don’t know and I’m pretty sure, given the ongoing lack of transparency from BOO, that we never will.

"A CEO making insinuations in an earnings call to illicit a response would seem odd to me." Not as odd in my view as making such insinuations if they were already in talks with them.

Yes, all that is suggestive of Shein but sounds more to me like they are advertising themselves to them rather than already talking to them (let alone being a long way down the road in those discussions).

The errors that are there, and also those that I think MAY be there, are in the EBITDA and split numbers - neither of which fall under the remit of the auditors. I assume the audited numbers are correct (at least I hope so)!

I have not seen a reference to a party they are already talking to on PLT so must have missed that. Where is it? Dan said they were looking for a strategic investor but haven't seen anything about them actually talking to one.