Member Info for HK85

Billy I don’t know what’s his rational behind the bid price!! I’m fully aware of the fact that DEB has a debt in excess of £300m, but i highly doubt that BOD will go for such a bid. At the end of the day I don’t wish to see my stake being wiped out but MA has to come with a realistic bid that the BOD can’t reject and carry on with their lenders option

Just thinking out loud shouldn’t MA bid at least match what he was willing to pay for MDN less than few days ago?

The takeover bid price gets more and more confusing the more I read about the rules the more complex it gets!!

Thanks Bargerts, in case he didn’t acquire any shares over the past 12 months what is likely to happen

Does MA has to offer the highest price the share traded at over the past 12 months according to rule 9 of the takeover bid or this rule can be ruled out given the current situation of DEB and the possibility that shareholders could be wiped out?
Can someone please elaborate
Thanks

Tbh even if i end up getting 7p a share i no longer mind getting a 50% haircut on my initial investment, I’ve always invested in oil, baking and commodity companies but retail isn’t for me ever again it’s been a massive headache for me. Just my personal opinion

My trade is actually showing here it’s the one at 15:53 for 250k shares

Mark I’ve offloaded 250k shares I still have 550k shares left in the pot I’ve priced in my losses in the remaining shares my average is 15p instead of 10.85p now

Once formally announced, bidders are committed

The announcement of a firm intention to make an offer (commonly referred to as a "Rule 2.7 announcement") is a significant event and will commit the bidder to proceed with the offer and to post its offer documentation within 28 days.

The City Code provides that such an announcement should only be made when the bidder has every reason to believe that it can and will continue to be able to implement the offer. In some situations, a "possible offer" announcement may need to be made prior to an announcement of a firm intention to make an announcement – for instance, in response to market rumour or speculation. Where possible offer announcements are made, they are usually very brief.

Requirement for a mandatory offer: Where a bidder is interested in shares carrying 30% or more of the target’s voting share rights, the bidder must make a mandatory offer in cash at no less than the highest price paid during the preceding 12 months (often referred to as a "Rule 9 offer"). Mandatory offers can only be conditional on the bidder receiving acceptances that, together with any shares already held or acquired during the offer, would give the bidder and its concert parties more than 50% of the voting rights. As such, bidders cannot rely on other conditions to protect themselves.

https://www.burges-salmon.com/news-and-insight/publications/guide-to-public-takeovers-in-the-uk/#public-takeover-private-sales

http://www.thetakeoverpanel.org.uk/the-code/download-code

BRIEF-SPORTS DIRECT SAYS CONSIDERING POSSIBLE OFFER FOR DEBENHAMS PLC
RTRS
25/03/2019 18:22

March 25 (Reuters) - Sports Direct International PLC SPD.L:

POSSIBLE CASH OFFER FOR DEBENHAMS PLC
NOTES ANNOUNCEMENT MADE BY DEBENHAMS PLC ON 22 MARCH 2019 REGARDING DEBENHAMS CURRENT RESTRUCTURING AND REFINANCING PROCESS
CONSIDERING A POSSIBLE OFFER FOR ENTIRE ISSUED AND TO BE ISSUED
SHARE CAPITAL OF DEBENHAMS NOT ALREADY HELD BY SPORTS DIRECT
POSSIBLE OFFER LIKELY TO BE SOLELY IN CASH ALTHOUGH SPORTS DIRECT RESERVES RIGHT TO VARY FORM AND/OR MIX OF ANY CONSIDERATION OFFERED
CO WOULD SEEK TO RUN DEBENHAMS BUSINESS FOR "BENEFIT OF DEBENHAMS STAKEHOLDERS RATHER THAN FOR BENEFIT OF DEBENHAMS EXISTING LENDERS"

Jwood unfortunately it’s a fact we have to face now and carry on with our lives, it was a very costly lesson for me and going forward I won’t take BoD announcements for granted and do a deep research despite the fact how attractive the share price look

Mark I hope there will be a solution but I’m not sure if MA would step in with a formal bid or not as a sharholder even if I’m given 4 or 5 pence a share I wouldn’t say no but MA takeover bid will carry a huge burden (lenders, bond holders, leases, pension) I’m not trying to be pessimistic by mentioning the above but it’s a true fact that we as shareholders currently sit at the mercy of BoD and lenders, unless the BoD reverse their decision and accept MA loan offer I cannot see light at the end of the tunnel

Mark I meant to say I hope your losses aren’t as big as mine sorry for the typo in the earlier post

Mark the only way the share price could bounce tomorrow if it’s not suspended and i hope it won’t be suspended is by short sellers closing their positions which I’m not sure they would. Just accept the fact that we as shareholders were misled by the BoD and their B/S over the past few months, I hope your losses are too big as mine I got 86K at 10.85p

No matter what the views of everyone in here is, it’s no longer a valid argument, we as shareholders currently stand at the mercy of the BoD and lenders of DEB. The BoD is no longer look to protect the interest of shareholders and lenders obviously want guarantees if they are willing to splash more money at DEB.

Emerlad I’m not too sure if MA is really going to make a bid just my personal opinion if he wanted to he would have done so on Friday

10.85 I’m screwed either way

I’m not looking to buy anymore I’m looking to unwind my position but I’m hoping to come out with as less losses as possible

No there was no CDS on deb