Member Info for Hosai

Erebus did you not see Boos performance for the latest year? Their revenue fell 11%, Rev B at-least increased sales by single figure percentage for FY23. Therefore I can't really "see Boo's point" if it's coming from Boo.

The proposed Boohoo directors performance is clearly inferior to Bob Holts record. Wonder if Rev B could be a bit sneaky and delay the AGM? Really want this re-listed before any director votes, Boohoo obviously want the opposite.

Pumpky you always point this out but I can guarantee other than a few PIs who aren't following things Rev B investors will be voting if it means blocking a low ball takeover.

Iknownuffin where are they going to get 17% more to get 75% from? They need Rev B investors to sell low to be able to buy any more shares low. Who is going to be selling low now? There's no Jupiter to help Boo buy anymore.

This is all assuming the founders want to work with Boohoo.

Topshot why not? Rev B will want this out of suspension. The SP will naturally re-rate now the fears of £0 are mostly gone. Bob Holt I imagine will be trying to get this re-listed ASAP.

It does seem quite rich to have Boohoo judging how Rev B management have done recently, have Boohoo not looked at their own performance? They should be voting themselves out as directors.

Rocket true but even if the founders worked with Boo it only gets them 58% they would need 17% more to force a takeover. Don't really see what would be in it for the founders though, they didn't want to be a private company anymore hence the IPO. Why not just let their shares naturally rise? What's the incentive to work with Boohoo?

Lets hope we can re-list before AGM

Bob just needs to get this re-listed one way or another...a nice share price re-rate first then we can talk about takeovers please.

Even if Rev B were working with the founders shares that gets them to 58%. They still would need to buy 17% of the shares to get to 75% and I don't personally see there being many willing sellers down at these levels. Previously Boohoo were helped to buy easily as Jupiter was mass offloading all their shares but Jupiter are fully out now.

That is without the 3.4% proposed management incentive dilution to come.

I have some Boo shares too however I don't really see their argument that Bob Holt would be bad though. Look at his record, his history as a CEO is very good. Boohoos history as CEOs is mixed, especially currently.

I guess it's because they want Rev B management to work on Boohoo synergies?

Oke what is meant by 12 months cash? Rev B have £14 million cash. Warpaint only have £7.5 million cash, why shouldn't AIM demand Warpaint raise 12 months cash too?

Rev B have £32 million debt, they had £80 million debt prior to going public, how can it be that hard for them to raise more if they needed to? Especially with a CEO who is well regarded in the city. This would surely be the preference rather than raising equity from a 19p share price.

From what I could see most of the potential going concern issues were non-financial, centered around re-listing rather than

financial ones other than in the "severe" scenario posited.

The lenders seem supportive still. It says this in interim report - "The business continues to enjoy the support of its banking partners who share the Boards view that the business is now well placed to deliver on the next phase of its potential. The global demand for our products continues to grow at a pace."

Says this in going concern part -

"The lenders have also confirmed their present intention to waive any further Event of Default which might occur as a result of the audit report to be issued by the Parent's Auditor in respect of the financial year of the Group ending 28 February 2023 containing qualifications which are substantially the same as qualifications in the financial statements for the year ended 28 February 2022."

Oke even if this was true why wouldn't they raise from debt? The SP is at 19p therefore clearly not a good time to raise from equity. I think Bob Holt would have the respect and support to make a raise from debt if this was needed.

Also if it is indeed the case that they have to show the AIM team a 12 month sign off from the auditors as going concern why didn't Rev B explicitly state this as part of the steps to re-list? They only state two things - "The remaining work to be completed includes a review of working capital and finalisation of internal policy documentation."

Also don't agree that a capital markets day is for imminently raise cash, it could be just due to the complete change in management and changes they want to make moving forward.

As I said previously DX group were similarly suspended from AIM for 9-10 months in 2022 and then finally released accounts and then interims and re-listed 3 weeks after the interims therefore this delay period after delayed accounts release in suspension clearly isn't unprecedented and I'd imagine there are other examples.

I can see more deals happening in the macro as-well with inflation down to 4% in USA and likely to keep falling. US inflation is the most important one. Obv this would help Matt M.

Oke they are both listed on aim from what I can see?

As said before I don't see why a raise is needed. £14 million cash, £32 million debt so £18m net debt. Back in July 31st they had £21.2 million net debt. If the lenders had an issue they would have done something about it by now. Also don't see if they did need a raise why they couldn't do it via debt.

Interesting to note another share that was suspended from aim was DX Group Plc. They were suspended for 9-10 months in 2022 and also had an investigation due to governance issues and had accusations of bribery etc. They finally released delayed accounts and then interims and then the shares re-listed 3 weeks after the interims which for Rev B would be next Fri as our interims were released on the 2nd June.

If Deathshares whatsap post is real then technically Bob saying he is hoping within 7-10 days (doesn't say working days) 7 days ago is quite promising for next week. But who knows, I am optimistic about Bob and the new CFO overall but I do agree that the "internal policy documents" seemed a bit of a flimsy thing to be waiting for after a 9-10 month wait. It also isn't clear if Rev B have done all their bit yet or we are waiting on Aim.

I meant FY2024 rather than Fy23

Does appear Warpaint have better performance in terms of growth and margin over the last year. However from a lower base, I would have questions how long they can keep finding more growth without losing the margin.

Rev B revenue predicted for FY2023 forecast at around £205 million. Warpaint at around £81.8 million.

Rev B Ebitda for FY2023 prob around £7.5 million (whatever qualifies as high single figure) whereas Warpaint around £16.7 million according to analyst notes.

Therefore Rev B still with a lot more costs bringing down margin. However Rev B are now in all the main US chains - Walmart, Walgreens and Target. In terms of the former two I think they are still building up stock and their presence so there will be a delay in seeing the financial effect imo. They are doing a second exclusive collab with Walmart so Walmart can't be too unhappy with them plus the re-love range was also launched in Walmart post-suspension.

Therefore they have less of a growth budget ahead of them especially in the US (most of warpaints growth was in Europe). Rev B has also built up a much larger social media presence. Therefore IMO Rev B should be valued higher than Warpaint. However even if you decided to value them at the same level then after todays rise would put Rev B at 69.2p.

Seems quite an amateur article. Doesn't talk about current market cap or where Rev B should be valued at versus peers etc. Focuses heavily on the FY2022 loss but completely ignores the fact that Rev B grew 35% in revenue that same year. Maybe that's what Boohoo saw...

Holt also says this at the end of the CEO review -

"I look forward to bringing news of the future opportunities we see for Revolution Beauty to all our stakeholders."

Maybe just a fluff type sentence of something more? Also says this earlier on in the text -

"The business continues to enjoy the support of its banking partners who share the Boards view that the business is now well placed to deliver on the next phase of its potential. The global demand for our products continues to grow at a pace."

Again perhaps interesting that he calls it the "next phase"?