Member Info for KNIGELK

Pokerchips - understand but I think it's a little different in this case because a) SPD held 27% then increased to 29.9% giving the impression (to some) a bid was coming and b) a price was actually quoted .. 5p.. Maybe as others have said - if he had not gone down the "sack all directors make me CEO" route - talks might have got serious. Events were loaded against shareholders and those taking the long position - this makes me wonder what events would have to happen for the position to be reversed? To be loaded against the shorters? (if you understand what I mean)

Well then, perhaps in future companies should not be issuing RNSs hinting at a formal offer - even with the price they will be willing to pay (5p) - instead they should just go straight ahead and make a formal bid.. sorry but SOME shareholders were trading the shares based on the belief that MA was about to bid - rightly or wrongly that's what happen!

Did you forget the narrative before? .. "SOME of the options will result in no return for shareholders..." So rightly or wrongly the BoD did still give shareholders a window of hope that an option would be found to keep the listing (apologies if this was in an earlier RNS).. if the RNS had indeed stated ALL of the options will result in no return for shareholders - then agree - mad to be buying at this date... misleading.. or was it the truth at this point in time...

Well if we were to keep trading to only those who are experts in a particular field - that will limit the numbers to a few hundred traders (in the UK) wouldn't it!!
As upside states - there were many warning signs (fair enough) but at the end of the day "normal" folk have to believe the RNSs issued and the contents there in ... I also read the financial statements and could see both the direction of travel and the negative balance sheet items - however, companies like Debenhams had been in dire trading situations before and recovered. I wrongly felt the share price had become oversold under 5p .... maybe some - like you - knew the end game would be administration so saw a short position as a no lose trade - great in hindsight ... but I repeat .. sometimes a share price recovers and sometimes it does not... the company did too little too late .. and even now in private hands (again) it still needs to sort out the rental issue and debt issue... if it ever floats again - count me out

Will still pop onto this thread now and again and still hope something positive will come out of all this.. the legal case..? perhaps start with the detailed RNS from SPD yesterday...it starts against the BoD ... were some of the trading updates over positive or misleading? Was this planned since last September? Was it deliberate re rejecting all proposals... this is going to drag on for months.. I can't see how shareholders can expect a return now .. but they definitely need answers ..

Wow - what a RNS - it's literally declaring war on the BoD and lenders of Debenhams - apparently planned since last September!! Go Mike .. I suspect most of the shareholders here and observers will be behind you ... wonder if the PPF had to ok this?

I wasn't online earlier but well done to everyone reaching out to this poster - I hope he is ok and will get the help he needs.. as others have stated - shareholders are the first to be asked for funds when a company needs it ... but the last in the queue when times are tough - it's not right whatever anyone says. The company could have had a rights issue when the share price was north of 20p .. they left it far too late.. why are they still in their jobs? Do they have NO shame? Pearls - all the best for the future - no investment is 100% proof - not even a good old bank account after 2008 - I like you thought Debenhams would pull through.. it may still do so but not as a listed company..

upside_umop - I guess we have to remember that if you are a shareholder you will tend to be bullish (and refuse to see the negatives).. and if you are a shorter you will tend to be bearish and focus on the negatives.. when out with no position it's far easier to see both view points gl

QPP will always be top of the list for me - posters refused to see negatives - it was the most active chat share for months - and it went pear-shaped.. MTV and CTAG come a close second...

I am happy to hold my hand up and say - over a few months until very recently I was quite bullish here - happy to say I got it completely wrong BUT I never told any one to buy nor did Pearls (to my knowledge).. if any one trades due to a ramper or sells due to a deramper/shorter then they really shouldn't be investing in the first place. Time and time again I stated this was now high risk and admin was possible - I didn't think it would come to this simply because I thought all options would be explored and one of the proposals from MA might be accepted. Indeed when a RNS comes out stating SPD were considering a formal bid of 5p - who can blame Pearls and others for believing he would go ahead with it? Pearls was also right that there was a date in early March when SPD were free to bid again... ok he was too bullish and didn't accept the risks were real but I have seen far worse rampers over the years (read Brick over on Advfn the last week) GLA for the future - just read the warning signs and invest what you can afford to lose - lesson I learnt a while back.

MA already made a proposal which meant wiping off £82 million of the debt - so I don't think for one minute he is just about to buy Debenhams for a few quid. The lenders want a return - the debt is near to £500 million (what happens to the bonds now?)... so any one looking to buy Debenhams probably have to make a sizeable offer - indeed the lenders might simply decide to keep the company in-house - try to turn it around - then sell it in a year or two time..

Er the company WAS making a profit - £33 million underlying last year. This year forecasts were between a small profit and a small loss. Of course the increased charges wiped out any profit for this year.
Can anyone explain why this had to happen? The company stated it was a going concern for the next twelve months. There was no mention at the time of the results of an restructuring or even a CVA. Bonds did not need to be repaid until 2021. There was a Danish asset worth £100 million to sell. A plan was in place to reduce costs - sell stores over 2-3 years and reduce rent. Various proposals from MA were made.
I am not saying a D4E wasn't going to be needed at some point but why the rush? Did all the borrowing terms get broken due to the falling profits? Revenue etc?
So many unanswered questions - and although not now a shareholder it wouldn't surprise me if a shareholder action group is set up soon to demand answers - MA might start it himself! A good day for shorters - a very bad day for everyone else.

I agree. Mindless ramping and deramping infests this BB but the difference now is that barring an unforeseen event shareholders have lost their investment. Some £20k plus. That's my point. Today is not the day to gloat imho

What's the point of the "I told you so" posts? Gloating? We all knew the risks. some stayed in. Some sold out. It was there decision but have some thought because one day it could happen to you. The employees must be so worried too which is rarely mentioned here...

Well that stops MA going hostile...

It's interesting that the BoD are in the lenders hands/pockets when for months on here we all thought Odey and other shorters were working somehow with MA... Has he been betrayed somehow by these parties or did an underwritten undertaken not get honoured? So much smoke and mirrors but the simple truth is that MA has the money and the BoD don't want to accept it - conditions or no conditions. On this occasion they are not working for ALL stakeholders are they ..

Don't know the connection with Flybe but remember what the company said a few weeks weeks ago? "Some of the options will result in no return for shareholders". So what were the options available that meant shareholders still had a diluted shareholding? I maintain that this restructuring has been forced in the company now due to both needing a CVA and also to lock SPD out. I don't think the BoD ever wanted a deal with MA even if he offers £500 million they will find a reason to day no

I rarely mention the number of posts I have made. It's over 7-8 years ffs and some here have posted 3000 posts in just a few months but they are never called out. I am giving an opinion. If you don't want to discuss then you are in the wrong website

Remember what price the bonds are trading at? The lenders are unlikely to get all their money back in any circumstance. The question is why are they so against another company with deep pockets being involved were they can get back 80-90%...
As a shorter you must be delighted and the system is rigged. All parties s/b taking a hit imho not just shareholders and why are the directors still there?

Mike - I offer to underwrite an increased £200 million equity issue and reduce the haircut for the lenders to £82 million.
Debenhams - get lost, we are wiping your shareholding out and locking you out of taking over the company too.
Can anyone think of another situation like this? There's a way of keeping this company listed and the BoD will not accept it.