Member Info for KNIGELK

Who knows? Probably need to reduce the debts by at least £100 million. Maybe £200 million if they wish to repay the bonds (early).
No RNS. (still time today) so will ignore the Sunday papers going forward. Although the company could have commented on the rumours ..

SV, it still doesn't explain why you (now) care?!

Apologies.. obviously meant "poss admin". Will treble read my posts before hitting the send button in future

Sorry but recently most of the new posters have obviously been shorters advising to avoid due to piss admin etc. A few new rampers too. Not everyone has an agenda.. some just like to discuss investments (like SV.....)

Excuse me, but I would suggest the majority of listed companies will have remuneration committees - not would liaise with the BoD... sometimes one picks holes when there isn't a hole to pick...
Quindell - fair enough - but unless shareholders go to an AGM and kick up a fuss - nothing will change - definitely not ranting about it on here for years on end....

SV - there's no need for such a poor response - it was a honest question because I simply don't have the time to look atm.. btw - finding something positive... obviously YOU did .. when YOU held... :-)

It's not good ... I wonder if the bonds are graded by any other credit agency?
Pearls - you do a lot of testing... you need to pass your exams :-)

S/b "as a director". Smart phone on its way out. Wonder if Debs sell phones?

You don't see a CVA as an admission of failure? As a black mark on the company? As a desire or, I would try to avoid this option only to use as a last resort. A plan to close 50 stores over five years looks better (presentation wise) than being forced to close 20 stores in a matter of months . Not good for employees either - most cannot relocate 30 miles to the nearest store. It might have to happen - you might see it as "good". I'm not so sure ...

Just wanted to say "well done" to our non holder sain@vision - who is definitely on here more than me - 168 posts to 167 posts on Debenhams in the last month - and the poster had the cheek to say i was living on here.
BTW "LOL" ??? Which the media discussing Debenhams financial health on a daily basis - with a CVA being discussed as a real option - it's not really a matter of the landlords telling their funders about this situation - I suspect the banks are already asking "the landlords" what the heck is going on! Sometimes if you talk about a subject enough - it can actually happen - well done SV - looks like you will get your CVA wish.. (then perhaps he/she will shut up about rents-rents-rents)!!

SV - has been not already been carnage re Mothercare and the other 4-5 decent sized retailers that have gone down the CVA route? If not - why not? Maybe as long as the landlords are aware that talks are due and CVA is on the table - they also then have time to speak to their lenders - it will be far better to solve the legacy rental issue once and for all - downsize the portfolio over x months - than to see the entire chain disappear overnight.
Smartie - fair play in letting the thread know you sold down - not sure why at this price because you only been a holder for a few weeks and not a lot has changed imho - except that a CVA now looks 80% likely.. it's rare for any poster to say when they sell - we tend to scream out loud when we buy though :-)

Sain@vision - sorry but you have stated different points on different occasions... just look back! If a landlord "has no choice" but to accept the terms on the table - they may subsequently have problems meeting their own borrowing terms .. yes or no?
RV - increased costs - yes ... so that's why Debenhams has taken various cost cutting measures like cutting capex in half - reduction in head office count - changes to their software systems - no dividend etc etc. Maybe not enough but lets not forget that the company has (!!) been running .. even if to stand still..

Sain@vision - sorry but you have stated different points on different occasions... just look back! If a landlord "has no choice" but to accept the terms on the table - they may subsequently have problems meeting their own borrowing terms .. yes or no?
RV - increased costs - yes ... so that's why Debenhams has taken various cost cutting measures like cutting capex in half - reduction in head office count - changes to their software systems - no dividend etc etc. Maybe not enough but lets not forget that the company has (!!) been running .. even if to stand still

Quick last point for now - are we sure ALL of the Debenhams stores have quarterly rental agreements? All Jan-Apr-Jul-Oct? The answer is "probably" not I don't know for sure - some might be monthly or quarterly but not 31st March etc. It seems a bit old fashion tbh - why not just pay the rent monthly like salaries (rates/?)... cash flow might be better to manage for a start!

I do get confused by the mixed messages from sain@vision.. it's not long ago he/she argued that landlords could not compromise on rent reductions because they have their own loans to fund and cannot take a haircut.. now a CVA will solve everything - landlords will be falling over themselves to accept it - and anyone will be happy! Er... it cannot be both..
The truth is somewhere in between - landlords will not be happy to cut their rental terms - but what's better - having a large retailer occupying six floors or having an empty store and trying to find an alternative retailer to take the same rental terms subjected to Debenhams or to spend a fortune converting the (usually old) property into flats - offices etc - again probably not receiving the same terms. Sadly (or rightly) more and more retailers will be jumping on the CVA bandwagon - avoid property shares???

Fair point about M&S food - been there myself. However go back a few years and they had a massive store in central Newport - ditto M&S. I would argue one store closure in itself will not destroy a high street (perhaps for small towns) and again I repeat some are obsessed about Debenhams (see DD the live in BB poster on the other website) when all retailers are struggling to different degrees. I guess the shorters will only post on the shares they short. Debs at 3p or M&S over £2 I know which one i would short

The daily early morning groundhog essay from our non holder. Re Newport - do your homework. M & S left a few years ago. BHS went bust. Two big holes in the shopping centre already. It will be a real shame if the modern Debenhams in the new centre disappeared. Personally I be surprised if the store is one of the 50 earmarked more possible closure. I rather no stores were to close but it's clear some may not be capable of a turnaround - agree the sooner the employees know the score the better

RV - I agree - I am not saying everything is/was perfect - just as I hope others will agree all is not lost...
In hindsight the company should have done a rights issue back in 2016 - and closed a few stores earlier - what will not help is if MA blocks all attempts to refinance though...

Why has it taken so long to take any sort of action? I think the same could be said for 50% of the retailers on the high street to be honest. How could Debenhams and others predict a sudden drop of 10% plus in high street visitors and a more significant switch to online? Disposable income has not risen (until recently)... Brexit has dragged on... the only thing - in hindsight - that the company could have done any differently was to talk to the landlords earlier and tell them that - at some point in the future - the rental terms would become impossible in some of the store portfolio. When profits are £100 million p.a. - you don't need to worry about repaying bonds - or paying rent - or funding a pension scheme.. when it drops to £33 million p.a. (underlying) then all these issues come to a head.
Upside - just thought of another saving the company has done - cut capex significantly and this could still be cut further - hence perhaps why some stores look "tired" now - maybe the stores due to close??

sj1313 - well upside keeps asking (just) me the questions and I feel that I have to answer - I prefer holding a share and see share price appreciation - others look for overvalued investments and short and hope for lower share price and possible company problems - I know which outlook on life I prefer...
As for the share price - who knows? At 3p for a shareholder many are already sitting on big losses so dilution may not make a big difference in some sense - it would be good if shareholders can take part in any fund raising. I want this company to survive and as few stores as possible to close - obviously with more spending online - retail outlets in general are going to reduce significant over the next decade.. this is not just a Debenhams issue. Fully aware that shareholders could end up with nothing or a fraction of the revised share issue but I repeat - I want the company to survive - what ever it takes...