Member Info for KNIGELK

Something new? So you also repeat the old subjects .. it's your opinion company will go bust not a fact ok? Btw MA went to Debs and offered a interest free loan. The company didn't ask for it or need it so get your facts right

Lse2000, another change of opinion - you spin more than my washing machine. Btw I hate to break this to you... But... MA is a shareholder...!!

Seems to be a glitch .. this wrn.gb.pl thread looks like it has been set up to discuss o/t subjects like concrete and Brexit! I also note a new thread today lion.gb.pl again with it showing 14 posts but just one today - so looks like gremlins are in the system - if there is immediate news it will be on Whetstone and a possible live market - whether Worthington comes back or not - i doubt it will be in the near future..

upside_umop - I always appreciate good input even from the opposing view - although I don't feel you have a particular issue with Debenhams per se (some do on the other BB) ... re pensions - yep but depends on when the next triennial valuation is - the company will definitely want to cut the contributions - maybe by half but it will need to get pass the Pensions Regulator as well as the Trustees. Last point before I head home - re Brexit and WTO - tbh it is the big unknown - I don't think it will be the end of the world like some think but I don't think it will be a piece of cake either - probably we will have 12-18 months of a 5% downturn at least and some companies will move or go bust - even if in the longer term business benefitted from new trade deals - so if we leave the EU there must at the very least be a transitional period. Any resolution to this mess and I can see a 500 point upward correction in the FTSE - WTO then a 1000 point drop - just my view

Good points on the financials - no one is saying this isn't high risk - perhaps some of the debt increase related to capex? This is being cut sharply for the 2018/19 year (although a few stores need modernisation - perhaps they won't bother is they are on the closure list?). Will review the accounts again this weekend but other factors could be pension prepayments/contributions - depreciation - accruals - its probably not down to one item of expenditure. Re onerous leases - this cost will be spread across 3-5 years - restructuring - some has already taken place and dilaps taken into account re cut in capex. A lot depends on next year re Brexit - interest rates etc. One thing is for sure - a few well known brands will not be around this time next year - Debenhams have/are taking measures to counter the downside risks but will they be enough...?

We will have to disagree - I tend to look for the positives. Here is one - I am 51 - I shop at Debenhams - if they survive and I live to the average age then they can depend on my custom for the next 30 years - so you may be right that new people reaching 50 might not all suddenly shop in the same stores (as this is not just a Debenhams issue) as their parents but their parents are living longer and will be around for a while yet! So Debs have 10-20 years - being positive - to move more than half their revenue to online imho - of course I am presuming they survive

People are dying? That's new... it's always been the case that Debenhams attracts middle income and customers over 40 .. this will not change as people who are 30-40 now may change their habits and start shopping in Debs as they get older because they won't bother with Top Shop or New Look any more - it's an age thing. Indeed there are record numbers of people who will be over 65 during the next few decades so if anything - Debenhams and the like have a growing market to target. Were I will agree is that shopping habits have changed across all age ranges - more is done online - we all know this - so the solution is to grow the online business and right size the store portfolio - do this right and Debenhams will be around for another 50 years - its been around for decades and survived changed in age ranges and shopping habits before!

Well as I said the other day - the simple observation is that this poster likes to be always right - no apparent principals - just say when the wind is blowing east that it is blowing east etc. SP goes down - it is going bust .. SP stays level/goes up - Debs is ok. Just have an opinion and stick with it - if you do decide events have changed that's when you change your opinion. My opinion is high risk buy but I wouldn't pile in - but to be fair I have been wrong so far because I had this opinion at 10p !!

Admire him? Are you joking? I am starting to think he has mates posting on the Debenhams BBs considering all the new posters we have seen over the last few weeks - it is so easy to attack a share at a historic low - far harder to support it... we could have done with some of your knowledge derampers a year ago - if you are all so knowledgeable why were none of you here a year ago giving out the warnings? Wise after the event.
As for MA - as others have said - he mouths off about a confidential offer (when there was no way Debenhams could accept the strings attached even if they "needed" £40 million - they don't - they have debt headroom) then says they are going bust - then says their rent issue will be sorted soon implying a CVA and then also mentions pensions (!) - if the media stories are correct. He is trashing his own investment lol - admire him? Nope - this guy is on a self destructive path imho and he is going to bankrupt SPD eventually (look at the debt level increase) if he keeps buying up companies that are beyond saving In the current environment - btw I don't include Debenhams in the line up just yet - they probably are ok for a while longer thanks to online and Denmark..

Also November is bad for some retailers because of Black Friday. Retailers like Amazon benefit. Retailers that have a decent online exposure like Debenhams and take part in Black Friday probably hold their own. Retailers that have little online exposure or do not partake in Black Friday and are hammered although not being on sale probably means margins are maintained. He made a general statement when different retailers will perform well/bad against the medium benchmark

Well worse case it is £800k best case £1.15 million - good news either way

Another point - it's the week before Christmas - the busiest time of the retail year - and MA is spending his time speaking to the media and having letters leaked (my take).. on another company!! Wow - surely his job at this key trading period is ensuring HIS business is performing well. He has also caused mischief for the Debenhams BoD who also s/b 100% focused on trade. How dare he - what a supportive shareholder!!! (not)

Oh look - there is a filtered post on this thread - proof that I am being followed around the website. Admin will be informed..

Limited Access - maybe I am being thick (will not be the first time) but usually I thought the party that loses the case ends up paying the court costs? (or at least the majority). Agree it's not 100% clear but as soon as I read the RNS I took it as full settlement to CLP. Maybe there will be a follow up RNS next week clarifying this..

RBK - it also states this clearly in the RNS.. £1.15 million received in two batches

What a nerve that MA has - his company share price is near a year low and he moans about another competitor refusing his cash. I say LEAVE DEBENHAMS ALONE and get your own house in order first Mike! Seems like you have a LOT of work to do with HoF before even considering acquiring yet another company. He should remember that the market could crash next year if Brexit goes wrong - acquiring other companies and increasing the SPD debt levels is exceptionally high risk - but we know he likes a punt. Remember MA other people are invested here too - not just you!

Two quick points - stress test - so no external advisers were used at all - just the internal finance department? Second point - if MA values the equity now at 3p then it proves what a big mistake HE made back a year or so ago buying the shares north of 50p. The rent lease issue was known back then so was the debt levels - it's clear he has made some good financial decisions - and some poor ones - (also his record at Newcastle FC is mixed to say the least).. not having a go at him - just that I am not sure Debenhams would be any safer in his hands than saying listed or being taken over by another third party

Sorry I just read the main headline - agree should always read the small print and Debenhams did mention strings attached so it's an interest free loan but the caught is he gets 122 million shares for 3p? No wonder they told him wee to go - with a 40% share holding surely he would have to bid - and would be 99% certain of success!

mannnan - lol - yes if this was being ramped (after falling 40%!!) there would have been 200 posts and 50 new posters by now! Us old timers on LSE know a ramp from a damp squid lol

Wow - agree Dipyourbreadin. If he is prepared to offer/lend £40 million for a 10% additional stake, then he must value the company - in total - at £400 million (going by his logic). Of course take off the debt and you are still left with a value of £120-150 million - more than double the current share price!! He hints at CVA and pension changes - well IF he knows - he has no right to leak it before the company - if I were him I would think very carefully what he says about Debenhams from now on - he might be close to being barred from bidding as he must be bending some rules here??