Member Info for lsetown

Is your stomach churning after you sold out Keasey?

You've already mentioned twice that you expect news.

Will you be back in on Monday?

I think it was Peter Lynch who said that the stomach was more important than the brain. Everyone has the brain for investing, but few have the stomach for it. Lol.

This share has tested my stomach many many times! I averaged down once again on Friday.

I think the assets are great here and JA at least trustworthy - I know he is trying his best.

This could still be massive imho.

At 0.28p we are around £7.5m in new money market cap.

Thanks - those are similar numbers but CVB123 has taken the Corporation Tax out twice and I'm not sure the subtraction works. I'm no accountant but It reads to me:

£124.8m - £14.6m tax - £14.1m Capex - £8m interest - £41m Leases = £47.1m

Of course Corporation Tax will be smaller now and Capex activities will be controlled.

Which Annual Report are you taking those figures from CVB123?

It doesn't seem to tally with the 2020 and 2021 Reports.

Mon, 8th Nov 2021 07:00 RNS Number : 5739R

"Net debt .. as at 31 October 2021 was £108.4 million (excluding £20.8 million of deferred rents and VAT)"

Thu, 13th Jan 2022 07:00 RNS Number : 2665Y

"with net debt at 31 December 2021 of £60m "

"During the trading period deferred rents of £14.0m and VAT of £19.0m carried over from FY21 were paid. As of 31 December 2021, £7.0m of deferred rent was outstanding."

So I read that as going from £128 million to £67 million which is £61 million.

Why on earth it went down today like it did I don't know. The results were good I reckon and they are heading for net zero debt by the end of the year.

Lombard will probably have bought out their short today and I expect we are going to get multiple RNSes describing Director purchases soon.

This company had an amazing profit yield in the past which only dropped a bit as their revenue increased. It must cost a lot to expand shops and online etc. to increase sales. Once they stop investing then the yield should return and I am guessing it could be more than £50m per annum in a few years time. That is something like 30% yield on todays share price! The only problem I hope to have is stopping myself selling some of them when the price rises significantly!

Just bought a few more as I think they look to be paying the debt off at pace!

The 31st October net debt was around £128m (with VAT and rent deferrals). It is now £67m (with VAT and rent deferrals). That's £60m in 2 months (albeit the busy Christmas period). Of course there are the usual lease liabilities but all retailers have that - including 'debt free' SHOE!

This will recover soon IMHO.

I that you may be right. It is written in a rather monotone manner.

"During the trading period deferred rents of £14.0m and VAT of £19.0m carried over from FY21 were paid".

And they also made some profit. It is positive in my opinion but the sad thing is PI long spreadbetters and sell limits are now taken out. Will Lombard exit at profit and Directors purchase cheaply?

If they can get that £70m paid on time then this must be cheap. A Non-exec bought 200,000 shares in November. A few years ago £10 worth of shares (at current prices) was yielding around £2.50 and there was growing revenue. Has so much changed that it won't do much the same in the future??

Am following you around RoxburyHouse - lol.

This one I don't like that much because they don't appear to have made much profit in the past - and they have been going a long time. Why do you like it?

I was early in on SHOE and did well there, and this to me looks like a similar share but with modest debt issues.

I have bought quite a few and am looking forward to Thursday!

Or could they repay these from the £100m revolving credit facility (RCF)?

If the company makes the £70m repayment up until July, they must do it pro-rata for both the £75m Term Loan and the £50m CLBILS.

So am I right in thinking there will be £33m of Term Loan and £22m of CLBILS left?

No dividends until CLBILS is repaid so I guess we are talking late 2022 for dividends at the earliest.

Thanks - was it an Omicron play I wonder?

Does anyone know when Lombard took their short position?

Was it around the May 2021 refinancing RNS?

That happens on many shares - I was under the impression it is automatic algorithmic traders trying to move prices.

Upstream online have something about it.

https://www.upstreamonline.com/

Whether it is true or not?

Fantastic reply RoxburyHouse - thanks.

Such a restrictive and close-to-the-wire number that £70m though - no wonder Lombard smell blood.

In the Annual Report it talks about the May 21 refinancing and that:

"Best efforts to raise £70m net equity by July 22, or alternatively to prepay £70m using funding from other subordinated
sources"

Is it clear how CARD are going to raise this £70m ?