Member Info for Metamorphosis84

What offer?

Yep, the pre conditions were so preposterous he knows they aren't going to accept them. He is far too clever for this to have been a miscalculation. And I would say too proud to now come back with an offer sans pre conditions.
So what is his game? I don't know, but I have a hunch its trying to smoke out the board to try and build some sort of legal case? Maybe

For entertainment purposes only: Deb board come out this afternoon and announce that in order to meet the pre-conditions, they are willing to halt all refinancing negotiations with bondholders. Cva's and administration will no longer be explored. Furthermore, the Ceo announces their immediate resignation. Mike Ashley is invited to take his place on the Debenhams board which he accepts. Then upon taking up this positional he goes, nah, don't feel like making an offer now.

SJ good to see you, thought you had retired?!?!

Yes, this is not the sort of thing healthy companies do.

Didn't Carillion have a similar system in place?

Still dropping

No you don't need a crystal ball, just a grasp of what a dodgy looking share looks like. Take this post from FJ51 a couple of weeks ago- no crystal ball required.

"You'd have to be off your box to buy this. All the hallmarks of fraud and bankruptcy.

Results to be materially below expectations: check
Accounting errors: check
CFO resignation: check
Substantial debt: check
Breach of covenants: check
Delay to publishing results: check

An increase in LFL sales compared to last year. Well done, the UK was a frozen wasteland this time last year!

Gone short! Just a shame the spread is so wide"

No SBB, you won't be able to get anything back for these 'cheap as chips' shares that you were ramping a couple of days ago.

"Everyone got it wrong saying MA wouldn’t bid."

But he hasn't bid.

The RNS suggests that a bid won't even be made unless MA is made CEO.
Do you see the flaw in this?
The BOD only have to respond to a formal bid.
But the making of a formal bid is based on a pre condition being accepted.
So all the BOD have to do is sit this out and wait for a formal offer to be made. But, he has said he won't make a formal offer unless they accept his pre condition.

Am I the only one who can see this problem?

"First the board's response. I think they'll respond with almost the same statement as yesterday, if anything."
Agree, seeing as this is another 'possible offer' I'm not sure the BOD are obliged to respond at all. I expect another move is going to be made to try and smoke them out, but the hand has been shown now.

"so what are peoples opinions"

If he drops the make me ceo part, there may be a deal. But why nothing formal?

Oh balls we forgot the VAT bill! Dear oh dear oh dear. Another CVI scenario.

Perfect timing for a routine of "only just joined, this all happened before me, I didn't realise how bad it was"

Surely not?

Just a sec, how are SPD outside of the 12 month takover code rule? Because he converted CFDs into shares right?
This changes everything because it means they can put a low ball offer in.

But it begs the question, if this is an option, why have they used it with the 4th roll of the dice. Before getting here they have offered an unsecured loan, called an egm to try and sack the board and tried to buy part of the business.

If the 12 month rule doesn't apply. Why didn't they go for it sooner?

Well what a day, great open an a finish that puts us on the same level as mid morning Friday. Shorts don't appear to have closed, no short squeeze no burn.
It will be interesting to see if an offer is made and how much. But for now is that it?
Congrats all those who have made a profit today and well done shorters for holding firm, amidst all the ramping

It is interesting, but not as dramatic as I thought it might be.

"There is clear value and that is why a Billionaire has indicated that he is set to bid for it"

They say the fastest way to become a millionaire is to buy a football team, maybe buying an apartment store gets the same result?

"Imagine the fall out now if Ashley didn't bid."

Its not difficult to imagine, SP = zero

"Sorry just trying to bring a bit of humour to the thread - others are doing it "

They do humour so much better though