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Sure they do not really know what they are talking about,trying to make news out of old story.One has known for weeks that this could happen,however it has not yet happened and there is money on the table.It is interesting that one member of the board who runs a good company who was injured a few weeks ago only took sick leave last week.I am not sure if any of the board have created any value for their previous companies.You only have to see what happened to Argos and Homebase in the last twenty years and how their value decreased

I am sure this will not be prepacked in the morning.As I said earlier if you look at takeover rules the current board have left themselves wide open for challenge which could lead them to be disqualified from holding office again.Any good business person can see the asset in this company and they are not insolvent.The only reason for now saying they will make a loss this year are the higher finance costs,paying earlier for their stock,moving their head office with the extra costs of moving around their new store and losses of income for two months with closure of Valerie.I am sure MA will get it

You are correct about each news item,however how do you know its true.The news is often incorrect as specifically on business matters as there are too many teenage scribblers who do not understand what a goldmine this company is and really what its assets are worth and it is worth more to MA than anyone else.Their was no RNS from the board after the markets closed so I am sure there is loads to play.The share price did jump towards the en of trading and bearing any RNS in the morning with an announcement from BOD that they have prepacked the company the shares will go up

For weeks some on this thread have only been predicting doom and gloom.I still feel that this is not over yet.I today did not sell out and have taken a gamble.I do believe that the BOD are totally useless ,however besides protecting their futures they will also want to protect their reputations as they will never serve on another board after this if they go to prepack.I am sure they do not need the second tranche of money as they have already paid their rents prior to the first tranche.I am sure they will not do anything to after Easter which still gives MA the opportunity to come back with more proposals.

There will not be enough time to call EGM prior to the 22nd.If i recall the BOD has 28 days from receipt to call and I think they have to give at least two weeks notice.If you recall the original request had to be ammended and this only went in around two weeks ago so the earliest EGM would be in May remember the are three bank Hols inbetween.
The only thing I am not sure of is that if MA puts in a proper bid on the 22nd will that delay the timing of a possible prepack as I am sure they do not need the money.Their big expense will not be to the June quarter rents and as I mentioned in my earlier post they could most probably lower their stock holding to for a short time in order to pay those.

I am no fan of MA but the board has now got to negotiate with him in order to protect all stakeholders which includes shareholders.I do think that MA wiould have a case in the way they have misled shareholders of the state of affairs.The fifty branches even under prepack would not close to next year according to reports ,the phasing would be a little quicker.I am concerned the the BOD are really not up to the Job.Even the Chairman destroyed shareholder value at his previous company

One knows that last January was poor as the Ceo made a mistake and sold all stock prior to Xmas ,so really trading should have been better especially for cashflow as they could reduce their stocks.The only negative issue would have been the drying up of Valerie income for just under two months of the quarter that at the time they would not have thought of.There is no way their cashflow could have become so bad in such a short period.

You are mostly correct in your comment,however you also missed the other point that MA was making is that the board has misled shareholders on the finance side.For example only 12 weeks ago they were expecting a profit of around £10 million this year a few weeks later they took out a loan at a high rate of interest.They started to negotiate the loans due for next year and did deal with supplier which would increase margins.Why did they then need another 160 million so quickly?The BOD have behaved very badly over this period and really deserve to be booted out

This share looking at all the facts is soon to soar to very high levels.The RNS of a purchase of over 5% underlines the fact

Bebt would have gone up if the suppliers tightened their terms but that would not affect total assets as the debt now is in new stock.What most probably has led to increase in debt was the insolvency of Valerie and we do not know what they owed.Buth their cafes were out of action for eight weeks with no income coming in,but give the BOD some credit for filling them so quickly.Hence why I mentioned a few weeks ago that the reason they were filled quickly is that they used the same fixtures and fittings which are part of fixed assets which while trading are valuable

I reckon they are still talking.The absence of any comment from the BOD indicates this and I am sure by the end of the day a deal will be done with MA

The article on the prepack can be read two ways.
One is that it is going to happen,the other is trying to put pressure on MA to come up with the bid.
The talks are meant to be private and I think if there is a leak rather than a replay to previous articles it is coming from the BOD side.
I think it is the latter and they are still having talks.I think the BOD do now not want to go into prepack as I think they individually could be facing court cases for not looking at the proposals that MA has made over a period of time which he mentioned last week.I still think a bid is likely as it is a bargain just waiting to be snapped up

I have a problem as I am sure this company will taken over by MA during the next few days.However amongst my share I have a tax loss which if I sell I van use to bring my tax bill down,however I would need to buy back not to miss out .Only seven minted to decide

Interesting that the sell price has now gone above 2 and the buy price has stayed the same.This means that the margin is now at the lowest it has been for some time and the share price is due to rise.I still think that a bid is coming shortly from MA

Buys are very strong today and after the last post I would expect the rise of buys to continue this afternoon and the shares will end up blue

Looking at the note that Theonlywayis has just posted I think this is quite positive.I thought as much in my earlier post about why no information had come out.Also they are both being quite polite to eachother
I do think that a bid will soon emerge but also the date could be postponed.One of the Boards preconditions was that MA stopped the egm to remove the board.If a bid was made they would just go and not get humiliated by getting the sack

Lots of buys very few sells in the last hour.If this continues during the day this share should move up.
No announcements yet which I think is a good thing as I am sure they are still talking over the deal.

The deadline was 22nd April and still is ,however if MA waited for that he would lose out as the Board will have already triggered their next stage in their plans for refinancing ,so April 8th is the date unless there is an RNS put out by the board which could happen as they really do not need the extra money by next week.
I am sure the recent dip is due to Brandes disposal yesterday of only £10k worth of shares.It is amazing how the markets react.

Buys starting to come in after large sell off this morning.I noticed on this thread this morning before markets opened it was showing 1.5 bid 3.0 ask
It seemed to be one of the few shares that had figures quoted and could have sparked the sell off.However it is rational that a bid will come either cash or shares the latter I favour as we could get some upside if it does well

Whether it is May or June it shows its on the way.I think that from now over the next two months this share will put on 50% up to spud date and then it will rise further and if oil is found it will really move .