Member Info for Okehurst1

Can see why Mike Ashley bought £22M last week

Not much volume now that he’s bought up whoever wanted to sell around 33p to 35p

He may have to raise his offer price to 40p + if he wants the 10%

We know declared shorts have 3.6% plus the under .5% and BOO is one of the most heavily shorted shares on the market

BOO declare in profit Q3 and Rev B plays out like below we should see a rerate up, patience if your not day trading

Hi T4G

Yeah it was an interesting RNS’s from Bob last week, gives us some indication of how things may pan out?

It’s looking good for BOO whichever way they go, Bob throwing the concert party claim into the ring makes it unlikely BOO buy the 32%, add in RevB is generating an EBITDA profit it can service debt / fund its historic capex

No need for BOO to extend debt, get that margin to 6% on £1.7B, squeeze cash out the business

heavy capex done with this year, revisit RevB 2024

meantime learn about the under 30’s Beauty business

RevB have to have their AGM today as it’s been called but they open and set new date for shareholders to vote on who they want as their BoD , there is no other business.

RevB won’t relist until who controls the BoD is resolved? Looking that way ?

BOO win the vote on the day insert their preferred BoD and Bob walks the plank

Then it’s down to do RevB relist or BOO tender for balance?

I doubt they can do the latter now after Bob alleged concert party last week ? Maybe they just re list? Get to understand the business ?No worries about funding RevB either, let it plod on managed by the BOO reserve team and BOO focus on returning to profitability like they have said they will and opening USA fulfilment Centre etc

Looks like BOO have played this quite smart

PP/ Wolf not sure it matters why RevB not re listed

From last Friday’s RevB RNS think we can say BOO don’t need to have a raise to fund RevB they can relist after AGM and learn about the business assuming they win the AGM vote that is

Suggest that’s the $64k question.

Am going with a BOO a win on the day as the 32% back BOO, just makes sense in their position and BOO re list take the BoD

Bob could try and block the 32% but can’t see how he would be successful he has not even started legal proceedings yet never mind won his case in court ? He can’t win that one unless one of the ex directors he’s accused of fraud vote for him? I just can’t see that ?

Odds on BOO win

Hi Cheshire Lad

What a ride YTD we’ve had over at THG, close on 200% YTD at height of bid, still close to 100% YTD, been a gem of trade, I sold down 50% left rest to run, still in quite heavy but free ride now.

I wouldn’t normally comment on unrelated shares / company but similar to BOO now we had negative press / articles / posters at 35p /39p back end of December all over THG, it was top opportunity to accumulate as it is now with BOO

BOO today

NAV = £Mcap

No net debt

£180M pumped into Capex on automated Fulfilment last year /this

Growing beauty Division

£120M FCF 2022

Owns £300M Freehold

£300M cash at hand

RevB is a bit of bunce on top

Not without risk but I think BOO is another potential bagger plus at these levels 30p to 35p, sell 50% hold balance and tuck away if it comes off and onto the next one, easier said then done mind.

Matters to us Pi’s as RevB relisting means no chance of a fund raise in BOO or a RevB ? We know this from last Fridays RNS

Interesting PP

Why do you think RevB got blocked re listing?

Could it be the AIM team just want the BoD sorted once and for all and who they will be dealing with via the Nomad?

Kind of makes sense ?

Plus … has the company got net debt ? BOO £nil debt

Is the NAV = £m/cap BOO ticks this box

FCF positive last accounts ? Tick for BOO again

Free ride on from here on BOO £1.7B revenue making a profit

and RevB stake

Unfinished business for big Mike

BOO is a steal at NAV no debt today in profit H2

Ashley RNS in the pipeline if he can get the stock volume that is at the price he wants now Norges housekeeping complete ?

Declared Shorts dropped to 3.6%

If we extrapolate RevB EBITDA out - forget the typo in their RNS

Showing potentially 8% plus - could be higher - and £15M for the year

Goes back to with RevB then BOO 2024 could do £2B, 6% looks possible, pay off any debt, maintenance capex £20M and BOO becomes a cash cow

Mike Ashley can see all this as well, smart move him taking 5% in BOO, can see him upping his stake here.

Agree.

Just on RevB, fair play to Bob he has done a decent job with his back is up against the wall, even the most ardent BOO supporter would agree it’s opportunistic by our BoD but as a shareholder I like it, this will make us £money.

Bob can’t raise the £££ to be allowed to re - list without the power via an AGM resolution

Ovs the deal is not fully in the bag but BOO have 27%, let’s assume Minto 16%.

BOO needs just 8% more on the day to get over the line , the ex Chairman’s 16% holds the key now - he is accused by Bob/ RevB of overstating the value of Medichem when he sold to the company and what did he know of Minto’s actions ?

He votes with BOO and it’s game over.

MS upped his stake in Curry’s today, someone is picking up Norges stake ? He has to be prime suspect ?

Shares at NAV and no net debt ( yet ) risk / reward is decent for us PI’s at this level

Still a bit to do but if BOO bag RevB and guide towards even the lower end of Medium margin ( 6% to 8% ) we could see a decent rerate

Wonder if Mikey had been adding to his £22M purchase

Fair point Gaz

Guess it’s about the entry point ? NAV level seems a steal ?

Just on capex as it’s a good point, 2022 was £91M which includes £15M RevB stake

We don’t know what if anything they have included RevB in this years £85M Capex ?

There is a chance they can take out RevB for £45M to £50M so I guess that capex goes higher than £85M

The CFO said on the conf call this is the last year of heavy capex and we revert to maintenance level - think that’s £20M but will stand corrected

Personal view, BOO do £2B next year at 6% EBITDA which is doable, includes Rev B and let’s say maintenance is £20M as a figure and use part of the £100M to square debt - we have no net debt today but we may end up year end with a £figure and we pay off 2024

BOO then churns the cash, problem for the BOD at £NAV level today, smart operators like MA can see same and can build a stake today on the cheap and if leaves BOO exposed for a cheeky bid

Agree PP

T4G

Agree your point, BOO don’t want administration

Bob may be scratching on stopping a shareholder voting, he hasn’t even started legal proceedings yet never mind proven his claim, the 2 can’t be combined, both are separate legal matters / contracts ( within articles of association in terms on voting rights , employment contract on the other )

May be different if Minto was awarded his shares for Performace but even then it would have to be proved in court

Minto / Tom sell to BOO as when offer comes in

Minto settles a £figure using some of that cash, maybe Tom the same

Makes sense to me

If we go back to the analyst conf call a few weeks ago

BOO were open and clear on stipulating they want to increase their own brand cosmetics, they said we recognise we are light in this area and see an opportunity

RevB have the specialist manufacturing plant/ skills to produce decent / affordable products, it’s why Walmart and DM / Superdrug / Boots sell them

If BOO win they also have an Omichannel model, $500M total

Sales USA and maybe $400M to $500M global beauty sales on top of the manufacturing plant, cross selling their own controlled range to 18M App users and they service the USA /EU via automated fulfilment centres

Why Mike took a £22M punt this week in BOO and I guess he will try and double up from here, he can see the opportunity

The fat lady ain’t sung for big Mike just yet though, BOO need that 32%?

T4 G

BOO a track record of picking up brands that are in trouble, fair to say? They don’t pay to dollar for a going concern ?

RevB BoD recognised in their RNS that RevB could go into administration- they blame BOO at this stage of the situation

Ovs it was the ex directors that got RevB to this point

BOO MO is to fold all brands under the BOO , can’t see this one being any different, if they win that is ?

PP - agree shrewd move by BOO

Mute point but I have always found HH a genuine poster over past 18 months always up for a laugh and inquisitive in terms of finding out why a fellow poster has a certain view