Member Info for Okehurst1

Boo RNS

Debenhams is also pleased to confirm that it is in discussions with Revolution around establishing a more formal commercial arrangement pursuant to which Revolution will supply certain Debenhams brands with branded cosmetics under a licence agreement on an exclusive basis, subject to a royalty payment.

Didn’t Bob get paid in shares at 30p something ?

Thanks Hex

Hex, wonder if Debs go for a whitewash and they pick up any surplus of the 43% ?

It’s not a full take out yet but with the founders could they get to the magic 75% it’s possible that’s the game plan?

The RCF is still there of course but that’s one for another day

Looks like the Founders are back in the driving seat which makes sense, they must feel confident they can get this back towards 2024 Rev ?

Hi SCB

Rev B had £194M last full years accounts

Assume Debs as a cornerstone investor get a whitewash they could see their stake in Rev B materially increase

They are then in the driving seat alongside the founders to take advantage of the full £200M revenue

Tom has an involvement with Medichem, he’s obviously an insider and now part of an official concert party ,I guess what’s their plan to carve this up?

Guessing Debs will seek a whitewash as they may well go past 30%

£200M of revenue to be had

The Founders, alongside members of the existing leadership team, intend to reset the business with a focus on three key strategic pillars: (1) product development and pricing strategy, (2) a lean and efficient organisation and (3) optimising marketing spend. Further details on each of these three pillars is set out below.

The Cornerstone Investors, together holding approximately 57.60% of Existing Ordinary Shares, intend to participate in the Placing or Subscription (as applicable). It is intended that the Company will raise approximately £8,965,108 (in aggregate) through the issue of 298,836,933 new Ordinary Shares to the Cornerstone Investors.

I reckon cash burn was higher due to redundancy costs on a relatively short period , the auditors wanted head room, so cash was much worse than at interims.

They have since restructured a lot of jobs out, decent chance we see their TU advise they except Q3 FCF+’

Personal view - looking at glass door it’s been brutal for lay offs

SCB, spot on

They have the £50M uplift from today’s news plus whatever management put into a £raise maybe and if they make a disposal

Suggest share price direction is as much about FCF +/ — next week

If it’s FCF + then we may have Ashley making a move, it’s no less or never if the Group is generating positive cash

SCB

Don’t disagree with your points historically.

Reckon the market is trying to work out what £200M @ 20% EBITDA is worth on a capital lite model ?

Then can they get to £1B GMV 2026 and say £400M revenue same metrics?

Ovs we need to see if Dan has stemmed the losses at Youth Brnads etc so jury still out but possible opportunity here but of course with risk

Don’t forget Dan has been running Debenhams market place for the last few years, took the GMV to £350M to Feb 24 and £650M Feb 2025 and he has indicated £850M GMV by year end

he’s proven himself

On this trajectory the £1B GMV could well be achieved by 2026 with his capital lite model

As mentioned the market trying to work out what Debenhams Marketplace is worth ?

If Boo could sell KM at a market price and maybe raise ££ via management placing they could super charge the above?

What we don’t know is if Dan has stemmed the cash burn outside Debenhams Market Place ? If he has then Debs group is RCF + then the share price will reflect same

EV close last night was £325M

Tangible assets of note Property / KM maybe £100M to £120M

Debs marketplace was valued at £200M maybe be a tad in there for Youth brands and Sheffield

So this morning

RCF headroom for the auditors sign off

Assume FCF + otherwise funding would not have happened

as such Debs needed the extra 3 months management accounts to show Dan’s turnaround plan working

Fund raise next week to strengthen balance sheet and or disposal, part of will go into Rev B restructure however that happens

Is Debs marketplace worth more than £200M ?

The market is currently working that out in real time, it will have a better idea next week, all depends on the RCF + /- news, what do the RCF lenders know?

404, no argument with that point, auditors wanted headroom

Thing is they got the cash, it’s as good an insider bit of info as you will get that Dan’s plan is working.

Disclosed shorts need 45M shares plus funds under the surface

Some juicy paper profit been made

Share price was saying this was going to the wall, it’s been hammered , wonder do the Shorts take profit ? Few quid in it for them at 14p ?

Kach, someone has been dripping shares into the market, maybe hoping the Refi funders would be scared off

If MA wants it his time is now if Dan has turned the ship as he won’t get a 2nd chance ,otherwise he just sits and waits to get his money back.

Was the RCF for the auditors sign off ?

Looks that way?

Disposal(s)

And/Or

Fund raise backed by management

FCF+ trading is a must

Reardon, agree

Dan must have signed off yesterday and jumped onto his social media profile.

If he has turned the ship and FCF + and management chip in on a fundraise especially at these levels then they will have check mate Ashley in terms of securing BOD control now that they have funding secure

The market now awaits is Dan’s turnaround place FCF + ?

Would be surprised if Debs were not showing an improved performance on management numbers to secure this facility

Let’s see next week