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Bob had pulled no punches with the BoD view of the actions of the ex directors - and senior managers

Why would the 2 directors want to retain 32% and or fund a raise ? They can’t be directors and are open to legal action for any time from RevB the Company, take your view on that one

What’s in it for BOO to relist ? Whoever controls the BoD runs RevB , 50.1% does it, it’s their call, they are not legally obliged to? It’s a quote on a platform it’s not fiduciary

Hi Hosai/ Happy

Opinion

Re ex directors they may not have wanted a fund raise? Didn’t wish to commit serious money to Bob / BoD considering they have been accused of fraud? They may think they have better chance to sell as full block to BOO and have better relationship with the BOO BoD going forward ? The take the cash and go

Happy, if we look at recent interims RevB guide to high single digit EBITA, we would take at £160M plus ?

Net debt is well manageable

Since the post below RevB as we know have acknowledged via an RNS

Thinking on

BOO only need 50.1% on the day and they take the BoD and RevB doesn’t relist - assume the 2 ex directors are on board with BOO, gut feel they are

They vote down Bob and Co - they have 58% - it’s a done deal

RevB doesn’t come back to the market, no need from BOO’s point of view, why have it listed ?

The audited accounts take longer, they don’t reapply to AIM, BOO then say they are staying private with RevB and offer the highest price they have paid last 12 months whatever that is to the 40%

There is nowt anyone can do other than take the cash - am guessing but there will be institutional investors who can’t own shares in private companies as per their articles / remit and they will have to sell at whatever price

PI’s make the call to take the offer or sit with an illiquid asset as a minority shareholder in a private business

Ovs once / IF BOO get over 75% a scheme of arrangement mops the balance

Ruthless bit of business but I think this the way this is heading

You did Terry, you called the bottom

Think we can say BOO know Rev B can’t relist not without it’s own capital event / raise and get its full years accounts out - think they have 10 weeks and would be suspended again if any delay

AIM Team won’t take that risk

Hence Bob has been frustrated recently

BOO have gamed this out, the market thinks same by the look of things

BOO bag RevB for another £35M plus to what they have already paid and they have $200M of sales / become an Omichannel platform , $500M sales USA maybe same in pure Beauty

Plus they can then manufacture their own products

Class bit of business

RevB don’t even benefit by calling off the AGM

BOO have a big enough stake to call an EGM

Thinking on …. BOO must be confidant they have the the 2 ex directors on board

No love lost between them and Bob Holt /Liz guess they would enjoy Bob facing the indignity - which Tbf he doesn’t deserve - of losing the vote on the day and losing his £3M bonus and walking the plank so to speak

Does Bob throw the towel in before the AGM or ride it?

Looks that way PP

RevB was the catalyst capital event

The Shorts carry the water for the Longs as they close out

Some thoughts

IF BOO have the 2 ex directors on board they have close to 60%

They take the BoD

No need to re list, leave as a private company and tender for the balance at the highest price they paid, Rev B investors either take the cash or sit holding shares in a private unquoted business

17% of the balance need to cave in for BOO to do a scheme of arrangement

Just can’t see RevB coming back IF the 2 ex directors have joined with BOO, that’s what we don’t know

II Shorts are the smartest boys in the room , they have a lot of profit on the table here, let’s to be fair they have called this one all the way down to NAV

Reckon many of them were all ready working out the Risk/reward ratio at 32p

BOO lands Rev B , has a forward revenue guidance at £2B @ 6% which is doable and they will bail / take profit

Less maintenance capex £20M BOO is dropping £100M FCF 2024 with potentially no debt - all FCF used for capex this year as the CFO said on Conf with USA/ Sheffield complete 2023 then lumpy capex is done

Don’t forget the £91M capex last year included RevB , USA and Sheffield

Debenhams / Rev B maybe $500M USA ROW revenue

Omichannel model - access to Walmart & DM Europe

Plug into new 1M sq/ft fully automated fulfilment centre

and a specialist chemical manufacturing plant to boot

Class deal if it comes off

The 2 ex directors own 32%

BOO own 27%

Bob Holt / BoD have publicly called out the 2 ex directors for fraud, Bob Holt owns no shares, him Liz Lake get £3M to re list

no love lost between Bob ex directors

On balance of probability in their shoes would you back a RevB fund raise by turn voting for Bob Holt or think a deal with BOO to sell their shares to might be a better bet ?

Medichem is already owned by RevB it owes $$ to Tom - Tom doesn’t own the asset Rev B does but it owes Tom £something

RevB has come out to say the valuation is suspect

Again does Tom think he can negotiate better with BOO than Bob Holt ?

On the balance of probability I would say yes

If you believe the 2 ex directors have joined with BOO it’s game over for Rev B

BOO take 60% and don’t re list, they make a tender offer and get to 75% then scheme of arrangement

If BOO pull this off it’s an excellent bit of business

That post aged ok ….

Let’s see the next move on the chess board

BOO have gamed this one

27% stops a scheme of arrangement

60% control the BoD control IF RevB re lists or not

All depends on how the 2 ex directors vote - always was

RNS out

…. And just like that sentiment switches

As mentioned BOO end up with an Omichannel business by controlling RevB

Debenhams / Rev B could be close to £400M annual revenue, measure that against the likes of ELF and the combo could valued more than the whole of BOO today

Ovs it’s going to depend on what price BOO picks up more stock in RevB ,if it does that is but £15M for near 30% was a shrewd move

Happy

My view on RevB

Bolt RevB into Debenhams and BOO have a vertical specialist chemical manufacturer supplying in house Beauty products, something that the Bod admitted on the recent conf call they are light on.

BOO USA did $400M last year and is our highest margin geographical area at 58%

RevB conducts a big chunk it its revenue in USA total Rev $200M

BOO can distribute RevB products via the new 1M sqft unit and service Walmart and enjoy an omichannel model, makes sense

Picking up near 30% of RevB for just £15M was good business, the investment is not a $zero

The issue is will RevB raise $ or not ? I think they will, that’s my opinion and then it’s down to what the 2 ex RevB directors do,suggest they hold the balance of control, Debenhams including RevB and the new USA site opening are potential game changers for BOO

Just dropped onto the BB and catching up

On my side I am pro Bob Holt and RevB, appreciate my holding in RevB is held indirectly by BOO - am new to BOO and have been building up a holding the past 4 weeks and that will continue as/if the share price falls.

I only posted on RevB -due to the above connection - and to be challenged on my opinion of the situation to see if I am missing something, non of my comments were anti RevB just my view on the AIM Team / re listing and will the ex directors chip in if there is a capital event ? I could well be wrong.

Either way it’s all coming to a head one way or other

Nb no idea who the other posters are btw, check out my posting history, only interested in sharing views / opinions and let’s be honest non of us little PI’s can move a share price and especially RevB whilst suspended

ATB

AIM Rule 28.1 to 28.3

It’s the auditors ‘ materiel concern ‘ statement and one eye on 28.2 ,due to the Banks will only support on re listing, the company was obliged to include in the accounts

It’s a key point as without the re list the Bank won’t support - unless the Bank waive this point

It’s not a major issue as a fund raise sorts this out, we just don’t know yet how the register looks post event

Silver, it’s different rules once suspended to raising money whilst still listed

All AIM companies require audited accounts published within 6 months of year end and the auditors need to sign off the business has 12 months cash guaranteed

This is the crux, the Bank won’t provide the facility without the shares re listing and the auditors won’t sign off the accounts without 12 months in the bag cash

Bob is caught in the middle and a fund raise sorts everything out

Let’s see what happens this week / next

It’s not RevB cash it’s the Banks - it’s borrowed money

RevB has a rolling facility that will only be supported if the shares re - lists

As such the auditors can’t sign off as we get this circle which gets broken by a capital raise