Member Info for Okehurst1

Hosai, we have to look at this one through the lens of the AIM team

IF RevB don’t re list the Bank say they won’t support,

…..the Bank know the AIM Team will want going concern

off auditors …. It’s circle at the moment, hope that makes sense ?

Rev B need to strengthen their balance sheet hence they have not re listed, once new capital agreed everything else comes together

Bob has done a top job btw and he will raise the £cash, we just don’t know how the Rev B shareholder register will look post event

Hi Hosai

The Bank would have to agree to offering 12 months cash for the auditors to sign off ,up to now they have not agreed - they know the rules so by saying they only support on re listing they put the onus on the BoD to raise new cash to improve the balance sheet

New external debt (mezzanine ) would rank below current Bank as prime lender wouldn’t release charge on the Company, could happen but it’s doubtful.

Only way out of this is to raise ££ whatever that amount is to get sign off by auditors

BOO own 27% , it’s a key number as the company can’t restructure via scheme of arrangement without 75.1%

So it’s back to the 2 ex directors accused of fraud by the Company will they pump cash into the business? My view it’s doubtful

Then we are back to the company needs the cash and BOO could underwrite the full amount and pick up the slack or they buy the rights off the 2 ex directors and BoD say 60% of funding secured

The company below is not AIM - LSE listed it’s a separate exchange

Nb this is why Bob is frustrated and can’t tell the shareholders what’s happening he doesn’t have direct contact with the AIM Team instructions are relayed to the NOMAD then to BDO/BoD

RevB needs the £cash to re list as the AIM team will require a 12 month sign of by the auditors as a going concern

The auditors can’t do that as the Bank will only provide finance on the proviso Rev B re lists

The AIM team will only except Audited accounts, last ones stated ‘ materiel risk ‘

The only way to square the circle so to speak is raise enough £cash to satisfy the auditors and by default the AIM team and RevB re lists with a much stronger balance sheet, it’s why Bob called a capital day event

This is not about needing the money as such it’s to satisfy the AIM team on a re list

As per posts below the 2 ex directors hold the key, will they pump money into RevB or sell their rights or let them lapse?

BOO can secure a Whitewash and are not obliged to make a full Bid if they underwrite new funding

I don’t think BOO need to make a full bid, they have £300M cash on the balance sheet - net assets £400M

Nb according to BOO’s recent accounts their average buy in price is 18p no idea on the range

They doubled up whilst suspended

Coming to head one way or another

Gaz

Any chance you could break it down what it’s losing ?

The losses last year were non cash and write downs

Genuine question, trying to see how we get to 14p and losing $$

Appreciated by all of all on this BB

37p average now

Next buy in for me if we hit 30p

PP’s price target of 14p - is the net value of the property on the balance sheet

More chance upside from here, my view your going to miss a big jump waiting for BOO to be worth just the value of its property portfolio - unless anyone can break the numbers down to show how it’s only worth £175M ?

RevB news due any day and maybe a TU if they are committing capex

Let’s give Pedro a chance to breakdown their calculation

Pedro, genuine question

I have no problem you voicing your opinion on the direction of share price but if you could show me how you break it down - what FCF / earnings do you estimate to get a market cap of £175M ? For 2023 and 2024?

On my side, BOO on even 4% EBITA is £70M a year

but that’s without COGS down 25% to 35% and distribution costs down massively, let’s discount Admin savings to go at (£45M)

People costs / other was down £50M last year and working cap days down to 47, my opinion we will be FCF positive this year ex RevB - jury out how this latter goes

BOO has capex this year of £85M to finish Sheffield stage 2 and USA to produce 2 fully automated distribution units and that’s it, nil debt

2024 we then have a business generating 6% EBITA and arguably including RevB generating £2B and £120M EBITA

Even on £70M 2023 with zero cost savings your 14p is just over 2X EBITA , with no debt and £500M net assets - they would have pumped in this years profits to either buy RevB/ complete USA building etc

As I say,the above are my £numbers, if you could show how we get to 14p (£175M) it would be helpful and it is a genuine question, opportunity for you to break down your calculations

Hi Silver, put aside BOO share price.

Bob has done a good job and RevB has lots of potential from here

We can assume BOO take up their rights and its 3 largest II’s

It’s just down to will the 2 ex directors chip in or sell their rights/ let them lapse ? Their 32% equity holds the balance of power and who do the BoD get to underwrite the funding?

Suggest by default BOO in prime position to provide the latter - not saying that will happen 100% but fair chance, if everyone takes up their rights then the status quo maintained

Rev B gets the cash either way and re lists.

It’s the AIM Team Hosai, super cautious on re listing at the best of times, it will get sorted mind

Nb yeah DX Group on Aquis

Phat, we are just posters who have an economic interest in RevB

The Co is going to raise $$ that’s a certainty and why they are having a capital day, it’s then all about who takes up their rights and who doesn’t from the big hitters

BOO doubled their holding whilst the share was suspended so we can surmise they will take their rights up, the 2 ex directors hold the key, will they sell their rights or take up ? Or sell out completely ?

Not too long to wait to find out

Good post Pipe

Agree all comments including regarding Pedro, the poster should be allowed to comment even though like yourself I disagree with their theme

We always have the filter button

I think Bob has done a good job sorting out RevB and keeping all stakeholders on board from suppliers to blue chip customers like Walmart and of course the Bank and at the same time dealing with alleged fraud from ex directors and senior management, it’s not been an easy gig.

Bob at the moment is in the hands of the AIM team, NOMAD and Auditor who will be agreeing the level of the capital raise and of course the Bod agreeing a 12 months plus facility with the Bank once they know what they have to raise.

Hosia, DX are not on the LSE, the AIM Team are a different animal/rules so to speak

The above will all get sorted next few weeks

Don’t forget they will be paying 4% to 5% for the privilege of holding the Short

Mute point when they have a tonne of profit tied up but it all adds to the mix

Inflation on way down globally, it will happen in UK, the money market 5% will disappear and private investors flood in to the market, there is a wall of money out there, the II boys know that and they will start deploying / rotating

Bagger for us from here before the PI,s wake up

Disclosed Shorts need 60M shares plus the ones below the radar

BOO is one of the most shorted stocks on the market

The Shorts do the heavy lifting for us now, the BOO TU and RevB news will cost them dear

T4G,

BOO could buy RevB outright but reckon the price would be £100M, so £70M plus cash plus it needs funding to grow.

Or ….

Underwrite the fund raise, alongside a whitewash to go over 29.99% to pick up stock that holders don’t take up their rights, then it’s down to what price is the fund raise?

Might only cost BOO £12M in cash if slightly discounted and who knows they may get over 60% for another £25M from where they stand today and Rev B is fully funded same time ?

Am swaying on the latter, not sure we need to buy the lot?

Low hanging fruit Terry

Top trade

ASOS heading to 10% up this morning

Short covering going on over there as they scramble to play Bank

The smart Shorts - smartest boys in the room the short funds - - will be taking profits, what a run they have had,,not much in it for them at this level

T4g , patience required, BOO is a steal at these levels, now’s the time to accumulate - sub 40p

There will be a catalyst event and the Shorts bale enmasse,

the smart ones will looking to take profits very shortly and get out beforehand , we often see one more small bite to confuse the market then close fast as the retail punters panic.

Whilst on one hand I don’t want to see the price fall - am Long so it’s not logical - I’ve been on the offer this week, next bite if we get to 30p, forced sellers / redemptions and shorts provide opportunities

It’s understandable HH

The private investor buys high - generally - the II sell / short when high

Same pattern here, money markets paying 5%, retail jump in, rates fall which they will as inflation drops, the II’s switch out of the shorts in meantime and go Long whilst cheap - like BOO now, we just had THG, ASOS just starting the switch - sell to the mug PI’s at 3X plus return when the money market rate is 2%

Rinse repeat every cycle the same

Nice 15% jump for ASOS

Short squeeze must be underway

Not long for our II Shorts to feel the pain here