Member Info for Okehurst1

Hi Wolf

It’s pretty firm with the AIM team on re - listing from suspension, hence even though the audit for 2022 was signed off they will insist on ‘ going concern ‘ being 100% and as such RevB has not come back to the market - without a capital raise, but that will get sorted

Ovs it’s highly relevant to us BOO holders as we currently own 27% of RevB indirectly and we may end up 60% depending how the two ex directors play it, they may well chip in a few quid but personally I can’t see it

I could be wrong and this is only a BB knocking ideas around, hopefully not too long to wait to find out which way it goes, a positive TU and Rev B deal and the shorts may consider taking profit ,notice S&P just hit 12 month high and Goldman have called the bottom in the markets

Hex, yeah it’s tricky rules for a re-list, hence RevB couldn’t automatically get the green light off the AIM Team otherwise they would have re- listed 2 weeks ago

The Bank played it smart by saying the funding is day by day - in affect - and is reliant on a re- list as it knows RevB needs to raise Capital

Bob/ Elizabeth who have done a top job btw , their £3M

bonus is paid once RevB re- lists

So Capital day, Bank support , fund raise, re list , Bob gets his bonus, all lined up, just back to below, what do BOO do?

Either way good for BOO, nice business RevB

Hi Hexam

The AIM Team won’t take the risk on ‘expect ‘ they will want 12 months cash / audit sign off, it’s why RevB didn’t relist - it’s AIM Team rules on a relist from suspension, the auditors need to sign off and they can’t in current position

Revb will raise money, we know that - they have told the market they are having a capital day, that’s what these events are for, we can assume BOO will take up their rights it’s just will BOO be the cornerstone underwriter to the total placing?

I think there is a chance they will, BOO have gamed this out even doubling their stake whilst RevB has been in suspension, anyway not long to wait to find out either way

RevB can’t / won’t relist without auditors signing off working cap / going concern

The auditors have said in accounts quite clearly ‘materiel risk’

The AIM Team won’t green light until funding sorted and of course the Banks will only support if Rev B relist

In effect RevB can’t relist without showing they have 12 months of cash - they don’t have a years cash look at what the banks say

They need to repay bank debt , headroom on top and formalise banking facilities, auditors sign off them relist

The important BOO shareholder issue is which way the 2 ex directors go - who the company have alleged fraud - do they take up their rights and do BOO underwrite the headline £sum?

Personally I can’t see them ( ex directors )pumping in big $ and tying up funds whilst risking legal action, BOO pick up their rights by default

Odey had 1.98% - last reported March

We can guess the heavy concerted selling end of last week was the fund chasing cash, appears it has now stopped

FT online saying they gated the funds

‘Odey Asset Management said it was examining options for the €76 million Swan fund that had been run by Odey and that these included closing the vehicle. It insisted, however, that no other funds would be shuttered as it seeks to break from its scandal-hit founder, who was ousted from the firm’s partnership on Saturday.

There is speculation that clients pulling money from the firm amid the turmoil could force the group to gate its investment vehicles to stop them from being swamped by withdrawal requests.

Odey ran five funds at the firm and the oversight of these vehicles has now been switched to other managers within the group, the business told its clients in a letter on Sunday night’

https://www.thetimes.co.uk/article/65a1366c-090d-11ee-997e-7710367054a0?shareToken=fded2d7ab11fd9fe242d4b8f15ae8305

Selling over …

Logical this has to happen

Maybe … Odey new management have satisfied their LP’s?

Odey has no involvement

Odey at 1.98% 31/03 /23

Same when had the Jupiter moment.

I guess do the new Odey management team do enough to convince their investors to stick with them? Makes sense to pause if the market smells blood ?

Last weeks fall / today is overhang of Odey management forced fire sale for cash

Bit of a gift horse, next chunk for me at 30p if the Odey Management continue to liquidate, suspect this morning is the overhang of Fridays order and we steady later today / tomorrow

My call

BOO are working on RevB funding, Bob Holt needs £25M to £30M - ideally £40M - is my guess to ensure Accounts are signed off, the Banks will only continue supporting IF the Company relists, it can’t relist until the above is sorted.

BOO underwrite the raise and it’s then down to if the 2 ex directors accused of fraud by the company commit more $$ - personally I can’t see that

BOO could end up 60% plus of RevB at 17p average assuming the fund raise is discounted to closing price

RevB plugs in to BOO’s new 1Msq/ft USA ( and U.K.) automated distribution servicing Walmart etc

BOO and RevB have $500M USA revenue and of course BOO can have a vertical supply chain for Beauty via the RevB specialist plant

Alongside the USA Centre with Debenhams/ RevB these 2 deals are Game-changers for BOO

BOO could surprise and do a full take out offer but why spend that level of cash ? £30M gets you 60% your well in control and both businesses adequately funded same time

BOO get this right and we rerate

Owned 1.98%

Picked up 266,000 this morning average give or take 35p

Took the view Odey was force selling last week as funds demanding their money back and it created a liquidity problem for him so he dumped stuff across the board

He’s been ousted completely over the weekend and it appears

it’s stabilised the situation

See how this one ages

Pedro can’t fault your reasoning from £1.80 down and sorry to see you lost money - but it could have been worse so you were smart to bail and you minimised your losses

Be it 24p or 34p this is a bargain between the ranges on a decent risk / reward ratio

Bagger to be had, just need to have patience

Odey Management owned nearly 2% of BOO

They have been liquidating holdings last week - across the market as their clients wanted cash back

Looks like they have a bit more to go, agree once Odey done we should see a nice bounce

I am in 41p, took a few Friday 35p, if we get to towards 30p will average down again , BOO at this level is a gift horse

Hi Phat

Re BOO

Be it a full take out or support on a fund raise I think REV B is comparatively cheap to its peers, I like the business

Good post Hosai

Personal view

At these levels it’s becoming a contrarian punt

30p is my next level to go on the Offer - am Long as posts below but will add like today

Suggest this is when you make the $ but you have to ride it out - difficult calling the bottom.

We had the same at THG at Xmas, it was getting crushed on low volume like today and touched 40p, it was a top trade to pick up at that level, less than 5 months we had a near 200% jump - ok on T/O talks

Even today is 50% up from Xmas

REV B/ Debenhams

4.5% EBITA

Distribution costs down massively

USA set up

No debt

FCF +

Balance sheet solid

RCF £300M +

It’s all set up for rerate, will be bumpy ride but it’s becoming a decent play for a 50% jump on TU/REV B

In it to win it stuff is my call

Thanks for the response Poker

Whilst I agree there is execution risk in USA they are already generating $400M @ 58%

Distribution costs have dropped considerably- $15k a container to $1.5K they say

Shifting manufacturing to South America to avoid tariffs and reduce lead times, most of USA (95%)!2 day plus max delivery

Personally am happy to accumulate at these levels and take the risk, REV B is a game changer if they can increase their holding via a whitewash at a low price, alongside Debenhams they will have a Beauty platform doing £350M with physical products in 3200 stores in Europe and Walmart USA

Let’s see how it goes