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Should know percentage take up after 11.00am today, and then the sale price of the rump.

If you choose to do nothing your entitlement to the Rights will lapse. If your Rights lapse and the share price
on the day that happens to be is below the Rights Offer Price, your Rights will expire worthless. However, if the shares are trading above the Rights Offer Price on that day, then you may receive a cash payment per nil-paid share approximately equal to the share price less the Rights Offer Price

If some shareholders still cannot get their heads around exactly what has now happened, they should not be allowed access to real money.
Old Debenhams is gone.
It no longer exists.
It has ceased to be.
It is a dead Debenhams!

johnson36
It was a pre pack Administration so the sale has taken place. The banks now own Debenhams.

Ashley will not get his hands on the new Debenhams because he is not willing to pay the price.
He has had his chance.
He has slagged off the company since before Christmas in order to reduce their value and it backfired.
He could have got it if he had offered the right price.

People still think there is hope.
As Debenhams have said a further announcement will be made today.
They are just awaiting the Court stamp on the Pre pack Administration that was agreed when they drew down the first tranche of the new lending facility.

If your left holding shares you have no-one to blame but yourselves.
All the administrative work for a Pre Pack is done in the weeks before, so that on the day, it is only a matter of getting the thing signed off.
Ashley must know the meaning of a deadline.

Sports Direct own the Debenhams shares not Ashley.
So Sports Direct shareholders will lose the money, one of which will is Ashley.

FT
Sports Direct said it was still giving “active consideration” to a 5p-a-share takeover bid for the 70.1 per cent of Debenhams it does not already own, and pointed out that under UK takeover rules it has until April 22 to do so.

But shares in Debenhams closed 10 per cent lower at 1.83p, reflecting increasing scepticism that such an offer will materialise or be approved by creditors, who are expected to push the company into administration before Mr Ashley can table such an offer.

Company has agreed new borrowing facilities. First draw down of £101 million has been implemented.

Now moved to the next phase of the restructuring of the business which includes reducing rents and reshaping the store portfolio.

Option were available to Sports Direct until today, and they have been unable to fulfill them. So tomorrow the deadline will have passed.

The second draw down of the facility amounting to £99 million is now available to the company upon transfer of the Groups Subsidiaries into the ownership of a lender-approved entity. This is the Pre Pack Administration.

Sports Direct can make a takeover bid, but this has to be before the Pre Pack Administration takes place, and has to be considered viable in view of the company`s situation, and the outstanding debts.

The Takeover Panel has ruled that Sports Direct has until 22 April to decide on a bid.

However, this places no time restriction on the company proceeding with existing plans if no bid has been received.

``Over the weekend, Debenhams set out four conditions that Ashley would have to meet before it would recommend that the store’s creditors extend their end-Monday deadline for a deal.

Those conditions include withdrawing calls for a shareholder meeting meant to oust the majority of the board, and guaranteeing that Ashley would follow through with his £150m cash injection if he is installed as chief executive.

The board also asked Ashley to agree to a joint press release with Debenhams and its lenders on Monday, and enter into a “stabilisation agreement” forcing him to avoid issuing any public statements that could harm the retailer.``

Ashley responded with just more threats. He was offered his chance. You cannot take him seriously.
Just more delaying tacktics.

I don`t think the board has any problems with regard to their actions.
Every offer Ashley made had impossible conditions attached to it, which left them with no alternative but to refuse.
With regard to the outstanding debt I believe US funds bought out both HSBC and Barclays positions at a discount.
The smell of blood has wafted across the pond.

The series of Forms 8`s are Takeover Panel disclosure forms for the purpose of advising, by way of RNS, the Opening Shareholding Position or Dealing disclosure when a company is declared in a Takeover situation.

If Ashley was intending to bid for the company, he would no doubt intend to take over as CEO.
So if that were the case why would he be wasting his time with legal threats and these letters to the company indicating that shareholders want him to be appointed CEO, when if he`s bidding, that`s just a waste of time.
We all know it`s put up or shut up time, he has until Friday, but he just seems intent on disruption. There is no way now that he is going to get the company at the price he wanted, and perhaps he can`t accept it.
The ball`s in his court, he has a clear shot, or was the possible/maybe 5p bid just another disruption.

Debenhams future is now secured. They have their funding agreed.
It is Mike Ashley who is cornered. He has until friday to bid or walk away.
It makes no difference to the Board of Debenhams if he bids and supplies new loans or they proceed with the existing arrangements.
The only difference if he bids is existing shareholders will get a small payout.

It is obvious from reading a few posts on here that people are missing that extra hour`s sleep. (still away with the fairies)
Have a lie down help you brain to think rationally.

You can be sure that the main concern of both the Board of Directors and Mike Ashley is to ensuring that the existing shareholders are fully rewarded!!

Why do people think Ashley will offer more for the shares .
If he doesn`t bid then the shares are worthless, so if he bids 1p you would have no choice but to accept.
I personally think if he does anything, it will be the rights issue route. He can then ask existing shareholders to stump up some of the cash, and because he would have to underwrite it he would pick up any rights not taken up.

I just wanted to point out that depending how far down the road they are with negotiations, things could happen quickly, or perhaps not, but they do not have to wait upon Mr Ashley.

The deadline is set the same for any potential bid.
Once someone states they are considering a bid they have a set period to put up or shut up.
This period applies to the potential bidder not the company.
The company has no responsibility to put everything on hold just in case someone wants to bid.

The fact that the company has the agreement of the Bondholders means there is already an agreement with the banking consortium to the loan facility.
Otherwise the Bondholders would have nothing to agree upon. They wouldn`t sign off on some unknown facility with unknown terms.
Now the fact that the loan facility is agreed, means the terms and conditions are in place upon drawdown.
It means the company is now in a position to proceed with the negotiated way forward.

MA has made no bid, and the company has no obligation to wait for him to make his mind up
.
It could arrange a pre-packed administration at any time in the coming days, after which old Debenhams would cease to exist.
New Debenhams with new owners, however, would.