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The whole point of a pre- pack is that the purchaser out of administration and the price paid would have already been agreed

A condition of the possible bid was that they halt the Bondholders agreement process.
Well they didn`t and the process has now been agreed.

He hasn`t made a bid

You will see from the JPM holding notification that the trades in question were up to 25th Mar and the company only advised yesterday. Hence the RNS was only issued today.
Holdings announcements are usually advised 1 or 2 days in arrears.

Aberdeen Standard Investments sold just under 22 million shares

5p Cash offer is subject to MA being appointed CEO
Unfortunately the lenders are in control of Debs at present.
No debt for equity swap as yet so lenders hold no shares.
Therefore without any plan for repayment of debt offer means nothing to them.
Just posturing again!!

https://www.drapersonline.com/news/what-the-li-and-fung-partnership-means-for-debenhams/7034444.article?blocktitle=News-Analysis&contentID=21075

But he didn`t offer HOF a cash injection did he, because he discovered after his investment that they were already insolvent.
SPD took the 10% loss and outbid everyone to get the company out of administration.
That`s not going to be possible at Debs as the position is not that dire.

MA offered a £40m interest free loan in return for access to a further 10% of the equity.
That equity increase would have taken him to 40%
That offer alone, confirms that he does not want the company to go into administration!
He would have had too much to lose.
I think he will do all he can with his 30% stake to ensure that the company survives, and that he succeeds in taking a controlling interest.
With the write down SPD has already made in the Debenhams purchase there is no way they would lose face and write it off completely.
SPD and Ashley now have full access to the books and the refinancing negotiations, which prohibits them from any outside scheming as they have insider information.
The negotiations will run there course, and in the meantime the share price will become even more detached and even more volatile.
How can anyone outside these negotiations put a true value on the company?
The share price can therefore have no correlation with the company`s value until the negotiations conclude and the value becomes clear to all.

"I bet many holders were not aware that debs must be listed on the french stock exchange"

That's because they don`t.
They trade on the German Stock Exchange

He cant buy anymore shares in Debs without making a full takeover approach, and he cant make a takeover approach until after March 2019 because he said in September he was not interested.

Sports Direct have upped their stake by increasing their CFD holding by further 10 million

Both Dialectic and Polygon holdings are in CFD`s

All rights that were not taken up have now been sold at 145p. Those entitled to the rights will receive 60p per share (subject to a minimum of £5.00) less any fees your broker may take.

15 minute closing auction on the new shares closing at 71.5p up 25%

The existing shares and the new shares are now valued the same, when you allow for the 85p payment due on the new shares before 4th April. They will continue to be valued the same until they merge.

As well as your initial holding of 1000 shares you now have, courtesy of the rights issue, an additional 800 nil paid shares. The new nil paid shares can be sold in the open market or you can choose to pay the call price of 85p before the due date to make them fully paid shares and equal to your existing shares.

Your right issue buy price is 85p !

Sports Direct increased their CFD holding by 28.5m shares to 35.3m shares (2.88%) Put Options still 128.9m shares (10.5%)

You should be happy!!!! Yesterday 100 @ 175 = 175.00 Today 100 @ 148 = 148.00 80 @ 63 = 50.40 Profit = 23.40 (13%)