Member Info for putneylad66

Not sure who is reporting my posts & getting them removed. I am just stating facts.

Cover Story is being heavily promoted on the Koovs platform.

The platform is obviously very popular, as is Cover Story- the ranges are getting sold out pretty quickly!!

All good news for Koovs!

The problem is that nobody believes much of what they say anymore.

There has been a lot of big talk for years now. Shareholders want numbers, sales, revenues, margins etc with regular updates. Loads of companies have delivered Q3 numbers both in India & the UK.

If you have time today, read some of CEO Mary Turner's statements.

She has stated..."Longer- term, the successful fundraising represents a transformational opportunity for Koovs to drive sustainable growth, enhance margins and build a path to profitability" Dec 2018

"We now have the necessary capital to put Koovs back on track" Sept 2018

"The agreement will give us premium exposure in further building the Koovs brand" Aug 2018

"Design, fashion & customer experience are what sets Koovs apart. Our customers love the product" June 2018

"As India's best-established affordable fashion brand, we are resolutely focussed on scaling the business to leverage our competitive advantages in what is the world's fastest growing economy" June 2018

"extremely exited about the opportunity which lies ahead of us" March 2018

"I am pleased with the progress we have made in our business fundamentals" Dec 2017

"The focus for FY18 is to build on these foundations for sustainable growth towards profitability in FY20" Sept 2017

"to become India's number one western fashion destination by 2020" July 2017

"we continue to significantly outperform by five-times the e-commerce sector growth in India" April 2017

"excellent year on year growth and is now established socially as the favourite western-forward brand in india" Jan 2017

"It has been another amazing six months of growth" Dec 2016

"Koovs is growing faster than the market rate, so this is an exciting time for us" Nov 2016

What went wrong??

I know that Koovs have invested £70 million in this & the market cap is just £27 million.

I said earlier there will be one of two outcomes here. Either Future Group take full control, or it is sold privately (to Biyani).

There just isn't the option of the current bunch of inept amateurs turning this around. They have failed spectacularly from the IPO of 150p.

I believe there is a very strong possibility that Ruffer LLP are the dumpers here, we shall wait & see.

What do you think shareholders can do with regards to the deafening silence from management?

Pascha- I feel we have all been bait for Koovs.

The more I think about it, the more I think that Koovs are in a lot more trouble then they let on.

Long periods of silence before have resulted in poor news, whether it was a delay in funding (a year), or atrocious trading results.

Future Group have had since July to sort out the fundraise. Koovs have sorted out fundraises very quickly in the past. Who is stalling the process?

The continuous selling of shares has been going on for many months.

Now we learn that Ruffer LLP are exiting many AIM stocks. Are they dumping their Koovs holdings?

And worse of all, Koovs remain silent, oblivious to the concerns of their shareholders.

What else can shareholders do?

We will never garner the 10% of shareholders to get an EGM

How can we propose a motion of no confidence in the CEO?

Are there any organisations we can contact to help us as the management refuse to listen to us?

Worth contacting the FCA?

We need to do something, as the management believe they can do what they want & treat us like mugs.

First of all Pascha, you got it badly wrong with regards to Cover Story. You refused to back up your claim until proven wrong by this article which showed incredible growth.

https://www.livemint.com/Companies/G9vJ0t8iUBOZ4oyusnXrdL/Future-Groups-Cover-Story-brand-eyes-100-crore-in-sales-th.html

Secondly, accept my apologies- you got it spot on with regards to Ruffer LLP reducing their exposure to some AIM stocks.

Do you know if they are Dumping AIM altogether? They still have 15 million shares in Koovs at the last count, but by judging from all the selling over the last few months virtually every day including today, I wonder if it is them dumping.

That would explain a lot.

She came out with all that waffle in Sept 2016 when the share price was circa 70p to 80p

A lot on investors were taken in by the big talk.

The share price is 7.8p & she is still in post, totally inept & out of her depth in India.

Only on AIM!

Pascha "Quite possibly Ruffer LLP - they are leaving the AIM market I have heard"

You made the same allegation on the Koovs thread.

Can you back this up, or is it another lie of yours?

TalygarnTom
"A lot of talking and not much walking frankly. And as for Mary Turner, well, she might as well be invisible. The sooner they boot her out the better."

Do we have to have an EGM to pass a vote of no confidence in her?

How else can we start the motion/ procedure?

She has let down the company & all shareholders seeing the share price go from 70p to 7.8p.

How she is still in post is beyond me!

I believe that there will now only be two possible outcomes for Koovs, which I think will happen this year.

The first will be Future Group completing the 15p once authorised by RBI. This will give them 29.99%
They can then purchase a few shares on the open market at some point. The takeover panel stipulates once 30% is reached, a cash offer at the previous 12 month high must be made. If done before July 2019, the offer will be circa 27p.
BUT the longer they leave it after July, the cheaper the buyout will become, as the share price rapidly declined after this.

The second scenario will be if the 15p fundraise is not approved by RBI or for whatever reason does not go ahead.
Further fundraising will be too difficult ( took over a year to sort out the last one)
In this scenario, the company will have to be sold off. I suspect that Biyani would be the best suitor.

There isn't a third scenario, where the current management will make Koovs a successful company. History has shown this from the 150p IPO & the way they run the company/ treat retail investors.

Reminds me a lot of demonetisation, where the big boys like Amazon & Myntra could be left with a lot of stock which will eventually find its way into the market at heavy discounts.

Koovs have not commented on FDI, but then again have not commented on anything!

I'm sure that Koovs are already lining up FDI as their next excuse, having flogged demonetisation & GST to death!

So Jambon- you have finally seen what the management of Koovs are all about?

It's crystal clear that they couldn't care less about retail investors.

A few weeks ago I asked other investors if we could pool together a list of questions for management. I was subject to personal attacks, had my posts removed & was suspended.

Because Koovs have diluted shareholders into oblivion, there is no way we will get 10% of holders together- and they know that!

I'm sure that concerns on social media do get back to them- but are all ignored.

Myself & other shareholders did try & meet management with a list of questions, but we were told point blank that they will not meet retail investors, which is quite disguting as we have been very loyal & in every single case, are massively down on our investments.

I suppose an EGM is the only avenue left?

They just give bog standard replies to our concerns, refuse to meet us- so what have we got left?

They are NOT doing anything legally wrong, but could do better in their relationship with shareholders & how they communicate with us.

Where is the invisible CEO Mary Turner who has overseen the shareprice go from 70p to 7.8p

You'd think she would have the courtesy to at least meet up with long suffering retail investors.

Pascha- so where have you heard that that Ruffer LLP are leaving AIM?

Another flambouyant claim?

'2018 is obviously the odd year out'

Funny that! 2018 was an absolute shocking year & they only had the decency to update with two trading statements.

When they were performing better, we had more regular updates.

That tells you all you need to know about this lot!!

Jambon- I suggest that you STOP LYING & leave us to have a sensible discussion.

KOOV
Apology from jambon guys
Fri 11:20

There will be no arguments from me from this day forward.... I promise!!!

The filter has done the world of good to this chat for me... The bashers are history as far as i am concerned....

I am talking about trading updates, nothing else.

Anyway, I thought you had us all on filter & weren't going to argue with anybody.

Do us all a favour & stick to your own advice- us adults are having a sensible conversation. There is no point you getting involved, as you are pretty new to the scene & very naïve.

Yes Koovs do report within AIM rules- the bare minimum of twice a year, but frankly that is not good enough, especially considering with what is going on with the company in recent months.

Emails to the £175k a year CFO just fall on deaf ears with standard responses.

I have addressed my concerns with Future Group too

investorrelations@futureretail.in

https://www.boardeffect.com/blog/vote-of-no-confidence-yea-or-nay/

"Boards take great care in appointing or hiring executives, chairmen, CEO’s and other people who serve in influential positions, as they should. As part of the selection process, they look for leadership qualities such as honesty, communication, commitment, and their ability to inspire progress and positivity."

As TalygarnTom pointed out, the CEO Mary Turner might as well be invisible.

As long suffering shareholders who have been diluted into oblivion & constantly kept in the dark, is there anyway of starting the process of a vote of no confidence in the inept CEO who under her watch has seen the share price go from 70p to 7.6p?

WOW! My sentiments exactly TalygarnTom- but be careful, the last time I criticised Koovs management, I had all my posts removed & was suspended!!

It is abundantly clear that shareholders have been misled with all the big talk & no walk.

Koovs had/ have a chance to update the markets & shareholders with a Q3 update to show if there has been a turnaround, but refuse to thus far. This is shear & utter arrogance towards longer term shareholders.

The £175k a year CFO Robert Pursell also acts as the company secretariat & is the link to shareholders. Surely he must have had a look at the Koovs shareprice performance over the last couple of years & the promises along the way.

I know that many companies act like this on AIM, but is there a body/ organisation that anybody can air their views/ complaints as to how we are being treated?

TalygarnTom- what do you make of the total silence from Peel Hunt (who refuse to answer any emails) & Koovs.

Is this the way to treat shareholders (especially longer term shareholders who are massively down on their investment).

Every single trade today is a sell (even though slightly above the mid price, hence showing up as a blue Buy).