Member Info for putneylad66

Black Diamond "I have invested in Kishore Biyani's companies. He is man of his words. People trust him. The problem here is with Koovs management."

With all due respect, Kishore Biyani is NOT a man of his word. Koovs Investors DO NOT TRUST HIM.

The following proves that he is a liar.

“In addition, as announced on 4 July 2018, FLFL has conditionally agreed to make additional investments to take its ownership up to 29.9% within six months of completion of the equity raise which was launched on 4 July 2018.”

FLFL have clearly NOT fulfilled their side of the legally binding deal.
They have dithered, stalled & missed the March 27th deadline that was given in writing to shareholders.
Because of this, I do NOT trust them.
Kishore Biyani & FLFL are liars who broke the terms of a legally binding document. Koovs just pandered to them because they are weak.
FLFL now have the luxury of hiding behind the RBI ruling regarding 'round tripping'
At this late stage, Koovs needs a new partner that can find funds from outside of India.

Koovs have given Kishore Biyani all year to provide funds. He is lying & not committed.
They should have paid their dues (15p per share) by March 27th, but Koovs have kept covering up for them.
Koovs have given them long enough
Koovs need a new partner.
Mukesh Ambani & Reliance Retail Ltd?
Christian Westphal the new Chief Operating Officer worked for Aditya Birla Group, owners of @AJIOLife

Strange how Christian Westphal suddenly appeared on the scene at the same time that Future Retail & Kishore Biyani started ****ing about.
I’m going to stick my neck out & say that he could be the middle man between Koovs & Aditya Birla Group who absolutely dwarf Future Group
https://www.adityabirla.com/
ABFRL is a part of USD 48.3 billion Aditya Birla Group. With revenue of Rs8,118 cr. spanning retail space of 7.5 million sq.ft. (as on March 31, 2019), it is India's first billion-dollar pure-play fashion powerhouse with an elegant bouquet of leading fashion brands and retail formats
As a fashion conglomerate, ABFRL has a strong network of 2,714 brand stores across 750 cities in the country. It is present across 18000+ multi-brand outlets and 5000+ point of sales in department stores across India.

With Future Retail owning 25% of Koovs, it would have to be a cash offer for all the shares to but out Future Retail who have an average of 10p.
That’ll be £40 Million for the 400 Million shares & another £8 Million odd for Alli’s loan.
Aditya Birla Fashion are looking to add more private labels!

Amazon have already invested Billions into India & have now had their stake in Future Group being given the green light.

Could Kishore Biyani have been waiting for this to complete before committing elsewhere?

Could the RBI now relax some of their FDI rules now that India have released poor GDP figures today that many have also blamed on FDI rules.

Lets not forget that Koovs already have a big connection with Amazon, selling nearly 700 products in the Middle East on the former Souq.com site that was taken out by Amazon.
https://www.amazon.ae/s?k=koovs&ref=nb_sb_noss_1

BD, why would the £250k stop Koovs looking elsewhere?

It has been six weeks since FLFL were told to reapply to the RBI & still nothing has changed.

It is clear that there is now a protracted delay, so other options now have to be looked at. The share price has totally collapsed & Koovs must act NOW as its pretty obvious FLFL cannot fulfil their part of the deal.

Personally, with all the hype last year, I still haven't seen an advantage of having FLFL on board. We have managed three small concessions thus far!

I used to think that FLFL were the be all & end all. Since the tie up, they have been totally unreliable with funding & I don't even believe that Koovs are using their warehouses, logistics etc to gain any real advantage.

Koovs Chairman Waheed Alli needs to get others involved & become the largest shareholder again. I can't see how he can buy FLFL shares.

Forget Blackstone, I understand that Koovs have already met them & they're not able to assist.

It's actually quite embarrassing for Waheed Alli to be at this point, but I believe that there will be a rescue deal announced very soon, now that they have given FLFL every opportunity to honour their deal.

Once this debacle is over, Koovs needs to look at major cost cutting, by getting in a new CFO. The current one Robert Pursell has squandered millions to attain paltry revenues, having not bought a single share himself.

He needs to go as well as his fellow failure CEO Mary Turner. She has been exposed as being totally useless too. These two just didn't learn a thing over the last three years, blaming everything but themselves.

There is plenty of talent in India

What we do know is that Koovs has enough cash until the end of the year.

That doesn't mean that Koovs will wait for then to announce funding.

A placing could take a few weeks to get underway, so I expect there are high level talks happening right now to sort this mess out.

I expect that Koovs have given Biyani (FLFL) a deadline where they just can't wait any longer.
They have already given them 5 weeks.

At the six week point (next week), I expect to hear of alternative funding plans from Koovs, (plan B)

6 weeks for FLFL to sort this mess or alternative mechanisms is more than enough.

I wonder how long Alli will leave this, letting the share price fall before he steps in?

Surely there's a point where Alli will tell Biyani that enough is enough.

Unfortunately, shareholders are collateral damage here whilst these two play this out.

Koovs is doing much better now in India, lets hope a deal is sorted out soon.

TT, please read the message I have sent you elsewhere explaining why I believe that FLFL/ Blackstone have reneged on the deal.

So if this is the case, why did the RBI tell FLFL to reapply & not just say you're not allowed to do this?

Why have they allowed all previous placings inc the £250k one?

Most importantly, why have FLFL not reapplied after over 5 weeks later?

Shareholders want these questions answered.

In effect we are seeing a game of poker between the two Alpha males Kishore Biyani & Lord Waheed Alli with shareholders being caught in the middle.

Just re read all the rns's- they are all directed at Biyani & designed to keep the share price low. Alli is basically telling Biyani that this is all your fault that you are down £9 million in your £10 million investment.

Why would Biyani look at paying via another mechanism when he has had no intention of completing the 'legally binding' deal under the old one.

Alli will drag this out to the wire, unfortunately for us, but at the last minute, I believe he will rescue Koovs in style!

They are using RBI as an excuse. If RBI lifted restrictions tomorrow, do you think FLFL will honour the deal that they themselves have stalled all year? Of course not.

We need £6 million to get us through to the next placing!

The more I think about it, I truly believe that FLFL have pulled out of the deal. They have been messing about with payments all year, missing the March 27th deadline with Koovs CEO Mary Turner & CFO Robert Pursell continuously making excuses for them.
I still don't understand what the £250k part payment was all about??? That was very strange.
Koovs need to forget about raising any future money in India.
It explains why Canaccord Genuity were brought in. Obviously for a placing. Whitman Howard can not go back to clients after the last 15p placing.

I also believe that any new money now coming in will have clauses in it, unless it is all provided by Alli ie Turner & Pursell must go.

Kishore Biyani has inadvertently stitched up Mary Turner, who will walk away with nothing. Her options are worthless.
I expect her resignation very shortly if Alli doesn't stump up all the cash. This is a chance for Alli to once again become the largest shareholder & take control back of the company.
The big spender CFO Robert Pursell will have to go too if Turner goes.

The trading update said it all. There were no comments from individual members of management. It was half heartedly written by a team on its way out. The numbers were good, but sentiment poor.

FLFL have had five weeks to reapply. It takes a couple of days to reapply. They have absolutely no intention of reapplying.

Its about time Koovs management were open, honest & transparent with shareholders.

I'm sure that Koovs are exhausting all options, but the only way Turner & Pursell will remain in post is if Alli puts all the money in himself.

There is no way that any other investor will come on board with these two failures still in post.

For the last few years, I questioned the CFO Robert Pursell on the excessive spending. He has always stated that it was to scale up growth, to create the brand, technology & platform.

They are getting there & I just cannot envisage failure at this point.

If it was going to fail, it would have been last year. They have definitely had the wool pulled over their eyes by FLFL & Biyani.

Do you see a loan or placing for the £6 million?

If I was a major participant in this or future funding, I would DEMAND A CHANGE in the current management. The Chairman needs to cast aside his loyalties towards these two (CEO & CFO) & start acting in the best interests of shareholders for a change.

Tom, I have repeatedly questioned why Koovs has missed its targets year after year, after a promising start.

The CFO has reiterated the same answer time & time again- demonetisation!

The Chairman has been extremely loyal to both the CEO Mary Turner & CFO Robert Pursell.

https://www.huffingtonpost.in/entry/indian-economy-recession-demonetisation-black-money_in_5dc53e34e4b00927b231296c?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvLnVrLw&guce_referrer_sig=AQAAAE0zf-YWHLboBkBKQ03Jl1k28CgLzFPclHbqTLl0gRyZsm8fPU5zG2kxzavAOzggN6c6Cj6ZMAacaSYeuK7-vem2JhlET9knveFyEUXpwYxYatYhDYoOHkPNEhHCv8XNHvNqyaplj6OchD40gLy0L7wbf43MBYi1EWtsODDomEV5

https://www.news18.com/news/india/self-inflicted-wound-on-indian-economy-youth-congress-stages-demonstration-against-demonetisation-2378605.html

Demonetisation along with stict FDI rules are being blamed for the slowdown in the Indian economy.

I do believe that demonetisation was the major setback with Koovs, but poor management & weak negotiating skills against the far more superior & shrewd Indians was also a factor.

It has now been over 5 weeks since FLFL were told to reapply. They still haven't.

Although blaming the RBI, they have messed Koovs about since the beginning of the year when March 27th was the date we were meant to get our 15p funds.

I personally believe that they have defaulted on their payment & that Koovs must look elsewhere now, without jeopardising the relationship with FLFL, as Koovs needs them to move forward in India.

So what now?

Chairman Lord Waheed Alli must be trying to arrange a loan or an emergency placing (which could cause mass dilution).

Moving forwards, forget further fundraising from India- it is nothing but a headache.

A Capital Markets Day will follow to drum up interest.

I really hope that the Directors participate in any future fundraising, especially the CFO Robert Pursell who doesn't own a single share in the company. It's easy blowing £15 million a year with out of control spending when you don't own any of the company.
Compare him to the Cake Box CBOX CFO who bought over £200k of shares yesterday & now owns nearly 10% of the company. That's integrity, loyalty & commitment for you.

Are Koovs even cash conserving?

Why haven't the Board of Directors all suspended their pay?

The following was sent to Koovs today by an activist shareholder

Afternoon
Please see attached item's

I have noticed that the product's on the KOOVS website has been increasing massively, the screen shots attached just show KOOVS own products for women

As you can see one shows just over 1000 items and this is from a month or 2 ago

The other screenshot shows just over 2000 items for today

In my opinion this is not the actions that a company 4 weeks away from administration would be taking, it seems to me that KOOVS must have sorted their funding issue but has not updated the market?

If KOOVS HAVE NOT SORTED THEIR FUNDING ISSUE I WOULD SAY THAT THE COMPANY IS ACTING WITH NEGLIGENCE, I SEE NO SIGN OF CASH CONSERVATION?

I wonder what the new Chief Creative Officer Christian Westphal thinks of all this?

All seems to be running as per normal with Koovs now increasing their own range to over 2000 products, up 50 from yesterday.

There is also a new competition on the ever growing Instagram page.

Just look at Sosander & what quality management can do with quality statements. The last trading statement from Koovs drastically undersold their progress.

Great find Tom! ASOS failed miserably in China & I'm surprised that they haven't made a bigger push into India.

It has been 5 weeks since FLFL were told to reapply & it doesn't look like they have bothered yet. Personally I have no faith in them.

Alli (Chairman) needs to be looking elsewhere now for funds. ASOS or Boohoo are both cash rich. ALLI is worth £212 million & is well connected.

The Telegraph article also stated a £6 million placing, that is small change for Alli & his chums.

I just hope that the inept Directors who have overseen the dramatic fall over the last few years are either heavily involved in the placing, or shown the back door.

Koovs are remaining pretty quiet as they try & sort out funding.

What we do know is what was said to a journalist form The Telegraph a few weeks ago from a source close to the company.

'Lord Alli previously admitted he listed Koovs too soon. But despite suggestions that he could take it private, a source close to the company said the plan was to keep it public and come up with a Plan B if the investment from Future Group does not come through'
"He is pretty firmly behind the business", said another source close to the company. He will keep it running while the financials are being put in place."

Those are the exact words from the article. Let's hope that Plan B will be unleashed soon.....

Anybody looking to invest here, this concise Koovs presentation from a few months ago should help.
Talks about Koovs & India in great detail.

https://www.koovs.com/corporate/wp-content/uploads/2019/07/KOOVS_Investor_Presentation_July_2019.pdf

A placing will be a last resort if it happens IF RBI keep delaying authorisation of FLFL funding at 28.36p (a small part of which has already been received).
Koovs are looking at other options too. Chairman Lord Waheed Alli has provided loans in the past (He is worth £212 million).