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Bid not big!

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I believe it doesn’t apply as long as he is below 30% at time of big.

If he went above 30% it would be school boy error.

It has to have board approval to mean much given it’s a notion management buy out?

If he needs more time it will be granted before Friday but it’s been presented to the BODs he won’t leave any announcement until that late.

It would be ludicrous to leave it until Friday as it’s not a completive bidding situation.

Unlikely but frankly irrelevant.

JD will need substantial financing to invest in Superdry going forward.

Not even sure he will bother to reach 30% before bidding.

This situation is very different from all the situations mentioned.

In this case the wealthy CEO/founder and largest shareholder has announced via RNS that he is trying to pull together a bid to take the company private.

I believe that makes it pretty certain that he will make a bid - 80%+ certain.

Given he is the current CEO and founder, I believe the bid he tables will be acceptable to the board to recommend to shareholders.

Next we have to see if anyone else makes a counter offer?

Without a counter offer I believe we are likely to see 70-90p but happy if it’s higher?

Best scenario is a counter offer but that’s only 20% likely in my view but happy to be proved wrong.

Shorts down to 32%

AQX exchange trading at 35.9p bid 36p offer.

As usual tighter than lse

In fact looking at L3 most shares are traded and offered on CHIX, BATS and AQX exchanges and not the LSE anyway.

AT trades are trades through the LSE electronic book.

No one or very few traders have chosen to trade it that was for quite a few days.

It’s unusual but there are very few shares available and I assume the brokers are holding most of them so it’s mostly off book.

Sorry days not dates

HL trade this off book through a broker.

As such they have many many dates before they have to book it at lse and could even combine it with others as an amalgamated trade.

All totally legal

Still high at 34%

Utter fools IMHO

More than likely as it’s not very big and untouched for a while

They could be holding the short to cover a client’s long position

Sorry can’t post in full as too big for this BB.

Try googling but likely behind paywall

Positive article but nothing new

Talks begin over Superdry sale

American investment firm Davidson Kempner pursues take-private deal for high street fashion chain

Superdry warned last year that there was a “material uncertainty” about its ability to stay afloat as it swung to a loss of £148.1 million

Superdry warned last year that there was a “material uncertainty” about its ability to stay afloat as it swung to a loss of £148.1 million

ALAMY

Helen Cahill

Tuesday February 20 2024, 5.32pm, The Times

An American investment firm has begun talks over a potential takeover of Superdry, the struggling high street fashion chain.

City investors immediately welcomed news of a deal that would take Superdry off the stock market and into private hands, sending its shares up sharply by 17.4 per cent, or 5¾p, to 39½p.

Davidson Kempner, the New York-based firm, is in discussions with Julian Dunkerton, the co-founder of Superdry. Those talks are in their preliminary stages and a deal is not guaranteed, according to Sky News.

The investor previously has backed several other British retailers, including Jojo Maman Bébé, Oak Furnitureland and New Look. Dunkerton, 58, is said also to be in talks with Rcapital and Gordon Brothers over a possible rescue for Superdry.

IG PIs still horrendously short at 35% vs mkt FCA only 0.79%

Only people trading this are PIs

Shorts beware as never ends well.

IG PI shorts down from 40 to 38%.

Maybe too late?

Although 5% at IG is quite high against IG norms so BBs/PIs will be in pain.

Might get a positive here on the back of it?

Let’s hope so.