Member Info for RS2002

You will need to dust off the crystal ball. No one knows what the situation will be concerning macro market headwinds, namely the conflict in Eastern Europe. If that resolves, this is ripe to enjoy the benefits of reduced energy costs and the stranglehold of supply chain being lifted.

The CEO has made the position clear. Sufficient liquidity and credit facilities mean they can now restructure and maintain their course.

I see only upside at this share price and a recovery to 1000p within sight.

LONDON, Oct 19 (Reuters) – British online fashion retailer ASOS is not currently considering an equity issue, its boss said on Wednesday.
ASOS, whose shares have fallen 80% this year, has cash and committed facilities of over 650 million pounds ($734 million).
"We're not thinking about an equity issue...We think this is ample room to manoeuvre," chief executive José Antonio Ramos
Calamonte told Reuters.
He also said he was not concerned by the threat of a takeover bid and was not obsessed with the company's share price. ($1 = 0.8861 pounds)

£21m profit is down but still in black.

I was also pleased to read ASOS have agreed additional financial flexibility through the renegotiation of core banking covenants, with cash and committed facilities of over £650m at year end.

No dilution coming and enough support to face macro market conditions.

Winter will be approaching and a new wardrobe for their peak demographic should see sales up.

Cannabis company shares jumped on the the stock market by around 20% with news of Mr Biden's pardons.

Could we finally see a positive piece of news?

Source: https://www.bbc.com/news/world-us-canada-63166964

Agree with, Penta.

This was a last resort and January 2022, they tried to increase the credit line to no avail.

The Cineplex judgement is the biggest pain in the backside for investors. The appeal is so important.

Cineworld have to over-turn the synergies amount which was the bulk, to Cineplex. I am hopeful that their legal team have had enough time to prepare a suitable case to challenge this and win.

All the best, HNS and good luck with the rest of your investments.

Let us see how the board navigate this phase and we should keep in mind that Israel and Mooky have the concern of the 275m shares for their family trust which means their interests will be aligned to ours, too.

FTH, don't forget the Cineplex appeal due October.

As others have posted, the judgement (despite being un-enforced) denied additional credit from lenders.

It would not be far reaching to say, if the outcome of this appeal is successful, it will have a significant impact on the future of the company and importantly, the negotiations with lenders during this re-structure phase.

*exit

I'm reading positives in the process, which also includes the benefit from an "automatic stay" against any action to litigate or collect a pre-petition claim.

Does this afford temporary immunity to Cineworld and allow them to confidently approach the October appeal with Cineplex and propose two scenarios:

a) We are in Chapter 11 protection - we have some immunity against a claim if we lose the appeal
b) If they win the appeal - they can always exist the Chapter 11 "re-structure"

Mountainous, as long as you did no allow others to influence your decision to buy or sell, regret is a wasted emotion.

I manged to average more at 1.98p but in hindsight, could have averaged down more to drive my average below 13p but everyone is investing or day-trading on their own personal risk appetite.

Cineworld/Regal posted that national cinema day was very successful and I believe that more will want to return as the movie slate improves and outdoor activities begin to wane due to seasonal conditions.

https://twitter.com/RegalMovies/status/1566441005213163522?s=20&t=xILZ-kbol00ghI5PhmFfJA

A lot of onus on one landlord concerning the Trocadero Covid rent arrears appeal. Cineworld felt it had a plausible case to defer rent as it was denied business.

Least we remind ourselves that Cineworld operate 75% of their business and cinemas in the USA where principal landlord, EPR Properties stated:

- Regal is CURRENT on all payments due to EPR Properties as of the filing hereof.
- EPR Properties is NOT in current negotiations with Regal or Cineworld regarding their obligations to EPR Properties.

It is looking likely that we will not see another RNS until 22/09 at which point the presentation will reveal the current position without any fearmongering from the de-rampers and day traders.

Source: https://www.streetinsider.com/Corporate+News/EPR+Properties+%28EPR%29+is+not+in+current+negotiations+with+Regal+or+Cineworld+regarding+their+obligations/20479023.html

Good to hear from you, Mountainous.

I agree, the update due 22/09 will be significant and if there is a future proposal for a rights issue, I would certainly want to subscribe to it if it is available and importantly supports a recovery for the underlying business.

Many have said, 2023/2024 is projected to eclipse 2019, so it would be a great shame if creditors don’t afford a little more leverage and flexibility to Cineworld.

Time will tell.

I have managed to get my average down to 13p. The 1.98p buys really helped so well done to you and others who took advantage of that.

I imagine the rumours and recent announcements must have been more alarming for you, as you saw the whites of Mookys eye when you went to the AGM, so I appreciate you must have been knocked for six.

All we can do is wait and see.

I have accepted the risk vs reward as I am sure others have as well.

Good luck to you and all investors.

I don't believe it will.

I suspect, the market has been notified now that negotiations are taking place with stakeholders that include creditors/lenders.

I believe the next RNS will land 22nd September and Cineworld have advised that they will be accompanied by a results presentation.

Question is, will this results presentation also have some further information concerning what is agreed with creditors, perhaps Cineplex?

Speculative, yes but worth considering.

Eddie is our resident Walter Mitty from Bracknell. I would not pay much attention to what he says. He was previously reported to the FCA for claiming to have inside information on Cineworld.

Did you get a knock on the door, Eddie? Hence the new username?

Keep in mind, AJ that the 3.37% are disclosed who have breached the 0.5% threshold. There could and likely are much more shorts that are residing below that level. Some stating ~11-15% short.

Hexam , you have closed off your statement that "to think it will be easy or that the sp is about to rocket back to 20p, or even 10p, without evidence that they have resolved the immediate issues is just nuts". I strongly disagree with that statement on the basis that so far, Cineworld have officially communicated that they are considering options. When the options were considered, the share price dropped from ~20p to ~12p. It was only when the WSJ leaked that a Chapter 11 was underway that the share price tanked to 1.8p and has since recovered, following Cineworld advising they are "considering all options, which MAY include a Chapter 11/CVA".

For disclosure, I'm a LTH with an average of 13p who is obviously keen to see the share price recover; I don't believe that a recovery back to 10/12p in the short term is unreasonable, up and until Cineworld notify shareholders and the market with more details of which options they elect to go for and if any haircut/dilution takes place, to what percentage.

Until we get something official from Cineworld, we can only speculate however, I am hopeful that the BOD have looked at where they can capital raise and streamline the business.

I too read that mainland Europe was going to be the first region that would be sold off to support their long term ojbectives so I really hope there is truth to that twitter.

Cineworld and Cineworld both have appointed legal teams and it is in their interest (including the lawyers!) to get a deal worked out before they each end up with a nil amount in either market cap or settlement.

Good luck, all.

The appeal is based on challenging the synergies element of the award. As Ian has posted, this was grossly inflated and highly unusual to ask for the entire amount for multiple years projected earnings in a lump sum.

The market will want to see a deduction or reduction of this amount and either a payment instalment or defer of monies in lieu of a convertible bond with a future maturity date to see both parties satisfied.

Time will tell.

You are aware that those indexes are based on market cap. Cine is currently ~£40m market cap so it has been relegated much the same way it was out of the FTSE250.

Read more here: https://www.ftserussell.com/products/indices/uk

There is nothing stopping it re-entering small caps or FTSE250 if it ever sees a recovery.

The reason the SP has reacted is:

a) Cineworld have NOT issued any further announcement to suggest a FIRM OPTION on financing/de-leveraging has been taken - the same options have been tabled which include Chapter 11 in the US and a CVA in the UK per the press leaks. Which will it be? Time will tell.

b) The FT issued a statement saying that the allocation of shares from the Greidinger family had changed and was not reported accurately - the latest Cineworld communication refutes that.

The SP is being fuelled by hopieum and is drawing conclusions of its own, much like it reacted to the rumours of going into administration.