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Asos got in a mess by spending huge amounts on stock which it couldn't shift once covid ended and people shopping in shops again. They've had to discount this stock to get rid and this has obviously eroded margins. Hopefully going forward this stock will have mostly gone and margins improved and company becomes profitable again. Hopefully all goes to plan!
Longfell:
The difference is that shorters are borrowing the shares they do not own from someone else and selling them into the market. The moral question is should you be able to do this? I personally think it would be ok, if they had to disclose who lent them the shares. This would maybe put of these lenders...
Let's hope Frasers are nearing the end of the flight..as per his below quote to the Telegraph earlier this year.
The retail group has been steadily building its holdings in both retailers since it first made a “strategic investment” into Boohoo back in June.
While it has not been officially confirmed, chief executive Michael Murray fuelled takeover speculations late last year when he described the group’s investments into Asos and Boohoo, as well as Currys and AO, as “mid-flight”.
Murray told The Telegraph earlier this month: “All I can do is talk about how it looks very obvious afterwards.
“[Luxury department store] Flannels was an acquisition, and now it seems normal that Flannels is a part of Frasers Group. And Game, you think: why would you buy 30% of Game? Afterwards, it’s all very obvious.”
"The New Shares will be issued in connection with distributions to participants of The Petrofac Performance Share Plan 2014 and The Petrofac Deferred Bonus Plan 2021 and allotted to the Company's Employment Benefit Trust"
It's something they had to do as part of the above 2014 & 2021 share plans. Nothing more to it.