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https://www.investegate.co.uk/infrastructure-india--iip-/rns/director-pdmr-shareholding/201904090700175010V/

600k shares.
Average 3.83p

Looking at the news items tonight suggests all the equity engineering by Mike is dead and buried.
If ITV are right then this is a writeoff for all equity holders.
Bond holders convert over 500million of debt to equity after pre-pack.

He is stuck between a rock and a hard place.
Problem is engineering a situation with the equity whereby he can take control to a degree.
The 2.85p offer was probably the best for his and maybe DEBs as a listed entity.
But Bond holders are certainly not prepared for a 150million debt writedown and coupled with the fact no control overall.
But even then huge obstacles to overcome.
The 5p offer does not make sense for him as all debt and lease obligations still there so an additional hit to him.
Couple all with the fact that directors and Bond holders don't look like they want him involved.
Where do you turn to?
Manoeuvring from here looks pretty much dead doesn't it?
For Ashley that is.

https://www.telegraph.co.uk/business/2019/04/07/mike-ashley-issues-scathing-attack-debenhams/

Debenhams set for administration after rejecting Mike Ashley's £150m rescue offer

Debenhams has rejected Mike Ashley's £150m last-ditch offer to rescue the troubled department store, putting it on course for administration in the next 24 hours.

The Sports Direct owner had offered to underwrite a £150m rights issue if he was made chief executive. That would have saved the retailer from a pre-pack administration deal and prevented his 30pc stake in Debenhams being wiped out along with the equity of other shareholders.

After his bid was turned down, Mr Ashley called on the Debenhams board and its lenders to "actively engage in negotiations" and said he was still considering making a £61m cash offer for the retailer, claiming he had until April 22 to do so.

However, with Debenhams...

and we could see a next leg up with new buyers.
The nav is 21p and the current share price around the 4p mark.
So there is upside here.
There is also a lot of illiquidity which will move the share price in either direction very quickly depending on the interest and at what level.
All in all a great today for IIP.

for shareholders that this now looks dead in the water.
Intentions are there for everyone to see and i suspect the value here now is zero for the equity.
I could not envisgae Bond holders being minority shareholders here hence the animosity to MS

sellers are clear then there could be another move up to anywhere between 4.5-6p.
74k just gone in at a premium.

Indeed.
If and that is a big" if" the profits are a mere £3.2million then there will be a huge drop in sp.
In addition the forward looking statements will also guide that as well.
The share price has held well considering those speculative revelations.
We will have to see what is in store. Not a holder but have been in the past.

I wonder whether Paul johnson will look to up his stake at these levels.
Current management need replacing however cash is still around the £1.5mill plus mark versus a market cap of around 600k.

Cool it.
I reckon it will eventually settle around the 6-7p mark.
A discount around 70% to nav.
Traders will be looking to sell their stock bought near the 2p mark

You mean very very illiquid!

Good liquidity is when you can buy and sell easily!

I think you will get some profit taking however i can see this settling around the 6-7p
Funding sorted.

If the article was true or is true then clearly the share price could easily halve or further down from there.
Just have to wait and see and not long to go.
It would be a shocking decline in profits.
Online will always have this huge problem of returns unless policy changes.

I think with the funding sorted there is more interest here now.
Director buying ( and could be more) and big discount to nav plays a huge part.

any more then we could be in the region of 5-6p.
Even then that would be a 75% discount at that level.
Looking at last year it seems funding has been a bit of a blight.
That looks to be sorted now.

I would add that bond holders would also not want to be minority shareholders in the whole process.
Best case would actually be the conversion at 2.85p for all ( not quite the equity side of things) to keep the company going for equity holders.
However to me it still looks too unrealistic hence fireworks coming up either way.

After that director buy there was 10k available at 2.0p.
I think thats gone as well.
More than 90% doscount to nav so clearly upside from here

Well i can buy 10k at 2p.
Hardly anything online.
very illiquid

Director buys.
A few more and this could be 4-5p.
Still a 75% discount to current nav at 5p

Over 90% discount to nav.
No wonder director is buying a few.
It is difficult buying in any quantity which is why 100k rns.