Member Info for Skindle

Certainly positive news but how important it is in relation to a potential offer from Sports Direct is debatable. I am more interested to learn of the identity of our new chairman, again I can't see that this appointment would hinge on this FCA approval today.

Was it advertising sports products from Sports Direct ?

Better late than never. A very positive statement by Findel standards but disappointed to learn that a new chairman has still not finally been confirmed although this would appear to be imminent.

Morning Ejackson. Your optimism inspires me but I am not sure matters are as simple as that. The lack of news flow means we can only surmise but my guess is that there has been some sort of disagreement between our board and major shareholders. The website that our own website refers you to under the share price, Hemscott Group Ltd, or Morningstar as it is known quotes Mr Sugden as chairman but that he no longer owns shares in Findel. This leads me to believe that he is not now in the chair. I think frantic efforts are being made behind the scenes to find a permanent replacement and that person may well be Mr Ashley, despite his apparent commitments elsewhere. Our worst case scenario is that Mr Ashley has taken the chair and that he has installed his side kick Mr Gardner in as NED. Best case scenario is that Mr Shearer or Mr Duddy has been appointed, that half year trading is still in line with expectation and that agreement has been reached with Sports Direct over a supply contract. My hope is that Tosca and Schroders between them can pull off this best case scenario on our behalf. Either way, as shareholders we are entitled to know what is going on as lack of news flow appears to be having a detrimental effect on our recent positive share price movement. The company has to provide a reason for investors to continue buying and the re introduction of a dividend payment would provide a big boost. Our belief that acquisition from elsewhere was imminent would appear to have all but disappeared with Sports Direct raising its position to 29.90%.

Twenty seven weeks to the 30th September 1 GW_.

Mr Sugden is still listed as our chairman on the Morning Star website but it looks like he has sold all of his shares. Surely, if he is still our chairman he has to disclose this information.

I am hoping we might receive a statement as above one day this week. In line with current company policy of not telling any shareholders anything unless absolutely necessary, we did not receive an update at all last year at this time as we had in previous years but the reason for this was probably Sports Direct's massive purchase of shares on the 29th September 2015. If Mr Ashley and friends have taken charge as one website has suggested, maybe this is the tardy behaviour that we are all going to have to get used to.

That doesn't look like a listing error to me Ejackson, unless of course this website is owned and/or operated by Sports Direct. I sincerely hope it is an error and I keep my fingers crossed that Mr Shearer as our new chairman is a possibility. I hadn't realised that Mr Shearer was involved with Mouchel in the past. Our own Mr Sugden was also involved with this company for a while. In fact I found an article that suggested he was chairman but I can't believe it to be true because it lasted less time than Mr Allardices reign as England footy manager. I wonder where these old boys meet up to sort out which one get which job with which company !

If this website is correct then it would be fair to assume that a supply deal has been agreed. The pre close trading statement should be an interesting read next week if it has been written by Mr Ashley. I can't help feeling that small shareholders are being given the 'mushroom' treatment.

I have just looked at the following website. Under the term 'Managers', Messrs Ashley and Gardner have been included as Chairman and director respectively. Do they know something we don't ? http://www.4-traders.com/FINDEL-PLC-12984560/company/

Yes, below is a paragraph from the Findel RNS - This proposal was made by Schroders on behalf of SDI and includes a requirement that Mike Ashley be made chairman of Findel, replacing the outgoing chairman, David Sugden, who has previously announced his intention to step down at the forthcoming AGM. Toscafund have also indicated their support for Mike Ashley's appointment as Chairman.

Maybe, but it wasn't that long ago that Toscafund were said to be in favour of Mr Ashley taking the chair. I admire the tenacity of the fund as they have stuck firmly with Findel since the rights issue. Of all current and previous shareholders, they and Schroders deserve great credit. Let's hope the long overdue appointment of a new chairman will provide renewed belief in the business in the city.

Interesting to read that Toscafund have moved to increase its position again having reduced earlier in the year. That RNS accounts for 946,860 of the shares that have changed hands in the recent past. I look forward to learning more over the coming days.

....resigns. Mr Forsey has been with Sports Direct for thirty two years and will clearly be a big loss to Mr Ashley. With our pre close trading statement due to be released in the next ten days, I am hoping this move at Sports Direct is not linked to our requirement for a replacement chairman.

Your long suffering shareholders have endured another week of zero growth. Whilst we thank you for the stout defence of our business in the growing threat of our largest shareholder Sports Direct, I think I speak on behalf of the majority of your smaller shareholders. Mr Sugden, please step down. Your efforts to defend the business against Sports Direct are acknowledged and appreciated but you have clearly run out of ideas as regards share price growth. You took charge in March 2015 when our share price was at £2.50, eighteen months later we are twenty four per cent lower at £1.90. We are starved of company news and there are no obvious signs that you have attempted to attract interest beyond Sports Direct to counter their threat. We respectfully ask you now to step aside while you still have breath in your body. We require a younger more enthusiastic leader who can grow our share price whilst fending off the interference of our largest shareholder. We as shareholders have suffered over two years of diminution of our investments, this diminution must end. A new face and a new plan will almost certainly bring renewed belief and critically new investment. We thank you for saving our business from almost certain administration but now is your time to move on. I want to see my investment reach its true value and I can't see this growth occurring while you are in the chair. Again, I thank you on behalf of all shareholders in the fantastic turn around job you have carried out. We look forward to the introduction of the new regime.

I'm sure that Mr Ashley is one hell of a sharp deal maker but when he speaks in public or on the television, he comes across to me as a complete b.rke ! You cannot believe that this man who continuously appears to be searching (and failing) to find the correct words to illustrate his meaning is so successful given his apparent ineptitude. The reality that Mr Ashley could possibly be in charge of our business sends shudders through my spine. I have my criticisms of our current regime but these pale into insignificance faced with the prospect of Mr Ashley taking charge. Has anyone thought of asking Steinhoff to consider us as an acquisition possibility ?

I really think that finally, the worst may be behind us. We are on target to meet expected earnings without any supply deal from Sports Direct. A deal with them could push the share price significantly higher. My hope now is that Sports Direct do not make an offer and try to buy us at sub £2.50. I feel that momentum could well take us north of this figure in the next few weeks. We can look forward with much optimism to the six month trading update around the beginning of October. Now would be a good moment to make further investments.

Thank you Ejackson. Do you think this latest move has anything to do with our as yet uninvested Mr Ball given the Home Retail Group connection ?

Interesting news Ejackson and both very worthy candidates but neither has indicated an interest in accepting the position. Is this just another posturing exercise ? I don't think this news is the reason for the buying today. The question must be asked though, why has it taken the company so long to begin making enquiries about a possible replacement chairman ? Mr Sugden announced that he was stepping down back on the 1st February.

This transaction confirms for me that a Sports Direct supply contract is being discussed despite Mr Ashley not being appointed to our board. There is no certainty that agreement will be reached but both sides will realise the importance of agreeing terms. Let's hope that common sense prevails.