Member Info for Skindle

Thank you Columbo. Compare your view to that of the staff working at Sports Direct in Shirebrook where there is a whiff of zero hours contracts, airport style security, in and out and a meglamaniac owner who has no apparent care or interest in those who work for him. Even more reason why we all need to stick together and vote against a Sports Direct takeover. It must be assumed that there is no interest in the company beyond Sports Direct at the moment given the reverse gear that the share price is currently in. The market makers always seem to know in advance when a positive RNS is about to be released and mark the share price up accordingly. We live in hope ! Well done for your seventeen years service Columbo, you of all of us deserve to make money from your investment.

That's very interesting Columbo, did you meet any of the board of directors and if so, what were they like. Did they have the wherewithal to run a business of this size successfully ? Why did you leave ? Was the salary not good or were the working conditions poor. I would be interested in any information you have about life inside Findel. Thank you.

I remember you knowing someone within Express Gifts who had reported to you that he or she had spotted a Sports Direct entourage being shown around the EG facility. Has your contact noticed any other groups of people being shown around ? If the board are courting interest other than that of Sports Direct, I assume it would be common practice for those interested parties to want to inspect the assets of the business. If anyone else knows of any similar such activity please report your knowledge here.

Using a combination of the FT and Morningstar here is the latest list of shareholders :- Schroders - 17.35% (17.49%) Sports Direct - 17.22% Toscafund - 9.90% River and Mercantile - 5.93% FIL Limited - 5.61% Aberforth - 5.44% Henderson - 4.92% Standard Life - 4.20% Morgan Stanley - 2.99% Old Mutual Global Investors - 2.44% Legal and General - 2.25% M and G Investment - 1.93% Total - 80.18%. Schroders are quoted as two different figures so I have included both but used the lower figure to calculate the total. As regards voting rights, I haven't got a clue as to who holds what !

Do you know Ejackson, I always feel so much brighter after reading your posts. You have made me realise that I have not been able to see the wood for the trees. All along I have feared that Morgan Stanley have been working with Sports Direct but you have made me review this thought process. My conclusion is that you are absolutely right, Morgan Stanley have acted as brokers. It is no coincidence that Morgan Stanley reported a holding at one point recently of 10.10%. Today Toscafund revealed that it had reduced its holding by 10.15%. Someone has bought those shares from Morgan Stanley, so who is it ? We now potentially have two interested parties. Exciting times.

I stand corrected 1GW_. I have now read the takeover code and feel a little more comfortable. The share price reached a twelve month high of £2.5475 on the 28th October 2015. Other conditions of the takeover code would appear to protect us as the small shareholder as well as the twelve month rule. Now Morgan Stanley have reduced back below 3% according to their mid morning declaration. I am absolutely baffled as to their role in this.

It puzzles me why in June last year Toscafund were paying in excess of £2 per share for their increased holdings, yet last week they shed 10% for less than £2 per share. I think Mr Ashley would sell his own family if he was offered an acceptable price 1GW_ so our small investments will mean nothing to him. If he could offer £1 per share and receive majority shareholder approval, I don't think there is anything we can do about it.

Toscafund - 9.90% Morgan Stanley - 4.95% Sports Direct -17.22% FIL Limited - 5.17% Schroders- 17.49% River and Mercantile - 5.93% Aberforth - 5.44% Standard Life - 4.20% Henderson - 4.92% Total - 75.22% Clear as mud !!

Sports Direct itself - 29.79% Morgan Stanley - 7.93% Standard Life - 4.20% FIL Limited - 5.61% Total = 47.53% They are very close to a majority. I don't need to remind you all that achieving majority support would lead to the submission of a ridiculously low bid that the board would be forced to accept by reason of a majority approval. We need Tosca, Schroders, River and Mercantile, Aberforth Partners and Henderson Global Investors to remain supportive of our board to achieve a higher price.

Sports Direct's second largest shareholder now quoted as owning 4.20% of Findel. http://tools.morningstar.co.uk/uk/stockreport/default.aspx?tab=5&vw=own&SecurityToken=0P00007OAT%5d3%5d0%5dE0WWE%24%24ALL&Id=0P00007OAT&ClientFund=0&CurrencyId=GBP

I've read that again several times 1GW_. I read it as the remaining 68,286 is the borrowed element. The rest as I understand it was bought and subsequently sold on. Who to is the intriguing question. I hope we find out on Monday or Tuesday but that is by no means guaranteed. Ejackson, I hope you are well and have sorted out the damage caused by the recent storm. I am missing your views at such a critical time. We need your calm level headed views.

Sorry, didn't read that far down. Agree with you, there should be a a ruling that compels both sides of the transaction to declare positions.

I don't think they borrowed that stock 1GW_, I read that as an outright purchase. Who has bought the stock from Morgan Stanley ? Was it Sports Direct. If so they will have passed the magic holding amount to make an offer obligatory. As we know though PLC rules don't apply to Sports Direct, they operate under the rule of Mr Ashley. The Markit short selling guage at FT has dropped back to low thank heavens.

I came to the same conclusion 1GW_. I have been over it several times and so much just doesn't make any sense. Some positives to be getting on with :- 1) On average, over £1m of gross income per day 2) The board by my calculations still have a majority of support 3) We are as saleable now as we have ever been 4) Many national and international online retailers looking to grow their businesses by acquisition Sports Direct are definitely attacking our share price to spook holders into selling up. They are frustrated that they cannot gain that all important majority. While all this is going on, other interested parties could quite possibly be preparing to bid. I would say that time is moving against Sports Direct and also anyone who has shorted the share. Good luck to all investors, keep the faith.

Less than one hour later Morgan Stanley announces that it has actually bought shares this time. 1,947,635 of them taking their total voting rights up to 10.10%. To be fair to me the transaction apparently took place on the 1st April, so I wasn't completely incorrect. The deal must have been a private arrangement as public records only show just over 26,000 shares changing hands on that day. It looks to me like the seller was Legal and General as they held the same number of shares as the transaction amount. I had Legal and General down as supporters of Sports Direct so this transaction doesn't surprise me but confirms that Morgan Stanley are in support of a Sports Direct bid to take control. With our present incumbents doing nothing to support the share price I am wondering whether we might all be better off allowing Sports Direct to buy the business and sort it out properly. Our current board have promised so much but delivered so little in more recent times. Old, tired and out of ideas. As I said recently, we need acquiring to take us forward, the sooner that happens the better.

The uplift in March must be as a consequence of the Thursday before Easter. When holdings thresholds are crossed, the respective companies only have two or three days to report their changes to the market as I understand it so I don't think we will hear of any further changes to holdings following the excitement of Thursday 24th March. I remain angered by the incompetent silence of our board. Their inaction shrieks of weakness.

At the current rate of diminution since Easter, our investments will be worth zero pence on the 5th May !! I find this situation extremely frustrating that our board, the people we elected to protect and grow our investments sit by and say and do nothing when faced with such an alarming decline. Where will this plunge end ?

Four awful trading sessions saw our value drop by 32 pence or 15.58% since Easter. The percentage of shares held by our ten major holders excluding Sports Direct has dropped from just over 70% to 67.58%. Markit Short Selling Activity is back at medium. Here is the link to this information - http://markets.ft.com/research/Markets/Tearsheets/Business-profile?s=FDL:LSE It would appear that Sports Direct through their influences have control of our share price, how long will it be before they have control of our business ? As regards this week, I am hoping for the best but fearing the worst. It is difficult to calculate how close Sports Direct are to gaining a majority of support. They now have total voting rights of 29.79%, we must assume that Morgan Stanley are going to side with SD so that is another 6.58% and possibly FIL with 5.61%. Legal and General also have a foot in both camps with 2.25% of Findel. I would hope that the rest of the major holders are still in support of our board but I welcome comments on this. I urge all shareholders to keep the faith, we know our true value and have to trust our board to realise that value for us. I am certain that to take the company to the next level, acquisition is our ladder, I am also certain that Sports Direct is not our suitor and shareholders and employees would be worse off under them.

Yes it was from the FT. When I checked earlier today it was medium, but now as you rightly say, it has moved back to low so hopefully that might signal an end to this slide.

On a low, medium high scale, Markit are suggesting that there is medium short selling activity going on with Findel shares. Possibly a reason why the price has been declining. In my experience, when a company is the subject of a possible takeover, the share price normally rises and the predators price falls. We appear to be experiencing the reverse effect currently. We really do need some other interest to rival that of Sports Direct.