Member Info for Skindle

All very plausible 1GW_ but are you not forgetting that we now have a very strong saleable business now post Kitbag. In my view there are many companies out there who would love to acquire Findel. Sports Direct are just one interest. I think there is more to come with this. Without Toscafund, the game is over, with them on our side we have a chance of realising an offer from other interested parties.

Nothing surprises me anymore with this 1GW_, it would be extremely disappointing were this to be the case though, without Toscafund we have no defence. I was pleased to see your bullish approach over this last couple of days, on the face of it you have made two prudent purchases but with Sports Directs involvement, that may not necessarily be the case. I am still holding, good luck with your investments.

Okay, but who did they swap with ? Is Morgan Stanley friend or foe ? What will it take to move the price up ?

This is totally baffling 1GW_. Sports Direct increased its CFD position from 0.28% to 12.57% which is equivalent to 10,623,787 shares. Over 19,000,000 shares changed hands last Thursday so how is it possible that the donor is exempt from having to file a TR-1.

Here we go again, sliding down the greasy pole !

As I see it the simple solution to this attack on our company is to, by whatever means force our share price up as high as possible if the difference between the value of the two companies on a pre set date is the yardstick by which a bid is confirmed. I am still not convinced that Sports Direct actually want to buy Findel. Why not just take a position equal to 30% of our shares to make a bid obligatory, why stop short ? There must be a method to this but I too am not sufficiently knowledgable of CFD to fully understand. It does appear that yet again we are in the hands of market makers who will continue to kick our share price around like a football. A big concern I have with the suggestion that we could end up with Sports Direct shares is that there is talk of the company being taken private as the owner seems completely incapable of adhering to PLC protocol. There has been recent speculation that the suppressed SPD share price is a consequence of the owner wanting to drive down the value with a view to buying back the 45% he doesn't own at as a low a price as he can get it. Having watched The Night Manager recently on the BBC I can't help thinking that Mr Ashley could be the real Mr Roper (Hugh Lawrie). Imagine working close to that Mr Ashley, even asking whether he would like a cup of tea would involve hedging his answer against a cheese sandwich or a cup cake ! I think I can guess which one he would end up "acquiring" . Someone please save us from this awful company, acquisition by Sports Direct is the worst possible outcome for both employees and shareholders.

As it is only their CFD position that Sports Direct have increased, and not the amount of shares they hold, does that mean there is no seller ? 1GW_ have you any idea what price per share they have agreed for their position ? Do Sports Direct know that a third party is about to make ? Have they taken out a CFD position because there are not enough shares available to buy ? Sorry to hear about the damage to your house Ejackson, I hope you have managed to clear up and repair any damage.

My question is who is the seller ?

I was completely wrong. Sports Direct has increased its holding in Findel to 29.79% ! My apologies.

There was a fat fingered incident when Sports Direct first bought into Findel, is there any connection, or just coincidence ? My hope is that the buyer of the Sports Direct shares, if indeed they have sold some, is a new buyer and not one of the existing major shareholders. All will be revealed in the coming days.

An excellent analysis of the day's events on Thursday 1GW_, but as Ejackson observed, "too much occurred today for any number of scenarios to be viable". I am disappointed that your calculations reveal that Sports Direct could still hold 5,381,000 or 6.2% of Findel shares. I think we were all hoping to see the back of this lot, I hope you're wrong and I will keep my fingers crossed for the expected announcements on Tuesday or Wednesday. Although Toscafund are familiar with taking public companies private, they have never indicated that they want to take Findel private especially as there is now no one at the helm that they can trust as Mr Sugden has decided to step down, unless of course they have someone already lined up to take over of course. So many different scenarios. Finally after four miserable months we can all look forward to better times.

There should be no impact on Sports Direct shareholders, I was merely bringing it the attention of SPD shareholders and posters for your information.

It's looking very likely that Ashley has cashed in his Findel shares, not sure what he paid for his stake in the first place but he held just under 15,000,000. On Thursday over 19,000,000 Findel shares changed hands, a large proportion of them around £1.70 per share. There is certain to be an RNS on Tuesday or Wednesday to confirm the transactions but my guess is that Sports Direct have sold out. After all, Ashley did declare earlier in the week that he needed the cash.

An extraordinary day that took me from the depths of despair to enormous relief. Make no mistake though, we are governed by an extremely astute group of people. I find it very difficult to believe that our board have missed a flawed financial product dating back to 2006 that could now potentially cost the business £10m. I think the story is absolute poppycock and was declared today to persuade certain cash strapped holders into pressing the sell button. I totted up over forty six million shares changing hands today. Sport Direct own (or owned ?) 14,886,000 shares according to their 4th December 2015 RNS, let's hope today's number includes their holding. What's really interesting to me is who our new holder, or holders might be, and is this the beginning of an acquisition. I was very close to pressing the sell button myself today, I really hope my fellow investors, Ejackson and 1GW_ did not sell, as I nearly did. I finally believe we have broken out of that ridiculous stalemate situation and can look forward to some solid share price growth to bring the market cap more in line with the true market value. I wish my fellow investors an enjoyable Easter and look forward with renewed optimism to next weeks news and trading.

I don't think the man is interested in Findel. I think he would dearly love to offload his shares but is reluctant to sell at a loss, that is why we are all enduring this stalemate situation. As he said himself, he needs the cash. Only time will tell but the interviews yesterday might just prove to be a "Ratners" moment in the history of Sports Direct.

I just hope to God that this man does not get his hands on this business. He is an absolute menace and should notbe allowed to hold a position in public office. He has no regard for the strict rules that apply to directors and board members of a PLC. There is no doubt in my mind that the FDL price is where it is today because Ashley owns a lump of our shares. As a response to the one million share sale he made back on the 3rd December 2015 the price was lowered the following day to discourage him from selling any more. It has been held stubbornly below the two hundred pence per share entry point that Ashley paid Tosca and Schroders ever since 4th December 2015. Ashley is now too distracted and challenged to mount a serious bid for Findel, I honestly don't think he wants it anyway. So we are stuck in a stalemate situation that will only resolve itself by someone other than Ashley buying the business from us. That moment can't come soon enough for me as I am sick to death of this virtual suspension.

Very interesting developments over at HRG meanwhile back here at Findel I am providing updated information on forecasts :- Forecasts Year Ending Profit (£m) EPS P/E PEG EPS Grth. Div Yield 31-Mar-16 18.59 21.51p 8.7 n/a -11% n/a 0.0% 31-Mar-17 20.52 23.74p 7.8 0.8 +10% 1.25p 0.7% 31-Mar-18 25.19 29.14p 6.4 0.3 +23% 1.75p 0.9% Trends & Recommendations Current 1 week ago 1 month ago 3 months ago 6 months ago 1 year ago Revenue (£m) 31-Mar-2016 407 407 409 409 498 531 31-Mar-2017 423 423 425 425 518 552 31-Mar-2018 444 444 n/a n/a n/a n/a Earnings 31-Mar-2016 21.51p 21.51p 23.70p 23.70p 23.98p 28.33p 31-Mar-2017 23.74p 23.74p 25.35p 25.35p 27.10p 31.93p 31-Mar-2018 29.14p 29.14p n/a n/a n/a n/a Dividend 31-Mar-2016 n/a n/a n/a n/a n/a 0.62p 31-Mar-2017 1.25p 1.25p 1.25p 1.25p n/a 1.25p 31-Mar-2018 1.75p 1.75p n/a n/a n/a n/a Recommendations Strong Buy 2 2 2 2 1 2 Buy 0 0 0 0 0 0 Neutral 0 0 0 0 0 0 Sell 0 0 0 0 0 0 Strong Sell 0 0 0 0 0 0 No. of Brokers 2 2 2 2 1 2 Not particularly legible but you may notice that the revenue for 2015/16 has been trimmed by a further £2m in the last month or so. No apparent impact on pre tax profit though. Expect the pre closed period trading statement to be released after Easter as the year end falls on Easter Sunday.

Findel plc 16 Mar 2016 07:00:10 Findel PLC RNS Number : 2131S Findel PLC 16 March 2016 16 March 2016 Findel plc (the "Group") Trading Update Capital Reduction At the Annual General Meeting of the Company held on 30 July 2015, a special resolution was passed approving the cancellation of all amounts standing to the credit of the Company's share premium account and capital redemption reserve, along with the reduction of the nominal value of the ordinary share capital of the Company to 10 pence per ordinary share ("Capital Reduction"), subject to the approval of the Court. Pursuant to the approval obtained from shareholders, in order for the Capital Reduction to take effect the required Court approvals had to be obtained. The Company is pleased to announce that, following the approval of the Court and the subsequent registration of the Court order with the Registrar of Companies, the Capital Reduction became effective on 15 March 2016. Enquiries Findel plc David Sugden / Tim Kowalski 0161 303 3465 Tulchan Communications LLP Stephen Malthouse / Giles Kernick 020 7353 4200 Well that is the capital reduction issue dealt with but I am more concerned with the share price reduction issue which is being studiously ignored by our board. At least there is talk of investment into education in today's budget.

The complete silence from the company in the face of a diminishing share price leads me to conclude that Mr Sugden will step down at the month/year end and hopefully make way for someone with a more positive outlook to take the business forward.

Thank you for your views. As a debt free business without those financing costs we have a company producing a margin of something like eight per cent, not forgetting the savings that could be made were it to be acquired by a business with a similar infrastructure.