Member Info for Sm66

Shellie

What an absolute tool.

Fake news, JD has said nothing of the sort.

Loan extension in place, bid coming Tuesday or later tonight.

Rule 9.5 of the takeover code FYI

https://code.thetakeoverpanel.org.uk/tp/rules/rule-9/rule-9-5.html

Noob

My understanding is that if 30% is indeed breached they are obliged to pay the highest the SP has been over the 12 month period, not the highest JD has paid so it should be 116p not 79p also the norm is a 10-20% premium on top.

That’s my understanding, happy to be proved wrong.

And they are in full swing this morning.

It’s comical.

Gary and Scotty the tag team.

I sincerely hope you fail to get into the heads of anybody as your nonsense is nothing more than playground rubbish.

Anyone still holding is very unlikely to bail when we only have 1 trading day to wait.

If JD was walking away, he would have done by now.

It may only be 50p but it may also be 150-300 none of us know but it’s coming and soon.

GLA

Gary

That’s exactly why JD is going to buy the company.

EBITDA expected to be 60m + in the near future, cost cutting is working, he can buy it now relatively cheaply and re-list in a few years. He’ll make a fortune and he knows it. 620m revenue with a 52% margin, once overheads are under control and loss making shops dispensed of, kerching

No CVA required

Can’t blame anyone for thinking the worst last week after the constant deramping and the SP heading down. Those of us that held will be sighing with relief and some justification that we were right (for the time being)

Personally I still believe this will come good. Will there be more games before the 29th? Possibly but I’m not selling a single share until we get a bid. It’s coming, probably!

GLA

Utter tosh Gary

Korea/China IP sold for 50million

India 40million

Currently the Uk market values the company at 24m, pathetic and doesn’t come close. 620m revenue, 40m in savings already on the cards.

I’d imagine if they really were up against the wall they’d sell another IP, say North America which is probably worth north of twice the current Mcap.

No doubt a bid will come in and it’ll have to be sufficient to warn off the likes of Next and anyone else with deep pockets watching and waiting.

I’ve no idea how much the offer will be but I for one think it’s worth waiting 5 more days to find out.

GLA

Exactly, low volume makes it too easy to drop the bid and scare PI’s into selling. Also, Ted baker going into admin seems to have caused a drop! SDRY is not Ted baker, it’s all games IMO. Just gotta ride it out whilst wishing I’d waited to average down. Oh well

Rock8

I’d be very surprised if the board would have entertained him if he didn’t show proof of funding. At least in principle.

My guess is they’re dotting the I’s and crossing the T’s before declaring the offer which will most probably have already have been approved. The only real question is how much?

I’m with fordy on this.

I also think given the low volume and downwards trend that people have become less confident in their investment and taken a hit. Can’t blame anyone for wanting to protect themselves. Just seems a shame so close to the 29th. 6 trading days to wait but if people feel the downward trend means a negative final result, so be it. My feeling is they’ll kick themselves when the bid comes but I could be wrong. I’m sticking out now to the end. 32p average so no other option in my mind.

GLA

Dean

That’s all fair and possible, frankly anything is possible, it’s a matter of what is most likely and I’m in too deep to call it unemotionally, therefore I will defend my decision and support a buyout by JD. He said it, not me!

Also, considering JD is the CEO, I’m fairly confident that he knows what offer will be recommended by the board.

Definitely not the case

If he’d made an offer, the board are obliged to declare it via an RNS

Infact Toffers

I think you owe the board an explanation

Yesterday at 08:09 you said “hold tight I’ve just bought more”

This morning you’re all gloom and doom?

If it helps you, yesterday’s SP action was most likely an opportunity for MM’s to spread a little fear based on Ted baker going into administration. I had a pair of TB boxers once, terrible quality, no wonder they’re bust. Superdry pride themselves on affordable quality. There’s a significant difference and not forgetting TB sold 2 years ago for £211m. Buyers probably sweet stripped it borrowed what they could and threw it away? That’s not what’s happening with SDRY. It’s a management buyout, why? Because he see’s value in the business he built. Last years figures have pushed the market value down beautifully for him and that’s why he’s trying to take it private. I dare say within 4-5 years and some decent financial reports he will re-list. Why not, money plus money =JD isn’t a fool and neither are his advisors, whom ever they are. It’s business, we’re just here short term for the ride.

Oh dear Toffers

What a turnaround you’ve had.

Why so negative, you were chief tamper.

I’m not ramping or guessing numbers, simply justifying my investment and sharing views.

Be gentle

77

I hope I’m right also.

Cheers and all the best

77

Reasonable analysis but the board is supposed to act in the interest of shareholders. Therefore reject any offer that is too low regardless of what the current SP is. Wood group is a good example.

SP WAS 140p, offer made at 220p and rejected as it undervalued the business. Apollo walked away and the SP came back down. Importantly the board rejected. Sad that shareholders are currently down but the long term outlook is positive according to the board. Same with SDRY positive outlook with effective restructuring values the business considerably more than today’s market.

To add to my previous

Once the calculations are complete, the offer will be submitted to the board for approval, I’m guessing that it will then go to a vote either with or without the recommendation of the board. I’d guess JD and his advisers will be calculating whether or not it’s in his interest to breach 30%, clearly he hasn’t yet.

With all that in mind and forecast EBITDA of £64m within a few years, typical valuation of 5X EBITDA would value the business at circa £300m within a few years. Minus any debt of course. It’s a good deal for JD at the right price and that’s what we’re all waiting to find out. Kellet seems convinced enough to purchase 2.7m shares and his average must be mid to high 30’s.

GLA

Steve077

I don’t think it’s that simple.it’s only if JD either on his own or in concert breaches 30% holding that he will be forced to make an offer which must be no less than the highest SP achieved in the past 12 month period.

As it stands, there will be various advisor’s valuing the business taking into account debt, cash, inventory, basically assets vs debt plus future earnings and that’s where it gets interesting as it’s a variable and not a sure thing. The current restructuring will also shed light on the future value, so there are many things at play here not simply 30% on 24p

Bucket man

Interesting choice of words (bottle) personally I’m much better at holding a loss as I am now but weaker when I’m in profit. If MM’s want shares I’d suggest taking it up to high 30’s again. Point blank refuse to believe superdry is only worth £24m.

Ted baker sold 2 years ago for £211m (I seem to remember) superdry is a different beast IMO