Member Info for southcoastbather

Alex there are probably a lot of staff who have purchased shares for their future - it wasn't long ago that staff were complaining about the whole management team being in Turkey on holiday... Its definitely not just private shareholders that have had enough...

That ISS thing today was an attempt to make shareholders think institutional investors will vote against "the Mikes".... But im not so sure this is the case

Paulie that may get some initial spikes, although I'd rather see performance improvement and the related rise in sp for the longer term.... Doesn't bother me if its 1,2 or 5 years tbh

It seems like they (Mikes) believe boohoo is a good company that has just had poor management over the last 3 years..... I don't think anyone can argue with both points tbh....

I was really hoping to hear something from the company in the lead up to this vote....

Im sick to death of hearing -

"The Board has a credible plan to unlock and maximise value for the benefit of all Shareholders through its Business Review and in Dan Finley has the right CEO to lead the business"

We know H1 losses this year are bigger than H1 losses last year - imagine if H2 losses this year are bigger than H2 last year?!

I've seen nothing of the 130 million cost saving that JL was rattling on about for over a year.

Imagine, all of their own internal problems but they then waste time and money messing about with Revb...

Ill tell you one thing, frasers as a company are in a much better position to be forcing a board take over here than boohoo were when forcing the takeover at revb.

Interesting to note he didn't want boohoo to become "another Debenhams"

He's right as well... Boohoo as a Group is in danger of becoming another debenhams...

Sadly no Alex - no doubt they are on here though...

It could just be a load of old pony....

If it was genuine it sounds like who ever it was wanted JL out....

Approaches....

https://x.com/theboohoorider/status/1866148360408748232

Every board member that signed the agreement to the horrendous bonus scheme is still sat on the board..

The same nomad that signed and recommended the bonus is still in post..

The same remuneration committee is still in place also..

What is Carol currently doing within the business for her fat salary??

Why has it taken 3 years to realise a strategic review is needed?

If you look back through the rns's you will see that actually did review some of the brands and labels and it didn't work.... One minute its core brands, next minute its youth brands then is labels - They just pick and choose the best labels and brands each year for the trading updates... The rest gets swept under the carpet.

"The board was unanimous in supporting Finley’s appointment, citing his experience leading Debenhams and his leadership skills as integral to driving Boohoo’s strategy forward."

Taken from today's news article - it kind of highlights the problem!?

When are th boohoo board ever not unanimous for what the kamanis want?

160 million losses but stil unanimous in trying to take a bonus!!

Nomad, remuneration committee, chairman etc etc all need changing for fresh "unkamanid" meat!

Yeh I know.

Im sorry parsnip - I figured the open letter might be more useful than your daily ramblings of the sp falling 0.003 percent.

My commitment to greater transparency and shareholder consultation should put

any concerns to rest. I am also willing to agree that, for as long as I am a director of

boohoo, I will not provide any confidential information about boohoo to Frasers, take on

any board position at Frasers, discuss boohoo or its business with Frasers, or accept any

board position at any competitor to boohoo.

My message to you is simple: my sole motivation is helping boohoo and its

shareholders achieve a better future and prevent any dishonest profiteering off the

boohoo shareholders.

Judge me by my actions, my experience, and my commitment to delivering results.

Boohoo shareholders deserve transparency, decisive action and real results – not

more excuses.

Yours faithfully,

Mike Ashley

8 December 2024

Dear Long-Suffering boohoo Shareholders,

In less than two weeks, you’ll have the chance to confront the boohoo board, look them

in the eye, and demand an answer to this question: What has the board been doing to

create such a catastrophic mess of your company, driving the share price down by

90% in five years? That’s not bad luck; that’s gross mismanagement. Shareholders have

every right to feel angry and frustrated.

When I look at boohoo, I see brands that are underperforming and no clear strategy to

halt the decline. I see panic-driven mismanagement resulting in reckless decisions

that are obliterating shareholder value and jeopardising the company’s future. The

recent game of musical chairs – appointing Dan Finley as CEO, Mahmud Kamani as

Executive Vice Chairman and Tim Morris as Chairman – is the epitome of chaos, a

desperate attempt to mask dysfunction at the top.

But boohoo is not beyond saving. As a board member, I would bring the fresh ideas,

constructive support, and the much-needed accountability boohoo desperately needs.

During my time at Frasers, I built one of the most successful multi-brand retail portfolios.

I know how to identify growth opportunities, execute effective strategies and steer

businesses back to profitability. Boohoo is in desperate need of the guidance I can

provide.

When I met with Dan Finley last week, we discussed a number of opportunities,

particularly around Debenhams, and we both agreed on the enormous potential to scale

that brand. I’m excited at the prospect of working collaboratively with Dan to turn around

the group.

Critical to that turnaround will be avoiding a fire sale of assets at knockdown prices.

Debenhams should not be sold and if any other non-core asset sales are deemed

necessary, I will insist on a rigorous process to maximise value, with independent

advisors and shareholder consultation before any decisions are made.

I also want to explore the options for more cost-effective and sustainable financing. I

have assurances from Frasers, as the major shareholder, that they are committed to

supporting these efforts, something I understand was also reiterated to Tim Morris,

boohoo’s new Chairman, by Frasers last week. This commitment will avoid the need for

a fire sale of assets.

Let’s be honest: the board isn’t questioning my ability or track record. Instead, they’re

resorting to distractions, raising conflict concerns and painting me as a threat. It’s a weak

and self-serving defence driven by an egotistical founder who has an unhealthy grip on

the board, and one designed to play on fear and protect the status quo.

My commitment to greater transparency and shareholder consultation should put

any concerns to rest. I am also willing to agree that, for as long as I am a director of

boohoo, I will not provide any confidential information about boohoo to Frasers, take on

any board position at Fra

Ian - I know about as much as you...

There is the conference call today with frasers at 2.30, and while typing this comment I have received an email to say there is a new letter from Mike Ashley to shareholders.

If I'm honest this recommendation today has really plssed me off

Bf - please can you copy and paste the credible plan please?

Since the strategic review started to unleash this credible plan, I have been diluted 10 percent to pay off a loan facility I was unaware needed paying off and that's it.

Nothing else has happened.

I've some questions for ISS

Where were they when the share price started tanking from 400p?

Where were they when John Lyttle was destroying the business?

Where were they when the company cash balance were from plus 480 million to minus 150 million?

Where were they when management were taking undeserved bonuses?

Where were they when the company over paid for plt?

Have they seen the "credible plan" that boohoo have now mentioned in 6 rns's without so much as a hint of the plan?

Where were they when the company sat in silence telling private holders nothing of the horror show that was really going on?

Do they cover my investment if I vote in favour of their recommendation?

Who the actual F are they?

Standard practice... Ask for more and settle for less.... Both ego's need to calm down

Yes fed its very positive...

Looks like Mike had to push for more than what he really wanted in order to scare the current board into surrendering their ego's a little bit.... The market needs much more of this.

What's really interesting is Mike has met with Dan....

They ignored and blocked Mike in the lead up to the egm.... Has Mike applied enough pressure that things are now moving to mutually benefitial working agreement for everyone....

Bf - It seems like Mike is just telling the truth..

Management here need to accept responsibility for the wasting of 600 - 700 million pounds

Alex - it's safe to say that Mike will have a lot more contacts than any doofers in this chat, I would guess he has heard a lot through his contacts hence the letter informing all directors of their duties and the threat of legal action should any assets be sold cheap.

Lets not forget that the same advisors that signed off the bonus scheme earlier this year, they were the same advisors that oversaw the valuation of pretty little thing which was so say sold and bought at arms length. (look at the state of plt now)

The board just never tell the truth here do they - why have they just raised cash to pay off some of the below?? They failed to tell us just how short the repayments were - Frasers had already told us the loan was a terrible deal and they were right.

"boohoo Group has agreed a new £222m debt facility (the "Facility") with a consortium of its existing relationship banking group. The Facility compromises of a £125m revolving credit facility that runs to October 2026 and a £97m term loan that is repayable by August 2025. The cost of the facilities are compounded SONIA plus a margin of around 400 bps and reduces the overall interest payable by the Group."

Why have we heard nothing on the below statement?

No brand sales?

No property sales?

No nothing.

" Separately, given the transformation of the Group, the Board of Directors of boohoo Group (the "Board") have decided to undertake a review of options for each division to unlock and maximise shareholder value."

Why haven't they stopped the rot on the core brands?

" The Board believes that the Group remains fundamentally undervalued following the developments of recent years, which have created a business with five core brands, addressing a diverse global customer base:"

Has anyone here seen anything in the results that suggest this business will turn around in the next 18 months??

Becase that's about how long the money will last if we're lucky.

Go and take a looknat quiz - they announced a strategic review 6 months ago to turn the business around, they also put a new ceo in place at that time (a ceo from within the business) they now announce they are running out of money in q1 of 2025.... It all sounds a bit familiar. That said their revenues were falling at only 8 percent and not 17!