Member Info for southcoastbather

It seems like people have arrived at the choice being one of 2 options

Option 1 - keep the current board, and every thing will be rosey while we have a pint in the Winchester and wait for it all to blow over.

Option 2 - choose the Mikes and the company will fold.

As it stands I have seen nothing from current management to suggest things will change moving forward -

Revenues are still falling

Losses are still growing

The new chairman is a friend from within

The new ceo is a friend from within

Remuneration committee remains unchanged

Nomad remains unchanged

No change in strategy

Bonus scheme remains unchanged

What out of the above should give me confidence that current management are going to turn things around?

Since announcing a strategic review, that was so say going to include selling property and extract value from the disposal of labels or brands, I've seen nothing of the sort

All they have done is to raise cash and dilute me by 10 percent.

If nothing changes here the company will be toast in 18 months as far as we are concerned.

It almost feels like the Kamanis and Mike are fighting over what they know is a company destined to fail, they have just started fighting before the bell.

Unless someone here can tell me the rabbit that is being pulled out of the hat to magically make this company profitable??

Before anyone yaps on about an agenda, my holding here is up there with the biggest private holders. (that being said It's on my mind to move it to Asos)

I really do get annoyed when thinking about the bonus catastrophe earlier this year...

They knew how bad things were but were still convinced they could take bonuses with no objection.

Thats a real sticking point for me.

"The Group previously announced, on 29 August 2024, that Tarak Ramzan, the Company's founder and largest shareholder, has offered to provide a £1.0 million loan facility to provide additional liquidity headroom for working capital purposes (the "Majority Shareholder Loan"). The agreement in relation to the Majority Shareholder Loan remains outstanding and is subject to approval from the provider of the Company's banking facilities."

Positioning himself as a creditor so he gets his fair share of the business when it folds... Nothing more than the bare minimum to allow him access to the administration process to pinch it from shareholders.

Not invested here but have seen this all before...

What ever people's view, id like to think everyone is in agreement that this was NEEDED!!

Directors need to understand that they don't make all the decisions - there are shareholders.

I wish this happened a lot more in the market.

The Karen millen performance alone was enough to sack John Lyttle - 140 million revenue down to 20 odd ffs! Shambles.

This company needs a fresh board member, not necessarily a CEO but definitely a completely independent board member. I don't believe that it is even debatable to say otherwise.

Jogger - when the board of directors came to the market asking for bonuses earlier this year, they were backed by all of their nomad advisers and the remuneration committee - not one single person stopped to think hang on were taking the plss here asking for bonuses after 3 years of complete failures.

The company have had 2 opportunities to bring in fresh blood but instead they chose to install a ceo from within the group - a ceo that has never ran a listed company or ran a company in financial difficulties.

They then chose to install a new chairman that had sat on the remuneration committee - the same committee that aggreed bonuses were deserved.

I spoke to the nomad about why the bonuses were cancelled - he stated that management had seen how many votes were coming in against the scheme so chose to back down.

John Lyttle has been a complete and utter failure - he has achieved nothing for this company besides wasting hundreds of millions of pounds and inflicting 90 percent losses on investors - all while not buying or owning a single share. When he was gifted shares he sold them all immediately like they were steaming hot manure.

Or do you believe the bonuses were deserved?

"I did laugh at Lyttle claiming that is why he left? I suspect he left because the new strategy meant his get rich quick incentive package would be scrapped."

So the company are saying that it took undercover surveillance to make John Lyttle leave, and not the 90 percent plunge in share price combined with the wasting of 700 million pounds.

Even more reason the board needs an independent director chosen by shareholders...

Emails out today - you need to register your phone number that you want to attend the meeting on.

Ojogger I'll clarify for you - if I had joined a company and cost people billions of pounds then yes I would be looking over my shoulder for the rest of my life.

Yes ocean exactly - the high street is in decline, and the shops that do remain are turning into eateries etc... Not clothing stores.

It's hardly surprising that high streets are in further decline with silly congestion charges and expensive parking.

Yes some of the bigger companies are still doing ok as there will always be an element of high street shoppers, but that number is falling every single year. (that said there was a brief love affair post covid)

To argue the high streets aren't in decline ludicrous.

Algo - the highstreet is shrinking by the year - that is a fact... How ever many variables you try throw into the mix.

Take a little look at the bigger high street picture....

38 shops per day are closing....

Algo....

"It comes as high street retailers have suffered their worst sales performance since the pandemic as pre-Christmas discounts failed to encourage spending, a report found earlier this week"

Fashion chain owned by H&M is to close all of its stores in fresh blow to the British high street

https://www.dailymail.co.uk/news/article-14156993/Fashion-chain-Monki-close-stores-British-high-street.html?ito=native_share_article-nativemenubutton

Its always baffled me this whole thing with expecting someone to call out manipulation both ways...

If you own a share that you think is worth say 40p, but you believe it has been manipulated down to 30p - why would you call manipulation if it heads back towards 40p where you believe it should be??

Funny old world.

*life

Anyone that thinks there would be a mutiny upon the appointment of Mike as ceo is wrong - you seriously think that this over paid board of directors can get the same benefits elsewhere?! No chance.

I also can't believe that anyone here doesn't believe there needs to be one of the 2 Mikes on the board - 4 years of bad choices and 700 million quid spent tells you all you need to know.... CHANGE is needed.

2 new roles have been created in as many months and both roles have gone to insiders ffs.... They had the opportunity to get a great independent chairman in and show they were ready for change - but no, they install one of their buddies instead.

Lets not forget they still haven't even addressed their recent bonus schemes!! Upon asking shareholders to vote they they were met with some opposition, they said they would mull on the narrow victory - then what happens? They come back trying to take even more bonuses but thankfully they were shot down dead this time! (They should be paying back the last 3 years bonuses)

Im very interested to see what frasers have to say on the phone call - as of now I will be voting for one Mike at least.

Carols purchase highlighted there will be no update.

"The close period is also known as a blackout period. It's customary for companies to initiate the close period 30 days before releasing quarterly information and 60 days before annual results"

Ocean - you can vote for both Mikes or 1 Mike.... Or no Mikes....

Dont forget if Mike hadn't stuck his oar in, the board would have walked away with another 3 million quid in bonuses for complete failure last year... They didn't give a flying sausage about what we thought.

We just need one independent seat on the board.... Over the last 3 years it has be proven time and time again that there are too many buddies on this board of directors....

Don't be fooled by the recent communications.