Member Info for southcoastbather

Frasers buying at asos...

Mike cashley might be making a move to buy the debt....

Its quite funny that one of the long standing troll conspiracy theories was that Mike and the Kamanis were working in concert to buy the business on the cheap..... You do realise how thick that was?? They seem to have swept that idea under the carpet lol.....

The new theory seems to be that Mike will let the sp rise and then dump 300 million shares in one go..... I mean come on!! Even more thick than the previous idea.!.!

Slight contradiction there???....

Proactively, and with the Group's corporate governance framework squarely in mind, Mahmud Kamani, boohoo's other major shareholder (who, together with his family and related family trusts, is interested in approximately 23.21% of the Company's issued share capital) has confirmed that he has no intention to make an offer for boohoo and will provide the Board with the same assurances it is seeking from Frasers once Frasers have agreed to provide them.

------------

Takeover Code

The statement from Mahmud Kamani that he has no intention to make an offer for boohoo is a statement to which Rule 2.8 of the Code applies.

Under Note 2 on Rule 2.8 of the Code, Mahmud Kamani and any person(s) acting in concert with him, reserve the right to make or participate in an offer or possible offer for boohoo and/or take any other action which would otherwise be restricted under Rule 2.8 of the Code within six months of the date of this announcement in the following circumstances:

a) with the agreement of the Board;

b) following the announcement of a firm intention to make an offer for boohoo by or on behalf of a third party;

c) following the announcement by boohoo of a Rule 9 waiver proposal (as described in Note 1 of the Notes on Dispensations from Rule 9 of the Code) or a reverse takeover (as defined in the Code); or

d) where the Panel on Takeovers and Mergers has determined that there has been a material change of circumstances.

I suspect we are going to see guidance of debenhams alone to be doing gmv of 1.2 billion in the next 12 months....

Ld - that will never happen. Frasers would be held accountable for blatant market abuse immediately.

When you realise the Kamanis had over a billion pound on the line here you will also realise that John Lyttle didn't make a single decision here....

Frasers may still force an EGM

I don't recall Mahmud and Niel Catto having to agree to all those terms when they thrust Neil onto the board at revb....

Is revb not a competitor of boohoo and vice versa??...

Just get the egm arranged and let shareholders decide who the ceo is....

There's some very strange requests.... Some requests that would actually make it blatantly obvious full value might not be achieved if the company was to sell assets....

Did i also read that Mahmud wouldn't make an offer for the company? .... But failed to mention brands....

Interestingly when I sat and spoke to Mahmud at the agm he did say his family had lost a billion quid.... Which rings true with the percentage owned by the family....

Reardon - I don't understand how frasers are trying to nick anything? They are asking for full independent valuations on anything being sold by the company, plus shareholders approval... Sounds like they want a fair price paid for anything including properties.

Problem with m&s is they are only back to where the sp was 30 years ago.....

Https://www.financial-news.co.uk/frasers-groups-critique-of-boohoos-strategic-moves/

THE PROBLEM

Boohoo is facing a critical leadership crisis, having suffered huge value destruction under the current Board and management – the share price is down ~90pc from its highs in 2020. Boohoo needs the best leadership with the experience and expertise to return it to growth.

THE SOLUTION

There is no stronger individual for boohoo's CEO than Mike Ashley. He has a proven track record in the retail sector and can assume the role with immediate effect. Mike Lennon, a restructuring professional with a wealth of retail sector experience, is ideally placed to support Mike Ashley in taking boohoo in a new and positive direction.

In addition, it is critical that the Board publicly confirms that boohoo do will not make any disposals of its assets without prior shareholder approval and without the Board having sought and published the opinion of an independent global adviser / investment bank that the terms are fair and reasonable and in the best interests of boohoo’s shareholders.

Kamanis trying to stone wall frasers....

Probably wise for Mahmud to check his bank balance vs that of Mike....

Then go and check the fudiciary duties of a chairman....

Then remember this is a company built on shareholders money....

Quaker - spot on, sometimes these city directors need a reminder that they can be held personally liable when they don't act in the best interests of the company they oversee... Fudiciary duties are very important... Even Mahmud has fudiciary duties being the chairman...

They are playing with a billionaire here that knows the rules....

Https://frasers-cms.netlify.app//assets//files/financials/open-letter-to-boohoo-board.pdf

https://frasers-cms.netlify.app//assets//files/financials/new-document.pdf

In light of this situation, Frasers has established a dedicated website so that all boohoo

shareholders can easily access all relevant information and materials with regards to Frasers’

solution to boohoo’s leadership crisis: www.boohoodeservesbetter.com. This will be available

shortly.

Yours sincerely

Directors being reminded of their fiduciary duties....

"We remind each member of the Board to carefully consider their legal and regulatory duties,

in particular their duty to act honestly and in good faith in the way most likely to promote the

success of the company for the benefit of its members as a whole. We also remind them of their

duty to act fairly as between shareholders. Any disposal of boohoo’s assets in breach of these

duties, including any disposal that may occur at an undervalue and/or potentially to related

parties of Mr. Kamani, could expose the directors to personal liability to boohoo, and Frasers

and other shareholders would be forced to consider our legal rights of redress.

In particular, we ask each of the non-executive directors on the Board, namely Alistair

McGeorge, John Goold, Tim Morris, Kirsty Britz and Iain McDonald to consider their personal

duties. If it turns out that they have breached those duties, Frasers will not hesitate to push for

legal action against them personally."

Alex i suspect they will not only scrap that rule, but also implement a whopping great tax on top to trump it off!!