Member Info for southcoastbather

Worth remembering how companies fortunes can change....

https://www.theguardian.com/business/2019/jul/27/sports-direct-life-hard-retailers-crisis-ashley-own-making

The company ignore the requisition for an egm from frasers

Everything frasers have done is by the book - if the company won't call the egm themselves with 21 days then frasers can call it within 3 months of the initial letter date, the board have no input into the egm other than to put forward the resolutions to shareholders....

I think the timeline of events will be this...

The company announce a trading update before the 21 day egm deadline...

In the trading update they announce a new CEO, that will be Umar. Currently I think the company will be touting the other large shareholders of the company with this idea to see how it sits with them - if it sits well then frasers will be onto a no win situation at an egm to vote the input of Mike as CEO.

Any trading update will also need to show a workable plan to lower costs i.e selling or disposing of some infrastructure/distribution, also selling the London office and some brands...

If the board don't show the above and just try to input Umar as CEO then I dont believe large holder's will back the plan.... After 3 years of falling revenue they will need to have a concrete forward looking business plan...(is the plan already mid flow????)

If they have done nothing then Mike is Ceo within 10 weeks.

Alex - the free float is half the size it was 18 months ago.... And getting smaller by the week it would seem.... It might not seem significant now bit it could soon.

Umar...rabia.... Employee benefit trust..

There's 2 x calculations for free float....

One is the board and insiders....

Other include large holder's like institutions and mike....

If you do the latter then its a very small free float

Shorts are feeding frasers belly..... Frasers aren't going to return the favour.....

Free float smaller by the day....

Will the kamanis release a trading update and buy bulk the same day??????????

Multiple resolutions....

Resolution one to vote mike in as ceo...

Resolution two to vote for frasers to buy above the 30 percent threshold without the need to make a formal offer....

The Kamanis are under serious pressure here whether they admit it or not.

Just waiting for Hexam to pop back and admit he was wrong.....

It was pretty obvious frasers are in a position to buy.... The clue was in their open letter..... When they specified guesstimate figures for revenue and losses for current trading.... Meaning they are not on the "insiders list" knowing actual figures.....

Everyone keeps mocking Jeremy when he states frasers are buying.... Then out pops an rns.... Every time lol.....

Yes Alex you are correct - every now and then they need a feed...

Probably better for now to focus on the recent developments with values... Debs being worth more than the current group mcap and Karen Millen just shy..... If they're worth that then plt has to be in the region of 500 million.

Boohoo adverts still in full swing at Gatwick Airport - so they are doing something.

Imagine if jet engines could be fuelled by anger... Bon could fuel a full fleet.

Interesting that someone would buy, then leave it 18. months to start commenting daily.... Cuckoo.... Cuckoo.....

There's a lot more that goes on than the market ever hears about, for all we know JL hasn't stepped foot into the office - they will always make it seem amiable on the face of it.

I've no doubt mccabe leaving was explosive in the background

*an EGM vote

1 of 2 things have to happen in the next 3 weeks....

1 - they announce a new ceo that frasers is happy with.

2 - they announce and EGM vote.

JL standing down was no surprise for me, I said there was no way he could stay with another revenue decline announced

I agree Alex - they probably did, but now it hasn't and they have a tough choice to make very soon....

What do you think will happen?

Certainly won't be matching Mikes wealth but I've no doubt they have the ability to pump in 30 - 50 million quid as a family....

Most likely outcome is to be voting on Mahmuds position imo

I wouldn't judge much based on short positions tbh, fund managers have managed to bankrupt whole funds before now with one short position.

Also don't forget - Mike has times this perfectly at a time he knows the Kamanis cannot up their stake due to being in a closed period!!

I would suggest real volatility is probably 2 to 3 weeks away...

Will Mahmud release results sooner rather than later so he can buy more shares before an egm vote??

If posters want to try and help force the matter they should email investor relations requesting the egm vote, also cc in frasers investor relations so its logged both ways.

Mahmud needs to be very careful.... He has fudiciary duties to the company here....

Won't be long and we will be voting on his appointment as chairman....

lets not forget the whole board has been complicit in every decision made...

now we know why mccabe left.... he had different ideas and more than likely voiced it so was booted....

wtf has carol been doing?.joint ceo my ****....