Member Info for TalygarnTom

Putney,

From the outside SimplyBe doesn't look like it has worked in any meaningful way and they appear to be in clearance mode.There have been no updates to the offer since it was launched so we will have to see if it continues.Either way I can't see it adding any material value to the company.

It's looking increasingly like Amazon bought Souq.com to simply take them out of the market as they develop their own offer in the region as per this article so potential for Koovs here could be limited going forwards.

https://www.cnbc.com/2019/01/29/amazon-new-middle-east-marketplace-rivals-souq.html

So far as I can remember we have never had any specific updates with regards to the revenue generated at either company.

I looked at this last year. Andrew Muir is a retired chartered accountant that was listed as a Director (possible fund manager) of The Central European Growth Fund Plc which was wound up in 2003. You can find more details from the full accounts pdf dated 19 May here: https://beta.companieshouse.gov.uk/company/02888947/filing-history?page=2

Thanks BigBangs - excellent summary.

Peter Galeta, Interim CEO of @AcaciaMining $ACA, discusses the highlights of 2018 for the Company, including improved performance on gold volumes and a stabilised financial position.

https://www.brrmedia.co.uk/broadcasts/5c6180b0e6e1d92d38f4d4b6/acacia-mining-preliminary-results-2018

Latest statement:

http://www.mermeren.com/investor_relations/2018/en/Comprehensive%20Income%20Statement%2020180930%20En.pdf

I agree with all of the points you make but, having also held since early 2015, I am acutely aware of this company listed on the Macedonian exchange which illustrates what is possible with good management.

http://www.mermeren.com/investor_relations/2018/en/P&L%2020180331%20EN.pdf

http://www.mermeren.com/

https://www.bloomberg.com/quote/MERKO:GA

"Serial underachiever Fox Marble Holdings PLC (LON:FOX) was on the run again on Thursday after a disappointing operational update."

https://www.proactiveinvestors.co.uk/companies/market_reports/214164/fox-marble-on-the-run-as-it-disappoints-again-214164.html

You can access the monthly reports for their funds here: https://www.ruffer.co.uk/funds/latest-fund-prices-and-reports
but this will only highlight their top 10 holdings. They are not obliged to release details of all their holdings. I would think the only other way to check it to look through the shareholder or RNS information for the companies you hold or are looking at.

With thanks to Trebuchet Kid on Twitter I am now clear on this situation thanks to the following correspondence from a member of the Ruffer team which reads as follows:

"Discretionary Investment managers (such as Ruffer LLP) are not required to report on holdings once they have fallen below the threshold of 5%. This exemption also applies to UCITS schemes, Authorised Unit Trusts, Authorised Contractual schemes and ‘recognised schemes’.

Please see this link for details of the rules regarding the disclosure of holdings, in particular the exemptions at DTR 5.1.5."

If you look the rules, this is correct, there is a difference between DTR 5.1.2 & DTR 5.1.5.

https://www.handbook.fca.org.uk/handbook/DTR/5/?view=chapter

Clearly, Ruffer have sold down a large portion of their holding which also supports Pascha's theory that they are selling down all of their AIM holdings as part of a change in their wider investment strategy.

https://in.fashionnetwork.com/news/Myntra-strengthens-kirana-network-across-India,1059471.html#.XFqvjlz7SiM

What is the Koovs strategy?

https://www.mouthshut.com/online-shopping?cid=925153&sort=ReviewCnt

If anybody meets with Chris at an investor show or has any e-mail correspondence with him it would be very useful to encourage him to move away from these narrative updates we have had over the last few years and to try to provide a future format with comparable KPI's or sales by region. It would also be useful to have a clear breakdown of the split between block and cut & polished in each update.

If anybody meets with Chris at an investor show or has any e-mail correspondence with him it would be very useful to encourage him to move away from these narrative updates we have had over the last few years and to try to provide a future format with comparable KPI's or sales by region. It would also be useful to have a clear breakdown of the split between block and cut & polished in each update.

If anybody meets with Chris at an investor show or has any e-mail correspondence with him it would be very useful to encourage him to move away from these narrative updates e have had over the last few years and to try to provide a future format with comparable KPI's or sales by region. It would also be useful to have a clear breakdown of the split between block and cut & polished in each update.

I agree, it looks like something is going to happen in February.

"Barrick could buy out the rest of Acacia that it does not already own, or it could split up the company, among other options, Bristow said in a phone interview with Reuters.

“This conflict has destroyed lots of value. We need to make sure there’s enough value to work out a solution that various interested and affected parties get something that’s fair and proper for them,” he said, adding the company would provide more information in the second week of February."

https://uk.reuters.com/article/barrick-gold-randgold-trading/rpt-new-barrick-eyes-several-options-to-end-tanzania-tax-dispute-ceo-idUKL1N1Z21IJ

Jambon, we all agree with his sentiment but what we really need to see is the delivery. We need to see a well considered plan with measurable KPI's which are consistently beaten on track to the longer term objective. Mary Turner, at our expense, has just been awarded 12,109,688 shares with an option price of just 17.7p. In return this is the strategy she outlined in the interim report. This is not good enough. Any of us could draft this in about 10 mins. If this is the best she can do then she is not the person for the job.

12th December 2018

INTERIM REVIEW

Strategy

Koovs' commercial strategy and goal is to become India's number one western fashion destination, to be delivered through rapid and scalable growth. We will do this by following the strategic objectives detailed in the latest annual report for the year to March 2018 and listed below:

Ø Expand the product range

Ø Engage customers through content

Ø Amplify the brand

Ø Extend distribution

We aim to deliver a seamless, engaging customer experience across web, mobile and tablet through fashion and lifestyle related content.

Furthermore, Koovs aims to be the undisputed affordable western fashion brand for the style-conscious and globally connected twenty-somethings in India through high profile and targeted marketing campaigns across multiple channels in India's major cities.

https://twitter.com/fbb_india/status/1090980521138638848

https://www.indianretailer.com/news/Future-group-to-launch-Brand-Factory-online-in-February-2019.n9154/

https://youtu.be/t8pulykNHME

I think the company has completely failed to engage shareholders.

We all know that Kishore Biyani has the "potential" to transform this business and to create some very strong synergies with FLFL and it may well be that these are taking shape behind the scenes but to date the bottom line is that we have seen very little change to the failed strategy of burning cash on media campaigns, selling low margin merchandise and diluting shareholders.

Alli wrote in his interim report: "With over 400 retail fashion stores across India, FLFL will be a game-changing partner for Koovs with synergies across the value chain from manufacturing and distribution, to marketing and market reach. This new strategic partnership and investment will bring enormous benefits to our customers and partners as well as significant value for all shareholders."

Well I'm sorry Mr Alli but frankly shareholders are not currently seeing any "game-changing" benefits. We are not seeing a roll out of Koovs product in FLFL group stores, we are not seeing any integration with Future Pay, we are not seeing any cost benefits from group manufacturing we are seeing absolutely none of these. All we have seen is the opening of one poxy concession on the upper floor of a mall and enormous, repeated share dilution. Hardly game-changing is it. Furthermore, we are still waiting for the additional funds promised in July last year despite the fact that he has raised $421m for other parts of his family empire.

A lot of talking and not much walking frankly. And as for Mary Turner, well, she might as well be invisible. The sooner they boot her out the better.

Koovs rns'ed on 23rd July 2018 that Ruffer LLP has 19,125,000 shares - correct

Koovs corporate site states 15,625,000 shares- correct

There is also a Koovs RNS dated 9th Aug stating 15,625,000 which reflects the information on Koovs corporate site.

So it looks like Ruffer may have traded a few shares.

What does give me some satisfaction is to look again at all those Director options at 17.7p and 53.5p. http://www.koovs.com/corporate/shareholder-information

Given that we are getting very limited information from Koovs we might assume, that as an institutional holder, Ruffer may have a better understanding of the future plans for the business. As you can see from the following report (page 19) Koovs is a very problematic position for Ruffer given that they were an early holder. For this reason I watch their actions with interest. At the last count I think Ruffer hold 4.39% of the shares.

https://www.ruffer.co.uk/cmsfiles/reports/SICAV/RufferSICAV_semiannual_report_unaudited_15Mar18.pdf