The next focusIR Investor Webinar takes places on 14th May with guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
LONDON, Oct 15 (Reuters) - British online fashion retailer ASOS (ASOS.L) is in talks with lenders to amend the terms of its 350 million pound ($391 million) borrowing facility, it said on Saturday.
"ASOS ... confirms that it is in the final stages of agreeing an amendment to the future financial covenants in its revolving credit facility, which matures in July 2024," it said in a statement.
The retailer said the move would give it significantly increased financial flexibility, against an uncertain economic backdrop.
"ASOS retains a strong liquidity position and this is a prudent step in the current environment," it said.
The statement was issued after Sky News reported that ASOS had recently approached its lenders, including Barclays (BARC.L), HSBC (HSBA.L) and Lloyds Banking Group (LLOY.L), to amend its borrowing agreements.
Sky News said the lenders were lining up AlixPartners and law firm Clifford Chance to advise them on an "unfolding situation".
https://www.reuters.com/business/retail-consumer/asos-talks-amend-credit-facility-terms-2022-10-15/?taid=634b2da53457710001b4f841&utm_campaign=trueAnthem:+Trending+Content&utm_medium=trueAnthem&utm_source=twitter
https://www.telegraph.co.uk/business/2022/07/31/time-put-easyjet-misery/
It’s mainly PIs who took the tender offer and Cost Capital as per agreement but expect IIs to hold on to their shares for cash dividend and higher SP in mid to long term.
I’m expecting PIs to be accepted for all most all of their shares in the tender offer
https://twitter.com/zoctopuz/status/1445741605411975168?s=21
FGP’s total value/MC will fall by the amount of distribution but SP will be higher than current price due to the number of shares in circulation will be reduced upon taking the offer.
Also, SP will react and will be closed to the tender offer on the open market.
Most of the PIs including myself will take the offer immediately but IIs will continue to hold for larger gains in long term
I’m expecting an offer price of 105-110p and buy back 37-40% of the company. Most of the PIs will accept the offer while IIs will hold for bigger pay off through takeover bid within a year or two IMO
Alliance News) - FirstGroup PLC's largest individual shareholder has called on the transport company's investors to vote against the proposed sale of its First Student and First Transit assets.
Coast Capital LLC, which owns about a 14% stake in FirstGroup, said the proposed deal "is the result of a suboptimal and incomplete process at an inopportune time". What's more, Coast Capital said "long-suffering shareholders" will receive just 12% of the sales proceeds.
"Coast Capital has already been contacted by many shareholders who express frustration with this deal, and proposed use of proceeds," the New York-based investor said.
"Shareholders are being asked to vote in favour for a negative premium for their most valuable businesses after just 17 days to review, in the absence of a fairness opinion and in the absence of a concrete timetable for the full distribution of proceeds."
FirstGroup agreed a deal in April to sell the assets to Swedish private equity firm EQT AB for up to GBP3.3 billion. The GBP3.3 billion headline enterprise value includes an earnout of up to GBP170 million for First Transit.
FirstGroup shares closed up 1.5% at 80.50 pence each in London on Monday.
Coast Capital added: "Unless this proposal is meaningfully improved, we recommend that all stakeholders repudiate and vote against this flawed and inadequate proposal on 27 May. If an improved deal is not deliverable within the existing construct, the company should retain its key assets and pursue a complete, competitive, and transparent process that looks at a wide range of value creation alternatives with the benefit of schools reopening, a better market and macro backdrop as the pandemic is progressively brought under control."
Be kind idiots like TheShen the lo*ser ??. I always sympathies saddos who had difficulties in life
A new clown on the board. Welcome on board ShenThe****e