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There is no time on the RNS so technically 12 midnight or even Tuesday before 8am. This deadline is artificial to kill MA.
HK85
I agree to somethings I know it's late in the dying moments you're more likely to compromise both parties as taking over Debenhams will not guarantee full money back.
SH will lose, suppliers and customers will lose.
Nobody will pay a fair price in pre pack to the banks, hedge funds and bond holders.
The only person who will pay or can pay a fair price is MA that's before pre pack.
After selling everything in pre pack they won't get 200m and debts and bond including the emergency 200m takes it to 720m.
So HK if you're holder after prepack what's best option to get more money before prepack or after prepack.
Another thing is when you're a billionaire and you want something you get it and price does not matter. Your ego and pride comes above money so if he is doing legal etc to probably get price down I mean debt hair cut probably that's how you can squeeze atleast I would have thought but I wasn't there in meeting so what do i know.
For me it's a wipe out or money and i think when someone is fighting for his £150 i still have hope maybe its wishful thinking but you never know.
There will be winners and losers in this and I dont know which side of the fence I will be falling.
Thank you for letting us know we didn't know.
What was your capacity Sir in that meeting?
You must have advised MA against DEB bid that's why he's walking away thank you for your help.
You must change the name from always winning to always losing. You have got 1000% characteristic of a loser and a wanker.
I hope you have other important things in life or just pissing people off is your hobby.
I'm sure if MA was to read your comments maybe knock your teeth out with his head what do you think of that?
Have a good weekend and get a life!
I remember being told net debt of £286m is in line of market expectations with RCF of £520m giving them significant headroom and will be renegotiating RCF expires in 2020 before hand as normal practice with companies.
So how did things got so bad they needed 40m bridge loan etc in February so did the CFO mislead the market or misspoke or what was it?
How did MA offered the same 40m in October which they got in February?
I'm sure they got legal advice and I'm not a lawyer but if you're in debt of 286 with 520 facility how do you get more desperate for another 200m selling out the SH?
I'm sure if this goes to court will be interesting hearing the answers.
HK
The SP tells you about the chaos, mess and distress (BOD, SH, STAFF) everyone.
This is what happens when things are mismanaged for years becomes a circus. If you're buying a good asset things are easier to price, negotiate and everything else. When you're buying a distress asset you don't know what value to put the buyer is always trying to go lower and seller wants higher.
If MA wanted to pay higher he could have done it last year he didn't want all the debts etc plus premium SP to pay.
Coming to the point I'm invested nearly 6k which I shouldn't have after reducing my loss to 1800 but I thought I have done well may be I can profit. He has put 150m and he's prepared to leave his 61% SPD to sort this out that tells me he will not let it go now that could be wishful thinking.
Another thing in my eyes Milestone and ODEY are close to MA. In fact ODEY killed DEBS SP and now has direct nearly 9% and hasn't sold until Thursday otherwise would have got RNS on Friday not saying didn't sell on Friday or won't sell on Monday.
My experience with ODEY is when he leaves the stock normally plunges he hasn't left yet so I have hope here that they could work out something that will leave us with something hopefully.
Sadly this place is full of trolls, mug punters and kids who aren't invested and shit stirers wanting panic and chaos.
HK85
I feel a deal can be done how I don't know but he's still in the game he may work out something this isn't bad as HOF so let's hope something positive happens.
He's our Donald Trump from the UK.
Green and MA impossible they have each other. It's like JRM and Corbyn sleeping together.
HK85
As per Bloomberg negotiations are far from agreement now sometimes in business things can turn around quickly if they want to if not everything is impossible.
From my point of view we didn't get RNS apart from Brandes selling 5m shares which in context of their original holdings is nothing or they still hold 44m shares.
I think this 8 April deadline to kill MA and box him up to save BOD jobs. They already have 101m which if they run out within less than 10 days they are unfit to run anything especially if rents were paid.
I think if MA gets close to agreement this deadline can be extended as this deadline is BS.
They would not have concluded refinancing so quickly had MA not requisition to sack all of them that was the dumbest thing you could do think if they have 28 days to schedule a meeting to get sacked who's wants to do it?
If there is no equity then no SH so nobody is getting sacked.
I think MA should offer then hair cut in their debts and pay them off with SPD shares so this doesn't increase debt on SPD just a bit of dilution and if everything goes well in future SPD shares will be worth more.
Pay DEB SH via cash and this is all possible as Moody as downgraded DEB bonds to close to junk and creditors will lose money due to refinancing so if I was negotiating I would say you can only get 300m max if youre lucky including MDN i will pay you x amount in SPD shares you can hold or sell up to you.
I'm sure if they own DEB with these idiots they won't get anything.
Yo People
Just calm down dont shit so much.
YOU WILL BE STILL ALIVE EVEN IF DEBS GO PRE-PACK.
This is a roulette not an investment atleast since we knew they were all ready to screw the SH.
Just calm down dont look at the trading platform if you cant handle it.
Dont leave your verbal diarrhea here...sorry if anybody is offended.
Good Luck calm down have a cup of tea/coffee.
I have used the support form but BOD has completely ignored it. They cannot be voted out until requisition meeting is held and before that date they want to wind up the company.
I don't know how far legal action is an option as anything MA should have gone for injunction to stop them from further damage.
The only real option is bidding for the company and negotiating with hedge funds and bond holders.
Option 2 and 3 is just throw more money and keep doing the same thing and hope for a different outcome.
Another way of saving money is consortium of SPD, Milestone and ODEY (3rd largest SH in SPD) in that way less money to pay put buying stocks not held by these 3 also ODEY and Milestone can buy off the market for 2p as threshold of 30% not yet close but maybe it's too late.
Let's see who's in play as off April 4 notifications (holdings on April 3 2019)
Sports Direct 367,118,823 29.90%
Milestone Res 92,652,075 7.55%
Odey 64,191,357 5.23%
Agg Standard Life 60,334,617 4.91%
Brandes Inv 58,999,300 4.81%
Odey Shorts 96,670,450 7.87%
Odey LF Funds 3.64%
LSV AM 29,643,548 2.41%
Standard Life 17,586,612 1.43%
Invesco 58,491,784 4.76% (Apparently dumped as per media not notified)
Positives to me is ODEY still holding direct stake as he was the one who pulled it from 30p to around 7p. As long as ODEY stays there is a slim chance of SPD bid.
In my eyes option 2 & 3 are not workable as if we did issue shares worth 200m even at 2p that will be extra 10bn shares in issue and that will dilute SPD to around or under 3% and giving away 200m without time limit as subordinated debt there is no chance of getting any of that back.
Above all BOD will be in driving seat and MA wants them out so I think he would rather get 30% wiped out than giving these idiots more money to burn so bid chance more likely than the other 2 options.
Brandes has been dumping from 2m to 17m shares in 1 go only dumped 500k shares on the last attempt I don't know if they know something.
It is still possible stocks were dumped yesterday will or hopefully notified today.
So the combination of any holders above more than 25% and help underwrite shares up to £200m.
I still go by April 8 as the deadline as anything else is wishful thinking.
No hard work smart work, contacts, sometimes screwing employees and others and luck. Donkey work or hard work does not make anyone rich. You need to have a combination of things along the way and most importantly luck.
YY
If you relax then you wont become a billionaire you have to walk and crush so many on your way to the top.
The moment you relax you drop it's not easy that's why there are few if this was easy we would all be billionaires.
Just imagine MA reads that you want him bust he will get your head busted with a headbutt. Just imagine his big bald head smashed on your head. LMAO
YY
HOD - House of Debenhams they will get market share and cost will halve. He would have bullied HoF didnt do it 3 reasons.
1. Private ownership had only 11%
2. Never actually made profit
3. £1bn of debts
Hk85
MA keeping his cards closed he rescued HOF at 4am in the morning.
Probably haggling with the bondholders as their £225m is now junk like the Greece bonds he could get them at 30-40p in a £1 I wont be surprised if they waive their rights and opt for their 5.25% as these BOD will get debenhams bankrupt in 6 months.
RCF has been sold apparently at 40% of face value to the American hedge funds by Barclays, HSBC & Allied Irish as they wont get much out of prepack with just 100m of MDN assets.
Bondholders contracts states they may demand face value of the bonds on change of control. May means negotiable and their position is so vulnerable they will take what is given. Cash is King.
Wont cost them holding it just about the fees etc.
This stock is dead was worth holding it when 30p.
DB
Start writing from tomorrow.
My office cleaner does stocks and as or maybe more knowledgeable than Daniel.
HK85
I'm good mate hope you're well too.
Sadly I'm from financial institutions and hate people lecturing what they have to do with their money when people know the probability of winning and losing.
Some of the stuff you can just Google it. I would respect, admire positively if it's not constant barrage of continuous negativity and calling names.
I hope you're still holding it's not over until it's over. Don't listen to idiots with doom and gloom.
I would have made a run if I was relaying on a poor man to bail me out. Here's loads of billionaire with their stakes (MA 29.9%, ODEY approx 17% including shorts and Milestone 7.55%) they could work as a Consortium believe me when there is a will there is a way!