Carpetright Share Discussion Threads

[mcfrm] 13/4/2018 21:25

Nothing adds up other than CPR's incompetence. Please read...

hxxp://www.costar.co.uk/en/assets/news/2018/April/Carpetright-CVA--genuine-distress-or-a-dive-in-the-penalty-box/

[loganair] 13/4/2018 19:16

That's quick, even before officially entering CVA Carpetright has already closed down 11 out of the 92 stores it plans to close.

[butterflycollector] 13/4/2018 19:04

Have heard the Debt is much higher than declared, over £200 mil with Fitters alone owed circa £5 Million, what share issue could cover this? Was also told warehouses showing much higher stock holdings than is actually there. Wonder what an external audit would show

[only who?] 12/4/2018 15:39

All part of Lord Del's grand plan.

[loganair] 12/4/2018 14:14

Carpetright also revealed it had identified a breach of its borrowing criteria and it will ask shareholders to ratify this breach and amend its articles of association to stop such an incident from happening again.

[mark1000] 12/4/2018 13:20

They are leaving current management in place unbelievable - reconstitute as a charity set up to pay DIRECTORS and staff? - my guess and it is a guess is that they are taken private hard to see anyone prepared to shell out much longer on these loosers more likely to fall into the hands of a turnaround specialist sooner or later. Probably wait for the sixty million to be injected then buy it for thirty million LOL.

[only who?] 12/4/2018 12:41

Yeah, a discount of 100% to the current share price

[loganair] 12/4/2018 12:38

Carpetright has a market cap of just £25mln.

Any cash call will need to be offered at a discount to the current price which means it looks like the offer will be some thing like 3 Rights shares for every share currently held thereby vastly increasing the number of shares currently in issue.

[only who?] 12/4/2018 12:31

Switched on TV and first thing I saw was a CPR ad offering usual fantastic bargains. !00% off, I think. Next week could be !50%

[loganair] 12/4/2018 11:19

The details came as Carpetright revealed a breach of its banking arrangements.


A full list of the stores Carpetright plans to close can be found on the BBC web site.


Carpetright also confirmed an investor cash-call to raise around £60 million through a rights issue.

[only who?] 12/4/2018 10:45

Even the statement reads as if it's all over.

[meijiman] 12/4/2018 09:45

all this should have been started a year ago ........sleeping at the wheel springs to mind.

[only who?] 12/4/2018 09:40

So why has share price bounced a bit. Carpets woven from dead cat hair?

[loganair] 12/4/2018 09:10

Carpetright said Thursday it expected to report a small underlying pre-tax loss for the year ending 28 April 2018, and confirmed it finalised the terms of a company voluntary arrangement.

The firm said it plan to close 92 stores on or after 23 September 2018 under the company voluntary arrangement (CVA) proposal.

Carpetright said it had identified 205 sites in the UK that are underperforming and/or on unfavourable lease terms,or “in certain cases, not expected to have significant strategic value to the company going forward”.

These tough but necessary actions will enable us to address the burden of a legacy UK property estate consisting of too many poorly located stores on unsustainable rents and are essential if we are to restore our profitability and deliver a successful turnaround,' the firm said.

Carpetright will seek reduced rent and revised lease terms for the 113 sites it is not closing.

Meanwhile, the group is also expecting to raise £60m through an equity capital raising, using the proceeds to reduce debt and cover the costs associated with the CVA.

"Completion of the CVA and equity financing will enable us to establish an appropriately-sized estate of modernised stores, on economic rents, complemented with a compelling online offer, enabling Carpetright to address the competitive threat from a position of strength.”

[quidzinn] 12/4/2018 09:04

Carpetwrong....

[supercity] 12/4/2018 08:50

No reason to be buying with a £60m equity raise around the corner - it's odds on the shares will be cheaper in the coming weeks

[cryptotrade] 12/4/2018 08:42

I'd not be surprised to see it hit 38p today.

[spob] 12/4/2018 08:22

price now 34p

Mcap 24m