Carpetright Share Discussion Threads

[diku] 30/11/2019 09:06

Most important is the insiders keep their jobs whoever the bidder is and how low the bid...is that how it works...

[skrr223] 30/11/2019 09:01

Also worth remembering that the shareholder loan of £26m is unsecured and ranks just one notch above equity in seniority, so the hedgefund will lose that too.

[skrr223] 30/11/2019 07:09

The hedge fund will be taking a HUGE gamble to call in the loans given they also have 29.9% equity. Interested third parties could easily outbid them to buy the business from the administrators, then the hedge fund loses all their equity and just get debt paid back to them with little upside and will have also lost out on the business.

[butterflycollector] 29/11/2019 21:21

If they don’t do deal by year end, the company becomes insolvent, can’t pay Debt, Meditor can foreclose and asset strip regardless

[skrr223] 29/11/2019 05:25

Nothing is done yet. Any higher bid from a third party triggers an invalidation clause on most of the irrevocable acceptances pledged to date. The hedge fund needs to get 75% acceptance from shares they dont already own - so thats 75% of 70% shares outstanding. Olayan group alone accounts for 17% of the remaining 70% shares not held, so just a further 8% dissent and it fails - so nothing is done yet

[1flyingkipper] 29/11/2019 00:40

The deal is already done !

[skrr223] 28/11/2019 19:58

I wonder what will happen if its rejected, as the current offer is woeful. I note with interest that Olayan has not consented to it yet from the info we have. Olayan supported the 2007 takeover attempt at £850m and have held the stock for more than 15 years - I doubt they'll find 5p anything but woeful.

[skrr223] 28/11/2019 19:57

I wonder what will happen if its rejected, as the current offer is woeful. I note with interest that Olayan has not consented to it yet from the info we have. Olayan supported the 2007 takeover attempt at £850m and have held the stock for more than 15 years - I doubt they'll find 5p anything but woeful.

[bouleversee] 28/11/2019 16:59

So how are you all going to vote or have you all sold out by now?

[bouleversee] 18/11/2019 21:33

Afraid not. Insider fraud perhaps?

[skrr223] 18/11/2019 21:10

Copied from the LSE site:

October 2007 half year results: Net debt £41m, Sales £250m, profit £27m. There was an £850m takeover bid for the equity put in on this basis and citing tough market conditions.

October 2019: Net debt £27m (much lower than 2007), sales tbc and profit tbc (but expected positive after rent reductions and £19m cost savings). But the business is being sold for £15m equity value (less than 2% of the 2007 bid price).

Can anyone explain this phenomenon???

[bugster] 18/11/2019 15:59

It seems that once this part of the process has been completed we will see lots of the estate sold off to recoup debts. An asset strip is just around the corner now..

RIP

[butterflycollector] 17/11/2019 18:50

Now watch the asset “realisation”, Meditor are not retailers, they will remove the board, put in short term management whilst selling assets to recoup debts, once they have cleared or got close to clear, Liquidation to write off debt to suppliers, landlords ET ALL, wouldn’t be surprised to see Gary Favel appear soon. Think Allied, MFI & Bathstore

[eggbaconandbubble] 17/11/2019 17:33

I have just emailed Wilf Walsh asking why the BOD are recommending the sale when huge potential sales are just around the corner.

I will update on any reply.

[eggbaconandbubble] 17/11/2019 06:43

Shareholders could well benefit if they don't sell and take advantage of a potential significant peak in demand!

I would likely buy in at these levels if that were the case.

[bouleversee] 16/11/2019 22:06

Probably but that wont benefit existing shareholders. Looks like we have had it.

[eggbaconandbubble] 16/11/2019 21:03

I don't follow this company.

However, seeing the news of floods over the last few days it occurred to me that anyone selling carpets in the North in the next few months* is going to have a field day!


* Note - Insurance companies insist that flood damaged houses are not re-carpeted for several months after the disaster to allow the building to fully dry out!

Strange that the directors are recommending a bid right at this time????

[1flyingkipper] 16/11/2019 11:56

Tapi = Fu*k*ed ….. Not much chance for them now.

[clocktower] 15/11/2019 11:55

Lucky to get that, not surprisingly they recommended taking it.

[tomboyb] 15/11/2019 07:28

5p offer -

[davycarpets] 14/11/2019 22:03

See Dziad post :)

[dziad] 13/11/2019 16:23

https://finance.yahoo.com/news/did-carpetright-plcs-lon-cpr-121319825.htmlFull article

[howden32] 13/11/2019 15:32

It says in one report that I read was that Wilf gets a lot more money than any other ceo of a company that size , which isn’t a concern if the company is expanding and making a profit

[bouleversee] 13/11/2019 15:07

I don't have apple news or an apple. What does that story say, Davycarpets?

At the present price, we could just about make an offer ourselves if we clubbed together. LOL.