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Ian Pollard – Sports Direct Sweetens The Offer
Sports Direct Intl plc SPD is continuing to push its pre-conditional possible offer for Debenhams at 5p in cash per ordinary share announced on 25 March 2019 but it is now trying to add a sweetener with a proposal to Debenhams under which it would underwrite a £150 million pre-emptive equity issuance to existing Debenhams shareholders. There are of course strings attached, one of which is the appointment of Mike Ashley as Debenhams’ CEO. Whether that can be regarded as adding to the sweetness of the package, remains to be seen. What may derogate from the sweetness but Sports Direct regards as being a technical matter only, is its clarification that were it to complete, the Equity Issuance would be an alternative transaction to the Possible Offer and vice versa.
Unite Group plc UTG The increase in valuations over the quarter to the 31st March has been driven primarily by rental growth across the portfolio which is in line with the first quarter in 2018 and supports the company’s outlook of 3.0-3.5% for the whole of 2019. Reservations are strong for the 2019/20 academic year with 79% of bed spaces already let (compared with 77% at this time last year)
Keywords Studios plc KWS produced a strong performance in the year to the 31st December with further expansion of new and existing services. Revenue rose by 66% and on an adjusted basis profits before tax was up by 65% and basic earnings per share by 53%. The final dividend is to be increased from 0.98 p per share to 1.08p. bringing the total increase for the year to 10%. An encouraging start has been made to 2019 with significant new business gains. Strengthened market leadership and breadth and scale of services which the company now offers enables it to take advantage of the multiple growth opportunities which the company sees in a market that continues to grow in size and sophistication.
Castleton Technology plc CTP updates that it has recorded good organic growth in both revenue and profit in the year to the 31st March. The Board continues to be optimistic about the Group’s growth prospects and the market opportunity remains large. In particular new contract wins and acquisitions have made 2018 a milestone year and highlighted the company’s ability to develop new solutions.
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The Unacceptable Face of Sports Direct
Sports Direct SPD Dave Forsey yesterday resigned both as CEO of Sports Direct and as a member of the board, after, as he put it, having “given my entire working life to the company” – hardly the sentiments of a man happy with his fate. And guess who has been appointed by the nodding donkeys on the board to replace him as CEO ? Why of course it is none other than one Mike Ashley, the very same Mike Ashley who recently admitted to a parliamentary committee that his head was stuck so far up a cloud that he was completely unaware of the serious and long standing malpractices of his own company under his leadership.
Ashley’ performance in front of the committee was so embarrassing and harmful to the company, that most people in his position would have squirmed but he appeared to have not a squirm in him. Judging by those performances and the admissions as to his failings which he was forced into making, the one question should now be asked is, how can he believe that he is a fit and proper person to resume daily operational management of the company which he has so let down.
The damage caused to the company and its shareholders is huge.In August 2015 the share price stood at 805p since when it has fallen virtually non stop and closed yesterday 285.5p. Since as recently as the 6th September it has fallen by 17% following a critical report issued by its own lawyers and which identified serious shortcomings in working practices.
On the 15th September, Its in house brokers, Goldman Sachs, cut profit expectations by more than 5%. The company itself has had to warn of higher costs and lower margins.
What appeared to be another, of what should have been final straws, at least until yesterday, was to see Chairman Keith Hellawell, whose career since he stopped being a policeman hardly inspires confidence, clinging on to his position after the independent shareholders voted him out, a decision which brings us back to the nodding donkeys, who in true Sports Direct tradition, decided to ignore the vote and keep him on.
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