We want to share an important update with our Betfair Community users.
Over the coming months, the Betfair Community platform will be winding down. The final active day for the platform will be December 21st. From December 22nd, users will no longer be able to access the platform.
Your discussions, insights, engagement, and, most importantly, feedback have helped shape the platform and guided innovation. Your feedback continues to be important to us, and we will continue to listen via our dedicated feedback channels, as well as through product testing and innovations.
To share your feedback and experience, visit: https://support.betfair.com/app/home
Chit Chat
There is currently 1 person viewing this thread.
Debenhams' shares soar 40% as Ashley attempts boardroom coup
The Sports Direct tycoon is seeking to sweep away the board of the struggling retailer and install himself as chief executive.
Shares in Debenhams soared up to 40% after Mike Ashley launched an attempted boardroom coup at the troubled department store chain.
But over at Sports Direct, shares fell by 2% in early trading in response to the retail tycoon's plan to step down from the firm he founded back in 1982 and take the helm at struggling retailer.
Under the move, Sports Direct is seeking to remove of all but one of the current Debenhams board members and put the billionaire in charge of the business, which earlier this week issued a fresh profit warning citing higher turnaround costs.
Mr Ashley, who through Sports Direct is the largest shareholder in Debenhams with a 30% holding, was instrumental in ousting its chief executive and chairman from the board two months ago.
If successful, Mr Ashley would step down from his current roles as a director and chief executive of Sports Direct - and be replaced by deputy finance boss Chris Wootton in an acting capacity.
In an effort to reassure investors, the group said Mr Ashley has "every confidence" that Mr Wootton and the other members of the board and management team have the necessary expertise to successfully run the business.
Debenhams has indicated its existing board will resist the move - saying it was "disappointed" by the action and it was "focused on delivering the restructuring of its balance sheet".
But shareholders could be in the market for a shake-up under Mr Ashley, having seen the value of their holdings plunge steadily since 2015 - by 85% last year alone.
A turnaround plan currently being executed includes the closure of 50 stores with the loss of thousands of jobs as Debenhams grapples the fallout from years of stiff competition, particularly online.
Mr Ashley, who owns Newcastle United, has set his sights firmly on the department store sector - snapping up House of Fraser following its collapse last August and revealing an ambition to turn the chain into the "Harrods of the high street".
In and exclusive interview with Sky's Ian King at the end of last year, Mr Ashley revealed that House of Fraser could be merged with Debenhams.
What does Mike Ashley own?
:: Sports Direct
:: House of Fraser
:: Debenhams - has the largest 30% shareholding
:: Newcastle United
:: Evans Cycles
:: Online furniture retailer Sofa.com
The Sports Direct tycoon is seeking to sweep away the board of the struggling retailer and install himself as chief executive.
Shares in Debenhams soared up to 40% after Mike Ashley launched an attempted boardroom coup at the troubled department store chain.
But over at Sports Direct, shares fell by 2% in early trading in response to the retail tycoon's plan to step down from the firm he founded back in 1982 and take the helm at struggling retailer.
Under the move, Sports Direct is seeking to remove of all but one of the current Debenhams board members and put the billionaire in charge of the business, which earlier this week issued a fresh profit warning citing higher turnaround costs.
Mr Ashley, who through Sports Direct is the largest shareholder in Debenhams with a 30% holding, was instrumental in ousting its chief executive and chairman from the board two months ago.
If successful, Mr Ashley would step down from his current roles as a director and chief executive of Sports Direct - and be replaced by deputy finance boss Chris Wootton in an acting capacity.
In an effort to reassure investors, the group said Mr Ashley has "every confidence" that Mr Wootton and the other members of the board and management team have the necessary expertise to successfully run the business.
Debenhams has indicated its existing board will resist the move - saying it was "disappointed" by the action and it was "focused on delivering the restructuring of its balance sheet".
But shareholders could be in the market for a shake-up under Mr Ashley, having seen the value of their holdings plunge steadily since 2015 - by 85% last year alone.
A turnaround plan currently being executed includes the closure of 50 stores with the loss of thousands of jobs as Debenhams grapples the fallout from years of stiff competition, particularly online.
Mr Ashley, who owns Newcastle United, has set his sights firmly on the department store sector - snapping up House of Fraser following its collapse last August and revealing an ambition to turn the chain into the "Harrods of the high street".
In and exclusive interview with Sky's Ian King at the end of last year, Mr Ashley revealed that House of Fraser could be merged with Debenhams.
What does Mike Ashley own?
:: Sports Direct
:: House of Fraser
:: Debenhams - has the largest 30% shareholding
:: Newcastle United
:: Evans Cycles
:: Online furniture retailer Sofa.com
sort by:
Show
per page
Replies: 8
|
By:
Asset stripper extraordinaire - but obviously cares deeply about the High Street.
|
|
By:
Debenhams trading was awful over the festive season. I was thinking Donnay know its Christmas time at all.
|
|
By:
An asset stripper is someone who buys up an undervalued company whose individual part is valued more than its total eg 5 cores @ £10m = £50m - mcap only £25m.
The companies listed above were/are making huge losses, and cut their cloths to suit far too late; failed to grasp the emergence of the internet and significance of the changes in shopping habits of consumers despite the presence of the likes of Amazon, ASOS, Next, Old Navy/Gap, etc. The management of House Of Fraser and Debenhams should have been got rid of ages ago; they were receiving annual remuneration and perks for being reactive, and not proactive. |
|
By:
Sorry got confused between philanthropist and Asset Stripper.
He is a Philanthropist extraordinaire that cares deeply about the high street. |
|
By:
I'd not go as far as that. He's an opportunist, with a very deep pocket and merely maximising the power of his wealth. If Lord Sugar knows retail as much as he knows IT and/or commercial real estate he'd probably have done the same, I believe.
|
|
By:
Surely he is a gambler.
The downside is negligible and the upside far greater. |
|
By:
I wonder if he vomited in a fireplace as a precursor to undertaking this extreme act of activist investor behaviour?
If enough vomit was produced to extinguish the flames, proceed, if not, let the Debenhams board off the hook. |
|
By:
The rates system needs to be overhauled to allow high streets to compete more favourably with online shopping
|