Good morning, it’s Paul here.
Before we start on today’s news, I’ll have a quick look back at some interesting developments yesterday
Debenhams (LON:DEB)
The AGM yesterday resulted in the Chairman, Sir Ian Cheshire, being ousted – his re-election was opposed by 2 major shareholders (Sports Direct, and one other – Brandes maybe?)
The CEO, Sergio Bucher, was also not re-elected as a Director. Very unusually though, he’s staying on as CEO, but not as a Director. I can’t see that arrangement lasting long.
As mentioned yesterday, I feel that DEB shares are probably worth zero now. The reason being that the company will almost certainly need to do some form of restructuring (probably a pre-pack administration) in order to shed long, and uneconomic property leases.
Halfords (LON:HFD)
Will revisit this laterFlybe (LON:FLYB)Recommended cash offerThis is a total disaster for Flybe shareholders, unfortunately. A bid has been agreed, but at just 1p per share. The share price was 16.4p last night. What a pity for shareholders, who have woken up to a 94% loss this morning.Flybe has been in bid talks…
Disclaimer: Please note all prices are for information only, they should not be relied upon for accuracy or trading. All prices quotes are based on CFD prices and are similar though not always identical to real exchange prices. STOCKTRKR or anybody connected with STOCKTRKR will not accept any liability for loss or damage arising from use of any information/commentary/charts or articles which is provided 'as is' for educational purposes only, nothing contained on this website should be considered as investment advice - please seek proper investment advice from registered financial broker or institution if you wish to trade on global markets and ensure you are familiar with the risks.
