Identity of last major shareholding for repo agreement?

  • mr lynton
  • 27/10/08 31/05/09
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Posted: Sun, 04/10/2009 - 08:22

According to mail on sunday looks like we now know the identity of the 3rd major set of shares held under the repo agreement with KSF UK - Blacks leisure. And guess what? They are probably about to go into administration- suprise ,surprise. Sports Direct may be mounting a legal challenge to regain ownership of these and the JJB shares.

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Black Leisure

  • Roman2005
  • 04/12/08 31/05/09
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  • Mon, 05/10/2009 - 19:05

Mr Lynton,

Could you please upload a copy of the article that refers to the Black leisure shares. I am interested to see how form this article you have deduced that these shares represent "Compnay A" i.e. the the third unrevealed major share holding held by KSFION under the Repo Agreement.


repo shares

  • mr lynton
  • 27/10/08 31/05/09
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  • Tue, 06/10/2009 - 17:54

In the financial section of the mail on sunday there was a story of how sports direct were considering taking legal action against KSF ( presumably uk) to regain control over shares taken by KSF in Blacks leisure and JJB sports. As we know KSF took the JJB shares it stands to reason the Blacks shares are the other shareholding involved. KSF(IOM) then took the shares under the repo agreement from KSF UK.
I realise it could be speculation but that is what we are reduced to as we don't get any proper information.


Blacks - Mail on Sunday

  • Alastair
  • 10/10/08 30/09/09
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  • Mon, 05/10/2009 - 23:17

The only story I can find regarding Blacks in the Mail on Sunday (online at least) in the last week is as follows:

http://www.mailonsunday.co.uk/money/article-1217135/Blacks-axes-500-jobs...

It only mentions its main lender (Lloydstsb). This doesn't mean KSFL or KSFIOM are not also lenders but Mr Lynton is there another story you are referring to?


JJB Sports set for £50m

  • IceCrusher
  • 14/10/08 25/10/11
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  • Tue, 06/10/2009 - 19:16

JJB Sports set for £50m rights issue
Neil Craven, Financial Mail
4 October 2009, 10:37am

JJB Sports is poised to forge ahead with a £50m rights issue after canvassing the support of its largest shareholders.

JJB Sports
The retailer has held talks with Chicago-based David Herro, chief investment officer at Harris Associates, and Richard Bernstein, a director of Crystal Amber, in the past two weeks.

Together the funds control 28% of JJB. An announcement is expected in the next few weeks.

The funds will be used to bulk up stock levels ahead of Christmas, revamp stores and support the relaunch of the online business later this month.

Meanwhile, bitter rival Sports Direct is thinking of escalating its dispute with the administrators of Icelandic bank Kaupthing, Singer and Friedlander to regain control of 12 million Blacks Leisure shares and six million JD Sports shares.

Sources said Sports Direct was considering suing accountant Ernst & Young to wrest control of the shares seized after the collapse of Iceland's banking system.

The situation has reached a new level of urgency after Blacks' admission that it has serious financial problems and plans to close 89 stores.


These repo shares etc

  • steveservaes
  • 13/10/08 31/05/09
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  • Mon, 05/10/2009 - 15:57

One thing I wondered - people like Tchenguiz (I think) have been moaning about Kaupthing selling security held by Kaupthing for low prices. However, as far as we know, have the security sales covered the monies lent on the assets? If so - its not a problem for us, but only for the asset owner, since Kaupthing can't recover any higher maximum than the debt owed to them.