Good morning!

I'm running a bit late today, as there was nothing much of interest when I did my usual iPad review of the RNS in bed at 7:30 this morning. So I tend to have a lie-in on Fridays, if there's no news which is particularly stimulating.

Update to yesterday's report - I had a second wind last night, probably brought on by the surge in blood pressure from listening to Dianne Abbott (again!) on Question Time! Anyway, I reported on 3 more companies - Molins (LON:MLIN), Ceres Power Holdings (LON:CWR), and Idox (LON:IDOX) - with 2 out of those 3 going onto the Bargepole List! Click here to see yesterday's updated report.


Looking at today's announcements, one that did make me chuckle, was the latest debacle from Sports Direct (SPD). Founder & controlling shareholder Mike Ashley just seems to create chaos whatever he does - the Donald Trump of the investing world?!

Stung by criticism of numerous aspects of how he runs the company, he's thrown his toys out of the pram;

Since May 2014, Sports Direct International plc ("the Group") has financed its capital requirements through a revolving credit facility ("RCF") with a number of banks. The RCF recently has been increased to a capacity of £788 million. Under the terms of the RCF, the interest rate payable by the Group increases if it is more than one third drawn (i.e. more than £263 million). Previously, when the Group has required borrowing in excess of this amount, it has utilised its £250 million loan facility ("MALF") with Mike Ashley/Mash Holdings Limited. The rate of interest payable on this facility is c.50% lower than that payable on the RCF, and does not attract arrangement fees or commitment fees. Accordingly, although an unusual arrangement for a public company, using this facility in this way has been of significant benefit to the Group, over time giving rise to a saving of over £1 million.

In the coming months, the Group expects that its borrowing requirements will be consistently in excess of the £263 million level. The Group, however, has been subject to unjustified criticism over related party transactions, including incorrect press coverage of the benefits of the MALF. It has been decided that it…

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