Good morning, it's Paul here with the SCVR for Thursday.

I finished off yesterday's report last night, with a new section on BooHoo, which is here. What a fantastic business that is. Although on current trading, the company should have just given the figures, instead of ambiguous narrative. Numbers in a table is always the best way of conveying information. If vague or ambiguous language is used, then my conclusion is that the PR is probably trying to hide something unfavourable from us.

Estimated timings - I should have a decent amount up by the 1pm email deadline, but intend continuing until about 3pm. Update at 15:09 - oh dear, I've only managed to get through 3 of the 9 companies I wanted to cover today. I'll keep going until whenever. Today's report is now finished. Most of the companies I didn't get round to looking at are now in tomorrow's report here.

Loungers (LON:LGRS)

Share price: 95p (up 23% today)
No. shares: 92.5m + 9.25m new shares = 101.8m
Market cap: £96.7m

Extension of bank facilities and placing

Loungers - the operator of 167 café/bar/restaurants across England and Wales under the Lounge and Cosy Club brands - today provides an update on the actions it is taking in response to the Covid-19 crisis.

This RNS came out after market close last night. It joins the rapidly growing list of companies which need to refinance, because nobody thought of the possibility of a pandemic. The business models of entire sectors were completely wrong, for decades, with a huge risk lying dormant, we just didn't realise it. Once Covid-19 is over, I wonder how long it will be for this lesson to be forgotten again? 5-10 years, at a guess!

Loungers floated in April 2019. I reviewed the IPO document in quite a bit of detail in a video here. Although I made a mistake, in miscalculating the debt, therefore my main conclusion of it being over-geared, was (partially) wrong. Doh! Although the main purpose of the video was to demonstrate how you don't need to spend half a day wading through an admission document, but can actually skip a lot of it, and focus on the most important bits, in about an hour. Time well spent, if you're about to buy thousands of pounds-worth of shares in…

Unlock the rest of this article with a 14 day trial

or Unlock with your email

Already have an account?
Login here