Good morning, it’s Paul here with the SCVR for Tuesday.

Hooray, down votes have been abolished! That gets rid of the negative energy, and bickering hopefully (I'm an optimist!)

Timing - TBC

Agenda -

French Connection (LON:FCCN) - (I hold) - mystery buyer of 25% is disclosed

Joules (LON:JOUL) - (I hold) - Acquisition of Garden Trading

Tandem (LON:TND) - Positive trading update for FY 12/2020

D4t4 Solutions (LON:D4T4) - CFO leaving, and a mini trading update

Brickability (LON:BRCK) - Trading update - raises guidance for FY 03/2021

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French Connection (LON:FCCN)

(I hold)

25p - mkt cap £24m

New 25% shareholder disclosed

The Takeover Panel says on its website that French Connection (LON:FCCN) entered an offer period at 07:00 on 5-Feb-2021, although I'm not sure if holders of 1% or above are meant to disclose that yet. I haven't seen any disclosures as yet. My total position (including a spread bet) is slightly over 1%, so I need to keep an eye on that.

There was a TR-1 standard disclosure at 16:10 yesterday, that the 25% stake sold by Mike Ashley's Frasers (LON:FRAS) has ended up being bought (25.33% of FCCN) by Apinder Singh Ghura of Newcastle.

I've googled this name, and the only things that come up are Directorships, so I went to Companies House and found this person listed as an active Director of 10 companies based in Newcastle and Manchester. I've been through the latest accounts for all of these companies, and list them below in order of largest balance sheet NAV:

  • Chan Property Group Ltd - £5.2m NAV
  • Chan Commercial Ltd - NAV £2.8m
  • Willow View Care Ltd - £985k
  • Newport Lane Estates Ltd - NAV £74k
  • Northumberland County Developments Ltd - NAV £100

There are 5 more companies which have been incorporated in 2019 or 2020, hence have not yet filed accounts, namely;

  • FCMUK Ltd - incorporated Sept 2020 - and clearly bearing a striking resemblance to French Connection's logo "FCUK", so maybe this was set up as a vehicle to get involved with FCCN in some way?
  • MIP Holdings Ltd - incorporated Oct 2020 - wholesale & retail of clothing
  • Phantom International Ltd - incorporated Feb 2020
  • Apparel Sourcing Group - incorporated Sept 2019
  • Wraith Holdings International…

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