The Board's pushback on First Seagull is that we lack flooring experience. We agree, and unlike the Board, we are under no illusion about our limitations despite having had insightful discussions with more than 100 flooring professionals in the past year.
Read our full call for shareholders to vote at the EGM, together with details on how we will create value for all stakeholders at Headlam:
linkedin.com/posts/first-se…
#Headlam Chair got only 56% support at the AGM, and these were votes submitted before another profit warning! Trading down 21%, with French business in receivership and Tapi ending relationship in April, true decline likely above 30%!
EGM on the 2nd of June to replace Board
#Headlam upcoming AGM and EGM votes, these are shareholders’ chance to demand change.
Full requisition and explanatory statement available here:
1drv.ms/b/c/e3e7ea5b1e…
Shots fired, I guess 👀
#Headlam taking responsibility: "End‑market conditions have been challenging and mistakes have been made."
That's one way to describe a £400m fuck up 🤌
tools.eurolandir.com/tools/Pressrel…
On Friday we requisitioned Headlam Group plc to secure a full reset of the Board.
This Board has presided over ~£400m or 95% in value destruction, while collecting £1.4m in compensation and owning practically no shares. The pain has fallen, and continues to fall, squarely on customers, suppliers, employees and shareholders.
The requisition:
1drv.ms/b/c/e3e7ea5b1e…
3 well-informed bidders willing to pay 83–86p for #Inspecs reflect significant upside.
As a leading premium eyewear operator, Safilo's presence shouldn't be underappreciated.
Having just completed its own impressive turnaround, Safilo did not invest £22m out of impulse. It has clear avenues to capture value: 1) demanding a higher takeover price, 2) instigating a break-up, or 3) supporting an operational turnaround.
We believe 1) and 2) are more likely, but all 3 offer more upside than 85p, which is why #FirstSeagull bought a 1.1% stake.
We sold entire 2.5% stake at 85p in #INSPECS today, just before #Safilo disclosed 1.7% stake from yesterday!! Likely now 4.2% as Shore Cap brokered our block sale! We're completely out with a nice 73% gain over 18 months, but getting out the popcorn for this showdown!🍿👏
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