Ann: Myer Half Year Results (1H2018), page-142

Retail is in a cyclical low. Fact. Many won't survive; my capital is at high risk. Fact (Not sure about the headline grabbing rental-weighting hypothesis, but it seems fair)

.375 isn't a spike mate, at least not for me and 99% of holders. Look, I'm sure Lew will be ok. Its no secret, "go short retail". The massive volumes that the stock is being dumped at $0.37 tells the true story. We on the long side are being fried. Did you see the participation rate of mums and dads in the CR back two years ago? It was 2pc or something. Instos have thrown this to the Wolves.

But look around, look at Toys R Us; couldnt refinance 400 million and they are dead. Gone. Different set of circumstances I know, but back to Myer. They have 400 million debt facility in two tranches, the first of which is drawn down by 99 million, sure, offset by cash 77 million. How do they pay it back with falling sales and the need for capital expenditure? By shrinking, moving online, right? They need to refinance in August, and that'll be a hard sell, at least to the market.

Look at this for a Myer parrarell https://www.retailgazette.co.uk/blog/2018/02/new-look-tipped-close-60-stores/

Look at the names in the retail apocalypse https://www.foxbusiness.com/features/retail-apocalypse-24-big-retailers-closing-stores

Don't think there are international suitors swarming around Myer, bc they have fine pickings abroad.