What a week it’s been. Radman from Sandon making noises not to...

What a week it’s been.

Radman from Sandon making noises not to sell, yet happy to push and participate in an equity raising at 20cents a share, which if one wasn’t an idiot, would figure it amounts to a ‘partial sale’ to Radman, when others don’t take up their entitlement and Sandon increases its ownership percentage as a result. Good one Radman. More positive was his analysis of SFH’s worth at around +70 cents a share, prior to realisation of benefits from store closure program etc.

Lazard - have a lot of respect for Richard Parsons on its board in New York, regular contributor on CNBC Squawk Box. Melbourne office sends signal it won’t sell its 13% stake at the current market price. Says interested in a capital raising.

Good o’l Perlstein and Levy, the South African Australian contingent. Apparently only want City Chic, where Levy and his Monash outfit (war hero, General Monash, of the Jewish faith) said to be no longer interested. Perlstein at 9% remains relevant at some level, particularly with his mate old Miller at another 12% odd, clearly enough to block any takeover. Capital destruction at its best as CEO over 14 years in the role.

The Cotton On folk. Bought in at 20 cents earlier this decade, don’t believe SFH works in combination with SFH and have a poor track record of adding any value to SFH. Still don’t understand what ‘Typo’ stores sell that is of any value. Impulse buying at its worst.

The non-aligned shareholder Board members and management. Slowly turning the ship around. 300 store closure program well received, head office cost cutting and the new Sydney Preston’s facility (bullet proofing against Amazon) all major positives. Can see the value created by Noni B and its ex Millers and Crossroads CEO, within as little as 18 months. Embarrassed by Noni B’s success and know it should never have happened ahead of SFH. Bracken, acutely aware of the recent $600m capital raise at Myer that was completely pissed up against the wall.

The brokers (Wilson, Taylor Collison), Luminus and other fee driven flotsam and jetsam trying to make a buck out of all this. They tell us City Chic is worth $100,000,000 on its own, presumably due to its +30% on line penetration rate and US growth optionality. Can only comment their interest reminds me of the old saying:

“Barber, do I need a haircut?”

The banks and landlords. Banks reducing exposure to $22m by 3o June, immaterial in scheme of things and those old rent seeking landlords; doing their best to rebuff advances from FTI on SFH’s behalf, now faced with 200 store closures from the failed RFG business model, amongst others, and more internet pain to come. How much more food retail can infill the vacancies and can we import more Chinese shoppers please?!

What a show.