Don’t sell, don’t capital raise at any price. What a show!, page-7

What will be interesting is the response to any recommended takeover from the SFH Board, by GP and associates themselves. Having had their $75m offer for City Chic and Autograph rebuffed, the shoe will be on the other foot in assessing a takeover offer price for his/their equity stake. A burning issue for them will be in rejecting a takeover offer price, if one is recommended by the Board, having to deal with a position of moving forward with a passive, non-controlling interest in SFH, unlikely to be liquidated otherwise and without access to underlying cashflows and with minimal, if any dividends derived from it in the near term. A scheme of arrangement scenario can probably get through at 75%, which unless they upped their stake, is possible of passing as well. Takeover at 90% acceptance may meet resistance. We've seen Lew do this for years on end at Country Road.