What will be interesting is the response to any recommended...

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.