ShadowFall is short Boohoo (£BOO).
Below are several questions that we believe should be put to Boohoo’s management:
Below are several questions that we believe should be put to Boohoo’s management:
1. Of the £89.8m in EBITDA for 1H20, what percentage of this do you estimate was driven from unintentionally benefiting from the exploitation of Leicester factory workers due to their low pay and poor working conditions in the supply chain?
2. What percentage of the £367m in cost of goods in 1H20 was attributable to supply from Leicester? Going forward, what percentage of this would you envisage will continue to be attributable to supply from Leicester?
3. Is there still only one compliance auditor for the Leicester supply region? Are they still on furlough? If it’s increased, how many compliance auditors are now employed by the group & actively auditing the Leicester region? When were they hired? How large will the team become?
4. Can you confirm whether members of the Kamani family have had either direct or indirect economic interests in any supplier to Boohoo during the prior three years to present? If so, what is the nature of that economic interest?
5. Can you reconfirm if you have received any correspondence from the National Crime Agency (NCA), or another statutory authority, notifying you that Boohoo or its management is subject to an investigation? If so, when were you notified & what is the nature of the investigation?
6. Will Carol Kane reappear in front of the Environmental Audit Committee to clarify her prior remarks when she previously gave evidence?
7. What do you estimate will be the value of the claim being pursued by a class action in the US in relation to alleged “false and deceptive” advertising practices? Was this legal claim identified to any investors ahead of the placing in May 2020? If not, why not?
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