I have been holding HMV shares since floation and yet to make any money. In the meantime, I shorted @ 197.25 hoping to buy at 193 for a quick small gain. Strange no body else seems to be following this stock. All comments welcome.

Quite spectacular.

Group update


HMV Group today announces that its banking syndicate has agreed to amend the covenant package on its existing borrowings. In particular, the banks have agreed to waive the January 2012 covenant test and to re-set tests relating to the 12 month periods ending April and July 2012 with significantly enhanced headroom.

The banking group has done this in response to a change in the nature of HMV's relationships
with its key music and film suppliers, which includes the intended grant of warrants representing 2.5% of its equity to these suppliers.

This will have a materially positive impact on the Group's profitability and cash flow such that if current trading patterns continue, we now expect, on the basis of our current plans, to be able to reduce the Group's net debt by approximately 50% over the next three years. This reduction in debt is before any assumed disposal proceeds from the ongoing review of the Live business.

For the year to 30 April 2012, HMV expects net debt to be £175-180m and in expectation of continuing challenging conditions believes it is now likely to deliver a slightly larger loss of around £10m for the full year.

Chief Executive Simon Fox said, "Today's announcement is enormously welcome. These developments represent a material improvement in our financial position relative to the statement we made at the time of our Interim results. The new relationship with our suppliers and the support of our banks will now enable HMV to wholeheartedly focus all of its energies - working in close partnership with its suppliers, on serving the changing needs of its customers ever more effectively. As a key part of this we remain committed to improving our specialist ranging and merchandising of music and DVD whilst also continuing to grow our sales in portable technology and further developing our online and digital offers."

David Joseph, Chairman and CEO of Universal Music UK said, "HMV is a vital part of the UK music industry and we are delighted that the support of the film studios and music companies is helping to secure its future. We look forward to working closely with HMV in the years ahead."

Interim Results.

Financial Summary for the 26 weeks

· Total sales from continuing operations £288.6m (2011: £333.7m), down 13.5%.
Like for like sales (from continuing operations) down 10.2% (2011: down 11.9%)
· Operating loss before exceptional items from continuing operations of £24.1m (2011: loss of £33.2m)
· Total Group loss after tax and exceptional items reduced to £36.1m (2011: loss of £50.1m)
· Adjusted EPS from continuing operations1 improved to loss of 8.1p (2011: loss of 9.1p). Basic EPS loss from continuing operations of 8.8p (2011: loss of 11.3p)
· Net cash outflows from operating activities £33.5m (2011: outflow of £28.4m)
· Underlying net debt2 of £176.1m (2011: £163.7m)
Business Update
· New CEO and CFO recruited in September 2012
· Growing market share in all formats with suppliers continuing to provide strong support
· Disappointing release schedule in summer 2012 impacted sales but LFL trend improved in the second quarter
· Current market trading conditions result in material uncertainties facing the business. Probable covenant breach at the end of January 2013
· Constructive discussions with the Group's banks including keeping them fully informed in relation to current trading

Commenting, Chief Executive Trevor Moore said:
"HMV has had a difficult first half. However, the business has started to deliver a number of new initiatives which will help to maximise the seasonal sales opportunity and provide a platform for growth in 2013.
Additionally, as we trade through this period we will continue to develop further initiatives with our suppliers and I will provide updates at the appropriate time."

Incredible in 2012 a shop selling vinyl records.

incredible they are still trading more like lol!! i stick with my janurary comments earlier this year - hmv must have lost loads of pis large probably several times over - now finally in the final death throes - should be a pre pack administration announcement soon imo say second / third week jan when they realise what a dire xmas it has been for hmv - that will be the final nail imo - if anyone still living a hope in here imo take what little you can now run and write it off as a loss against your next cgt bill - best parts of whats left of this disaster will be cherry picked in fact i have heard certain sites already allocated in preparation of the ineviatable - feel sorry for the 4500 souls due to be redundant here soon

i notice trevor moore did not mention in his statement the increasing problem hmv have in finding anyone to insure them which is making their suppliers very tetchy - this is the same problem comet had recently and sadly they went belly up also and that was one of the reasons why

HMV being pursued by Apollo Global Management

Apollo Global Management, one of the world’s largest investment groups with almost £70bn of assets under management, is plotting to acquire troubled high street retailer HMV.

The New York-based group, often described as a “vulture fund”, snapped up 10pc of HMV’s debt last week in a move some are predicting could lead to a takeover. The music chain has already warned it is likely to breach banking covenants in the New Year.

lol gl

the purpose of appollo is not for shareholder benefit! but to vote through bad decisions for ordinary shareholders

Afraid its cortinas for all holders.

1600E ?

perfect.

HMV music and film chain to appoint administrator

Music and DVD chain HMV is to appoint an administrator, making it the latest casualty on the High Street and putting about 4,350 jobs at risk.

Deloitte will keep HMV's 239 stores in the UK and Irish Republic open while it assesses the prospects for the business and seeks potential buyers.

Trading in HMV shares on the London Stock Exchange is being suspended, HMV said in a statement late on Monday.

Suspension of trading in the ordinary shares

Sad day for all connections.

it is a sad day - i am glad i am not the person who spent £49.74k last night @ 16:23:23 on what must have been a pure gamble to wake up this morning and find it is now worth jack? 14-Jan-13 / 16:23:23 / 1.16p Buy Volume 4,287,703
best wishes to the employees in these difficult trading times

was probably covering his short

Preston on R4 earlier gave a good account - the consensus was/is that these will survive in some shape or form.

HMV 'confident of finding solution'

15 January 2013 Last updated at 13:33

The boss of HMV has said he is confident of finding a solution to the embattled retailer's troubles.

Trevor Moore said management had begun working with administrators Deloitte.

"We remain convinced we can find a successful business outcome," he told journalists. "The intention is to continue to trade the stores."

Grandad steals from HMV after voucher row

Eric Nolan, from Tyrellstown, Dublin, told the Irish Independent that he took three computer games from the Dublin store in fury, after staff refused to take his grandson's €40 gift voucher. He was stopped by security staff, but ignored them, and after they followed him down the street they eventually gave up.