KMD Kathmandu Brands

Shareguy · Mar 28, 2026, 04:16 PM

Quote from: Recaster on Mar 28, 2026, 01:10 PMKirk is chairman. This capital raise is poorly handled. Possibly a scrap with the auditor. Breakup, sale of parts and delisting probably best but decision makers have their incomes to protect.

Another entity that Kirk chairs is the rugby union. Messy handling of Robertson decapitation and questionable reasoning behind it. Not expecting much from the All Blacks this year. They will probably be put to the sword in SA. Eviseration.

Suggest the lack of interest for the CR is the issue. If it happens I bet it's going to be heavily discounted and very dilutive to existing share holders. The question is "will it be worth taking a punt on, even at 8\10 cps". A punt is all it would be.

RNZ think

https://www.rnz.co.nz/news/business/590866/what-s-going-on-at-kathmandu-owner-kmd-brands

I was horrified recently when I tried to buy tramping socks. Kathmandu wanted $55 for one pair. There was no percentage of Merino listed on the label which was disappointing . I went to the warehouse and brought three pairs for $60 and suggest they had even a higher percentage of Merino.

Disc/ Glad I got out some time ago.

PS Agree with you re the Rugby

entrep · Mar 30, 2026, 08:43 AM

ZERO

As announced to market on 25 March 2026, KMD intends to launch a capital raise, and finalise terms for a refinancing of its existing bank facilities, in conjunction with the release of its financial results for the half year ended 31 January 2026 (HY26 Results). KMD is not presently in a position to make an announcement regarding the capital raise and refinance, as the final details, including pricing, are still being determined. Discussions regarding these matters remain ongoing.
In order for the directors to approve the HY26 Results, and KMD's auditors to complete their review of the HY26 Results, the final details of the refinance and the capital raise will need to be confirmed. Accordingly, KMD is unable to finalise the HY26 Results.
A voluntary suspension is therefore required to maintain an orderly market while KMD works to finalise the details of the capital raise, the refinance and its HY26 Results.
How long we want the voluntary suspension to last:
We would like the voluntary suspension on NZX to commence prior to the commencement of trading on NZX on
Monday, 30 March 2026 and for the voluntary suspension that is already in place on ASX to continue.

Basil · Mar 30, 2026, 09:04 AM

WOW they really are struggling. Someone or more likely some people responsible for previous capital raises that have proved to be value destructive need to go.

Minimoke · Mar 30, 2026, 09:15 AM

WOW all right

Five years ago hovering around $1.62. Now settled at $0.19

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Recaster · Mar 30, 2026, 09:17 AM

Clown show continues ...

Left Field · Mar 30, 2026, 09:45 AM

Untouchable & uninvestable IMO......

This article sums up KMD's position well.

https://www.scoop.co.nz/stories/BU2603/S00510/whats-going-on-at-kathmandu-owner-kmd-brands.htm

Mos · Mar 30, 2026, 10:57 AM

Writing has been on the wall for a long time. Surely any potential major investors in the capital raise will demand the Board responsible for the value destruction is cleaned out as part of any capital rescue plan.

Recaster · Mar 30, 2026, 11:11 AM

Quote from: Mos on Mar 30, 2026, 10:57 AMWriting has been on the wall for a long time. Surely any potential major investors in the capital raise will demand the Board responsible for the value destruction is cleaned out as part of any capital rescue plan.

And those directors will be doing everything they can to protect their income flows ...

Basil · Mar 30, 2026, 11:12 AM

Extremely difficult to make money with a stock turn of only 1.4 times. The company is in need of a comprehensive strategic review, if it survives.

It occurs to me that the financial results and cash burn are so bad the bankers have said raise capital or we're appointing receivers. The auditors will not sign off as a going concern without new capital.
Larger investors they are trying to tap for fresh capital have probably been appraised of the financial performance which is likely so bad they are declining to provide fresh capital.
Just my speculative thinking based on limited information.

I agree with others, it's uninvestable at any price.

Recaster · Mar 30, 2026, 11:58 AM

Quote from: Basil on Mar 30, 2026, 11:12 AMExtremely difficult to make money with a stock turn of only 1.4 times. The company is in need of a comprehensive strategic review, if it survives.

It occurs to me that the financial results and cash burn are so bad the bankers have said raise capital or we're appointing receivers. The auditors will not sign off as a going concern without new capital.
Larger investors they are trying to tap for fresh capital have probably been appraised of the financial performance which is likely so bad they are declining to provide fresh capital.
Just my speculative thinking based on limited information.

I agree with others, it's uninvestable at any price.

Good point on the auditors.

Receivership probably the best option. Three hundred odd shops many of which are in new zealand? Will hit hard. Rip Curl saleable.

Mos · Mar 30, 2026, 12:51 PM

There should be some searching questions asked of Directors as to what they knew when KMD issued this upbeat release on sales and debt management on 2 February, less than two months ago and when the half year period to 31 January was already complete.

https://www.nzx.com/announcements/466796

Shareguy · Mar 30, 2026, 02:18 PM

Quote from: Mos on Mar 30, 2026, 10:57 AMWriting has been on the wall for a long time. Surely any potential major investors in the capital raise will demand the Board responsible for the value destruction is cleaned out as part of any capital rescue plan.

Agree Kirk and others need to go. I found interesting that one of the big broker houses that I use has not been contacted by GS at all to participate in this CR. Unusual I'm told given the current state of the market.

Gosh AFR suggesting 6 cps. KMD is now said to be willing to raise funds at around 6¢ per share, an eye-watering 62.5 per cent discount to its last traded price.

https://www.afr.com/street-talk/slim-pickings-for-kathmandu-owner-kmd-brands-emergency-cash-call-20260325-p5xf9c

entrep · Mar 31, 2026, 08:39 AM

6c

KMD is proposing to raise NZ$65.3 million of new capital by way of an approximately NZ$6.8 million placement
(Placement) to be conducted by Goldman Sachs New Zealand Limited and Forsyth Barr Limited (the Joint Lead
Managers), together with a 1 for 0.73 accelerated renounceable entitlement offer (AREO) to raise approximately NZ$58.5 million. The Placement and AREO are fully underwritten by Goldman Sachs New Zealand Limited and Forsyth Barr Group Limited (the Underwriters).

So no insto demand and expecting existing bagholders to make up the bulk of it. Yeah time to put a fork in this one. Underwriters overhang gonna be massive.

Mos · Mar 31, 2026, 08:55 AM

Record date 1 April

Recaster · Mar 31, 2026, 09:10 AM

Consistent with directors' primary motivations which are to protect their incomes at all costs.

The business is failing. Instead of making the right choices more capital will be destroyed and the final reckoning put off for a time.

Completely consistent with new zealand's rotten business practices. But one would expect the Australians to be smarter.

Can't wait to see the accounts.