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Accelerated Mergers and Acquisitions – A Powerful case

study to the TMAWednesday 24 September 2008

Operational Performance Improvement

Refinancing

Accelerated M&A

Under performing DistressedBUSINESS

Equity

DebtVALUE

Business Restructuring

Value Preservation

Powerhouse – the background

• History

• Receivership

• Challenges

• Performance since acquisition

• Shareholder attitude

Powerhouse – Operational Performance Improvement

Stores Supply Chain

Internet

Powerhouse -Accelerated M&A process

Managementrole

Keydocuments

BDO CF process

Completion

Structuring and

negotiationManagement

meetings

Info Memo and buyers

researchPurchaser

DDInitial

marketing

BDO BR process

Week 12Week 3

Purchaser DD

Indicativeoffers

Revised offer SPA

Heads and quasi-

exclusivityNDAs

Buyers meetings

Information provision

Week 4 Week 6 Week 8

Contingency planning

Wind down implementation

Two weeks Board advisory and cashflow management

Further two weeks

Board advice

Choice to continue

sale process or liquidate

Powerhouse Goods

Powerhouse properties – Superstores

Westmorland Retail Park, Cramlington

Bath Road, Slough

Queens Retail Park, Stafford

Middlebrook Retail Park, BoltonJubilee Park, Weymouth

Robin Retail Park, Wigan

Powerhouse properties – High Street

Bishops Stortford Brentwood Kings Heath, Birmingham

Ludlow

St Neot

Evesham

Contact Details

• Martha ThompsonPartner0118 925 4439martha.thompson@bdo.co.uk

• Andy SmithDirector0118 925 8548andrew.smith@bdo.co.uk

• Tim TownleySenior Manager0118 925 4437tim.townley@bdo.co.uk

• Alison CramerSenior Manager0118 925 4460alison.cramer@bdo.co.uk