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Interserve PLC Share Chat (IRV)



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Metamorphosis84
Posts: 1,198
Opinion:No Opinion
Price:0.00
RE: Skyrise
23 Apr '19
I tend to agree actually, although this is the logical conclusion to a de-regulated market that allows PI's to trade in shares.
Personally, I think it would be healthier all around for Ceo's, FD's , Chairmen and other execs to be prevented from holding senior positions in either listed or private companies, should they be involved in administration/insolvency/bankruptcy.
 
skyrise
Posts: 145
Opinion:No Opinion
Price:0.00
Skyrise
21 Apr '19
Never ever expected the British Govt would
leave something like this to happen and leave the existing
Directors of Interserve get away with it.
We should be compensated for the mal administration
and the way Mrs Debbie White has brought down the company
and cared nothing about us the shareholder.
Metamorphosis84
Posts: 1,198
Opinion:No Opinion
Price:0.00
RE: Bonus time
15 Apr '19
"Wrong, isn't it?"

Yes.

I said at the time 7th June 18

"Lots of shareholders let down badly. Meanwhile directors collect 125% bonuses and share options for targets not yet met.
Will be interesting at the AGM when the remuneration vote comes about."

Amazingly the bonuses got voted through, and I got shouted down for suggesting that the Directors were having a laugh.

But there you go.
my2penneth
Posts: 1,956
Opinion:No Opinion
Price:0.00
Bonus time
14 Apr '19
Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour.
https://www.ft.com/content/d41872c6-5d23-11e9-939a-341f5ada9d40

Ms White took home £1.26m for the year, including £656,500 in basic salary, a £404,420 bonus, £77,136 for accommodation and travel and £98,475 for pension contributions. Mr Whiteling received £735,849, thanks to a £251,991 bonus on top of his £409,050 basic salary.

Interserve said the awards were “determined against rigorous criteria set by the remuneration committee”.

So, I assume "rigorous criteria" includes letting the company go into administration?

Wrong, isn't it?
CC2015
Posts: 614
Opinion:No Opinion
Price:0.00
More EfW woes
5 Apr '19
Interserve’s joint venture partner on three energy-from-waste (EfW) plants needs to find £68m today or it risks collapse.
c2mjk
Posts: 34
Opinion:No Opinion
Price:0.00
RE: Theft
3 Apr '19
What’s going on
c2mjk
Posts: 34
Opinion:No Opinion
Price:0.00
RE: Theft
3 Apr '19
********
Metamorphosis84
Posts: 1,198
Opinion:No Opinion
Price:0.00
RE: Theft
25 Mar '19
Well stranger things have happened.... but I am not getting excited even if its entertaining watching others......
Consent solicitation up on the 28th, I think that has more significance than the 'RNS'ing' out loud that is taking place
daniel.f
Posts: 518
Opinion:No Opinion
Price:0.00
RE: Theft
25 Mar '19
They did indeed vote as such, and the consequences were exactly in line. As a sidenote Meta, you don't actually believe DEBs goes up to 24p? lol
BillTucker89
Posts: 593
Opinion:No Opinion
Price:0.00
RE: Interserve shareholders
25 Mar '19
Sky rise- Sorry to hear about your loss, it seems you have lost £500k on this? If so that’s Truly disgusting and those responsible should have the book thrown at them.
Metamorphosis84
Posts: 1,198
Opinion:No Opinion
Price:0.00
RE: Theft
25 Mar '19
**correction it was not an AGM, but a General Meeting
Metamorphosis84
Posts: 1,198
Opinion:No Opinion
Price:0.00
RE: Theft
25 Mar '19
A bit more information, results of the AGM were

9022116 votes cast
For 36,651,023 - 40.6%
Against 53,571,093 - 59.38%
Witheld 52,831 - 0.06%
Voted for Trump - Unknown

When taking into account all shares in circulation:

Shares in circulation 161,274,128

For 36,651,023 - 22.7%
Against 53,571,093 - 33.2%
Witheld 52,831 - 0.03%
Votes not cast 709,991,181 - 44%
Voted for Trump - Unknown

The choice given was binary, accept 5% dilution or go into pre pack administration.
Metamorphosis84
Posts: 1,198
Opinion:No Opinion
Price:0.00
RE: Theft
24 Mar '19
90222116 votes cast from a circulation of 161274128. So around 55% participation.
And I will post where the hell I like.
skyrise
Posts: 145
Opinion:Weak Sell
Price:0.00
Interserve shareholders
24 Mar '19
We have been ripped off all our funds in interserve
even with the help of cabinet minister who blessed interserve
after the crash.
I cannot believe in such small period of time how
Debbie White and her compatriots have desroyed
and collapsed this company making us shareholders
loose everything.We should be compensated and
they should be sued which will happen and finish
In jail.
You see,she promised everything was on track and going
well,now all of a sudden we are in administration.
This was planned to avoid another collapse in Uk so
I consider it to be looked into before this goes public
and those responsible are penalized.
pbody
Posts: 856
Opinion:No Opinion
Price:0.00
RE: Theft
23 Mar '19
Having not owned the shares I have no figures.
What was the response (in percentage terms) to the vote, and were there more than one option open to them with the administrators appointed?

ps It looks like you have moved on to Debenhams........where then after that? Mothercare?
Metamorphosis84
Posts: 1,198
Opinion:No Opinion
Price:0.00
RE: Theft
22 Mar '19
Sorry think you have got a bit confused here? No one has robbed anyone of money, the shareholders voted for the company to go into administration.
c2mjk
Posts: 34
Opinion:No Opinion
Price:0.00
RE: Theft
22 Mar '19
Robbing all the PI money
daniel.f
Posts: 518
Opinion:No Opinion
Price:6.2495
RE: Theft
21 Mar '19
Sorry, do you mind explaining what is "illegal" about it?
c2mjk
Posts: 34
Opinion:No Opinion
Price:6.2495
Theft
20 Mar '19
This seems to be totally illegal what has been done here I wonder if it would be legal to harm the board or pinch some of there property ?
pbody
Posts: 856
Opinion:No Opinion
Price:6.2495
RE: ShareHders sha..fted 76mill con Win
19 Mar '19
clp share
pbody
Posts: 856
Opinion:No Opinion
Price:6.2495
RE: ShareHders sha..fted 76mill con Win
19 Mar '19
You couldn't make it up.
Just think how the others bidding for that contract feel to have lost to Interserve!!!!!!!

I know its pre-pack admin, but how can that be the only option?
WHY IS THRE NO OTHER?
This is where an administrator could get 55 million for that contract and take off a nice slice of debt.
Just for that contract alone. I know its not that simple. But it should be,

The world we live in is where they undercut in bidding to the point they cant make it work. when they have finally bid for enough contract that dont make money and they go bust would you have them negotiating terms to get the money back out if it?
BEYOND A JOKE,

It does (as an ex civil servant) make me wonder if the contracts were given too much money or miscalculated when they did make a profit. If they fiddled the figures to only just make a profit no one would be any the wiser!
Defeating the whole point of bidding for a contracts in the first place.
Perhaps me being cynical

cc2015 you could well be right with the pension pot
they do have a tendency to over egg how short of cash they are and it gets so over full it gets raided somewhat without them even having a shortfall when there done
I am sure it will be ring fenced if your worried, just have to look hard somewhere to check or ring them up directly.

It just makes me realise how there is administration and then there is real money to be made out of it..
Or lost if your bidding against interserve for a contract!
simonm
Posts: 602
Opinion:No Opinion
Price:6.2495
ShareHders sha..fted 76mill con Win
18 Mar '19
Share holders get shafted and along comes a nice 76 million, contract win for IRV.

https://www.bbc.co.uk/news/live/business-47583251

Outsourcing firm Interserve, which was rescued from administration by its lenders over the weekend, says it has secured £76m in new business with Abu Dhabi National Oil Company (ADNOC).

It will work on a range of offshore and gas processing projects for ADNOC, which holds the seventh-largest proven reserves of oil in the world.

Control of Interserve, which has 68,000 staff globally, was moved to a new company after shareholders rejected a rescue plan for the business.

The lenders who are now in control include banks RBS and HSBC, and investors Emerald Asset Management and Davidson Kempner Capital.

Managing director Andrew Beaney said the Abu Dhabi contract wins would "contribute to Interserve’s continued growth and success within the oil and gas industry".
martin9325
Posts: 3
Opinion:No Opinion
Price:6.2495
RIP
18 Mar '19
You win some you lose some. I am sorry to have lost a bit here, but that's life. I am glad that the staff, many low paid, have seamlessly continued their work, albeit technically for a new company. I should have sold after the first profit warning but didn't - a lesson I never seem to learn. Happily my holding was small, commiserations to those more exposed. I'm moving on, no point crying over spilt milk, but thanks for all the comments - I learn from the input of others more knowledgeable than me.
CC2015
Posts: 614
Opinion:No Opinion
Price:6.2495
RE: Pensions question
18 Mar '19
Actuarial changes which were based on the change from RPI to CPI which was agreed with the Pension Trustees.
Franalex
Posts: 204
Opinion:No Opinion
Price:6.2495
RE: Pensions question
18 Mar '19
Not necessarily as simple as that. The scheme had until recently been in deficit and the move to surplus came about due to a change in actuarial assumptions. The pensions regulator has made public that it has been in discussion with the schemes Trustees. It is certainly in a better place than many but there are various ways that a schemes liabilities are calculated and in this scenario they will probably have to calculate the buy-out position (ie what an insurance company would want to take on the full liability). Frankly, the calculation of pension liabilities for accounting purposes has been ridiculous for a number of years and just a gravy train for advisors.




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