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Interserve PLC Share Chat (IRV)



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Metamorphosis84
Posts: 892
Opinion:No Opinion
Price:0.00
RE: Theft
Sun 14:02
90222116 votes cast from a circulation of 161274128. So around 55% participation.
And I will post where the hell I like.
 
skyrise
Posts: 144
Opinion:Weak Sell
Price:0.00
Interserve shareholders
Sun 10:36
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: 737
Opinion:No Opinion
Price:0.00
RE: Theft
Sat 13:31
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: 892
Opinion:No Opinion
Price:0.00
RE: Theft
Fri 22:19
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: 31
Opinion:No Opinion
Price:0.00
RE: Theft
Fri 15:19
Robbing all the PI money
daniel.f
Posts: 99
Opinion:No Opinion
Price:6.2495
RE: Theft
Thu 09:56
Sorry, do you mind explaining what is "illegal" about it?
c2mjk
Posts: 31
Opinion:No Opinion
Price:6.2495
Theft
Wed 17:48
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: 737
Opinion:No Opinion
Price:6.2495
RE: ShareHders sha..fted 76mill con Win
Tue 09:03
clp share
pbody
Posts: 737
Opinion:No Opinion
Price:6.2495
RE: ShareHders sha..fted 76mill con Win
Tue 05:02
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: 596
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: 607
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: 153
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.
CC2015
Posts: 607
Opinion:No Opinion
Price:6.2495
RE: Pensions question
18 Mar '19
So, if you are in the defined contribution scheme they are your contributions regardless of what happens to IRV in the next 50 years. the contributions are paid to the pension provider and therefore the risk is that Aviva or whoever goes bust not IRV going bust.

If you can be bothered to read the accounts for 2018 (which it's clear 95% of the posters on this Board haven't based on much of what I read on here) here are the facts for the defined benefit pension scheme. The scheme has assets of £938m and liabilities of £845m. i.e. 11% more than it needs. Therefore the scheme is very well funded and has enough assets that even if IRV went bust tomorrow it can pay the pensions for the next 50 or so years (depending on bond rates of course).

Some of you might like to note that the new owners will of course plunder this over the next 5 years as soon as they are able, thereby further enhancing the returns on their loans and new shares!
HeresHopin
Posts: 5,168
Opinion:No Opinion
Price:6.2495
RE: Pensions question
18 Mar '19
Lol - thanks for the correction Franalex.
Franalex
Posts: 153
Opinion:No Opinion
Price:6.2495
RE: Pensions question
18 Mar '19
Not entirely correct, it does protect 90% subject to an upper limit and there are also quite complex rules about future indexation based on when the service arose and also if you are in retirement, these can have a material impact on the future value of the pension but nevertheless it does provide a significant degree of protection.
HeresHopin
Posts: 5,168
Opinion:No Opinion
Price:6.2495
RE: Pensions question
17 Mar '19
Unlikely, and there is a scheme called the Pension Protection Fund anyway that would in effect protect 90% of people's entitlement, so I wouldn't worry too much.
Love_You
Posts: 271
Opinion:No Opinion
Price:6.2495
Pensions question
17 Mar '19
Does anyone kindly know if the employees pensions be affected by this administration?
BillTucker89
Posts: 565
Opinion:No Opinion
Price:6.2495
RE: Hard time
17 Mar '19
Pbody- no one has stated investors will get anything back from IRV going into administration, you aregetting confused again. The shareholder compensation discussion relates to the FCA investigation which is totally unrelated to the the administration, related to Market disclosure from IRV back in late 2016- early 2017. Obviously those who invested after this date or recently cannot expect anything if something does materialise from it, since they were aware of all the facts before they invested. It will only affect people who bought between August 2016 - February 2017 which is likely to be only a handful of investors, so any compensation if awarded will NOT be for the full 150m shares in issue, more like 30m. Remember it only impacts people that bought within that period based on what they were told from BOD, so those who were already holding at the time will unfortunately not be entitled to anything either.
HeresHopin
Posts: 5,168
Opinion:No Opinion
Price:6.2495
RE: Hard time
17 Mar '19
Or in short - 18th March (first thing)
HeresHopin
Posts: 5,168
Opinion:No Opinion
Price:6.2495
RE: Hard time
17 Mar '19
Yes, maybe kenj, although I don't think it is that confusing from the RNS's - they were obviously a couple late on, and I questioned the later one that you quoted as I think it was referring to something else. The slightly earlier one that illbetabuck mentioned was the one specifically relating to IRV, and mentioned cancellation as of Monday first thing. On that basis it questions whether trades will be settled or not - I don't know what finally happened in Carillion, because presumably some will have bought and now want the trade to be cancelled (realistically they shouldn't be entitled to that in my view) and some will have sold and fear the sell trade will be cancelled (I don't feel this would be right although with the T+2 settlement position it is obviously a risk. The later RNS you reference mentions different indexes that IRV belonged to and so they are just saying that IRV won't be part of those indexes any more - it may be that a further confusion relates to the fact that currently the Indexes are about to have their usual quarterly reshuffle. My view is that the RNS specifically relating to IRV states cancellation effectively immediately rather than in a couple of days and that the position is similar to what happened with Carillion.
pbody
Posts: 737
Opinion:No Opinion
Price:6.2495
RE: Hard time
17 Mar '19
That is not meant as a jibe.

It reads like it.
I some ways I am tempted to get a premium account.
Having time to read everything and/or message or alert on here is awkward.
Especially if you not at a pc all day or have something else on.
Thanks for explanations. Info as I didn't have any shares here.
Watch for others in the sector taking a dive in SP as fear takes the driving seat.......
kenj
Posts: 2,049
Opinion:No Opinion
Price:6.2495
RE: Hard time
17 Mar '19
HeresHopin,
We seem to be going around in circles here!
The statement of mine that you challenged was:
"The IRV shares are not being cancelled until Wednesday. This is probably to allow late trades to go through, as it usually takes 3 days for a trade to complete."

I know that the shares have been suspended, the question is when are they actually removed from the share index? The reason that this is important is that if the shares are immediately cancelled, the trades made on Friday will not complete, and brokers may refuse to honour them, as some did when Carillion collapsed.
So far answers to that have been 15th March, 18th March and 20th March.

RNS
Interserve (UK): Constituent Deletion
Index --------------------------- Effective From Start of Trading
FTSE Fledgling Index ----- 20 March 2019
FTSE All-Small Index ------ 20 March 2019
pbody
Posts: 737
Opinion:No Opinion
Price:6.2495
RE: Hard time
17 Mar '19
Thanks again Kenj for your patients.
I understand the prepack administration better now. People will be able to turn up to work on Monday as usual.
What would have been the total worth of contracts and assets owned by Interserve?
Had they been able to "set their stall out"
I suppose we have a sector knock on effect to deal with next.....on top of brexit.....
Similar to Carillion in that respect......
HeresHopin
Posts: 5,168
Opinion:No Opinion
Price:6.2495
RE: Hard time
17 Mar '19
In response to your question kenj then it is as I already said in my earlier - "So, this is saying (to me) that those Indices will be affected as a constituent part of them (IRV) is suspended" Whenever a share that is part of an Index is suspended they have to point out that a share that should be part of that index is suspended. I presume that there was a very similar RNS on CAKE and also Clln when they were suspended, in relation to the Indices that those companies were part of prior to administration - it is a notification that the Index won't be entirely accurate and highlighting the reason why.




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