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07/10/2021 · Alan Lovell, Chairman of Interserve Group Limited said: “The sale of RMDK to Altrad continues the significant progress we have made selling the constituent parts of Interserve Group to best realise value for our shareholders.
Best value for shareholders?
https://news.sky.com/story/outsourcers-mitie-and-interserve-in-advanced-merger-talks-12014204
Cheerio 'Debs'
https://www.constructionenquirer.com/2019/11/15/interserve-restructure-paves-way-for-possible-break-up/
Here's what I got from E&Y. I'm still confused why the directors don't appear on the statement, can anyone explain?
Interserve PLC (in Administration)
I refer to my email of 28 June.
We have obtained confirmation that none of the directors of PLC have sold any shares during 2019 and that any previous share sales were properly reflected in the requisite RNS announcement.
For Interserve PLC
Pundit1- yes I have see it but not sure how nominee accounts works as such. Does it slow someone else to sell them on your behalf?
Hopefully the truth should be out hopefully, but you can bet your last buck the BOD were given something for this deal which may not be made public unsurprisingly.
here's the reply I got from E&Y
Interserve PLC (In Administration)
Thank you for your email of 25 June, the contents of which have been noted.
Please note that the statement of affairs are the directors’ statement of affairs, which are prepared and submitted by the directors of Interserve PLC (in Administration) (“PLC”) to the Joint Administrators, being myself and Mr Kelly, who are partners of Ernst & Young LLP.
In accordance with agreed practice and in the interest of the privacy and security of the individual members (i.e. shareholders) of PLC, the following was adopted in relation to the members’ schedule which was filed at Companies House:
I. the employees (including directors) who are members of PLC and not covered by a nominee, which a number are, are stated on the members’ schedule as a collective total – this is consistent with the required treatment of employees/former employees who are creditors. Within the submitted statement of affairs, there is an amount for “Employees” and there are a number of nominee amounts; and
II. the details of individual members of PLC are stated on the members’ schedule without addresses.
We are currently obtaining confirmation that none of the directors of PLC have sold any shares during 2019 and that any previous share sales were reflected in the requisite RNS announcement, and will respond when we have confirmed the position, but, as mentioned above, the employees, including the directors, are included as a composite total or within nominee balances, if relevant.
For Interserve PLC
BillTucker89- Did you see the response from E&Y posted by Whyyy on the ADVFN bulletin board about nominees and that they are making enquiries about the sale of shares in 2019 with the Execs.
Pundit1- yes you are correct but these weren’t traded on the open market, so there will be no requirement for a RNS. Essentially the lenders gave them all an agreed price per share to get the deal through, so this could have been £1, £2 per share or any other number you can think of, so you can see why the BOD were willing to get this deal through as they have profited handomsely. Also if they were paid for their shares on 14th March for instance, the company went private next day so no need to report anything anyway. This also why they “waived “their entitlement under the proposed open offer, since they knew they would not have the shares at that point as they would have cashed in on their existing shares.
Pundit1- yes you are correct but these weren’t traded on the open market, so there will be no requirement for a RNS. Essentially the lenders gave them all an agreed price per share to get the deal through, so this could have been £1, £2 per share or any other number you can think of, so you can see why the BOD were willing to get this deal through as they have profited handomsely. Also if they were paid for their shares on 14th March for instance, the company went private next day so no need to report anything anyway. This also why they “waived “their entitlement under the proposed open offer, since they knew they would not have the shares at that point as they would have cashed in on their existing shares.
I just came across the Administrators proposals for Interserve Plc on Companies House beta and in a table - Appendix A statutory information it schedules all Exec directors holdings at 15 March 2019. D White had 640,040 G Barker 93,970 and M Whiteling 30,000. In the EY Administrators statement of Affairs of Interserve Plc it lists by name and number of shares held all those shareholders that got wiped out. D White, G Barker and M Whiteling names aren’t included. So what happened to all these shares and why was there no RNS announcement. I thought shares couldn’t be traded by directors in certain periods. Can someone offer explanation.
I just came across the Administrators proposals for Interserve Plc on Companies House beta and in a table - Appendix A statutory information it schedules all Exec directors holdings at 15 March 2019. D White had 640,040 G Barker 93,970 and M Whiteling 30,000. In the EY Administrators statement of Affairs of Interserve Plc it lists by name and number of shares held all those shareholders that got wiped out. D White, G Barker and M Whiteling names aren’t included. So what happened to all these shares and why was there no RNS announcement. I thought shares couldn’t be traded by directors in certain periods. Can someone offer explanation.
Is there anybody you can ask about this and hope to get a reply?
BillT-
But I thought Execs couldn’t trade shares when selling a business as there was a period of inactivity imposed on them? Too much knowledge not known by others etc. Still doesn’t answer why no Regulatory News Announcement was made when Execs sold shares, so as to alert other shareholders, who then got wiped out when supporting the business. Wonder how much they sold for and when.
Yep, warned everyone about the feet in troughs last summer qith the 125% bonuses. Got shouted down. Nevermind, I still have my capital
The BOD turned out to be pigs in troughs, the trust is vanishing in many listed companies by people like these.
Bill, I guess the outcome will be the same as the investigation by the FCA into CLLN- nothing will happen.
From what I’ve understand the BOD had their shares paid in full to go along with the deal, hence they didn’t loose a penny. Don’t hold your breath on the FCA to do anything though.
We still haven’t heard what will happen regarding the investigation around EFW.
Mr Edwardwasahorse....
I’ve looked at the RNS announcements and can only find the ones relating to acquisition of shares. I have not seen any RNS announcements about selling shares by the BoD or those connected with them. Yes things were tricky but as far as I knew given transparency the BoD were holding, not surprising seeing as they had knowledge of results, knowledge of announcements and other things mere mortals didn’t.
DW had 481,158 shares gifted plus purchased a further 93,464. The RNS show her husband purchased 65,408 shares on 15.09.2017. So in total 640,030.
The Chairman acquired 88,300 shares between 08.03.2017 and 18.09.2017.
The CFO had 526,840 shares gifted and purchased 56,364 shares on 01.05.2018 and a further 30,000. Total 613,204.
The MD (PDMR) of Construction had shares given as an award between 11.06.2018 and 14.03.2019.
In the EY statement of affairs of Interserve Plc none of the above are shown in the 68 page document as being shareholders, the document only shows those that stuck with the business, I did as I thought the BoD were also but now feel somewhat misled. What’s the explanation for this? Why no RNS announcements? When did the BoD sell?
Debbie White bought 37100 shares on 10 may 2018, there is nothing about her selling them shares in any RNS I can find!
It was a stitch up (the BOD wanted this outcome), we all know this but nothing will be done...
Is there an explanation why some Execs and pdmrs held no shares at the point of administration? Was there any RNS announcements that I missed? Did some people know more than others? Can someone offer an explanation?
Is there an explanation why some Execs and pdmrs held no shares at the point of administration? Was there any RNS announcements that I missed? Did some people know more than others? Can someone offer an explanation?
The whole things smells very fishy, but we all know what will happen - eff all.
Can someone explain why the statement of affairs regarding Interserve Plc and posted by EY recently shows Exec directors DW and MW held no shares at the time of administration. I don’t recall seeing an RNS about Execs trading shares only the CEO saying that the offer price for new shares would not be taken up. What happened to all the shares given by the BoD and why no RNS? I went on the basis the CEO and FD held shares. Could see someone provide an explanation as I don’t understand what’s happened. Is this something the FCA will investigate?
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.
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.