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Well the outcome here doesn’t seem to surprise me given most of the discussions on this forum for the last 2 months or so. I’m sorry for anyone that’s lost their money as I too lost a fortune here (65k) when I cashed my shares out a week back, so I share your pain.
As has already been stated the whole investment in IRV has been on deception, lies and self serving interests of the BOD. It seems they have got away with it unsurprisingly since any investigation such as the FCA will now be closed as the company no longer exists. It’s BAU usual for the employees thankfully, whilst the shareholders have been well and truly shafted.
The 5th RNS today says that Interserve shares will be deleted at 8am on Wed 20th March.
So why are they not deleted on Monday morning?
This may be to enable the 3 day clearance time to complete on any shares traded this morning. Thus ensuring that buys and sells will be honoured by the dealing broker, unlike the farce that happened when Carillion collapsed.
The day Emerald got involved this was doomed. I tried to warn people off . Today it came true. Sorry if you lost.
"I believe the shorts register only shows net shorts - Coltrane could have shorted to any lower percentage than their holding and not had to declare as they wouldn't have been net short but still net long."
Thank you for that HeresHopin,
It would appear that you are right. I never noticed the word "net" before the short position.
Coltrane may well have covered some of their long position, but as has already been discussed on this board, it would have been very difficult to find anyone willing to lend IRV shares out in the last couple of weeks. So I am still guessing that Coltrane have taken a fair hit on this.
Oh and just seen the Telegraph article. Can we have some investagitive insight rather that’s just words.....what really happened here....men in dark suits turned up at the meeting, some ex company directors attended (why?), empty seats etc. Is that all the Telegraph has to say! Well no wonder I personally don’t buy this newsheet. Did I say news! Can we have a real story......history, what was said in RNSs etc.....
hereshoping.
thanks for pointing that out.
Well I kept quite all day but one can only take so much. I just read an article that suggested IRV Construction and Middle East debt as a particular problem. That all? Ugh! I thought IRV had a Director responsible for this. Let me think is the article I just read journalism or just words.....Can we have some real investagite journalism here? How about the BBC doing a review after all they have inside knowledge on performance and what really happens on the ground with IRV. Can we have a Panorama on this?
From double digit growth, borrowing US dollars, Exec bonuses, the RNSs that continually said things were getting better, without doubt these messages influenced private investors who made deciions on what the BoD said in trading updates. Why have the FCA taken so long to investigate but come to no conclusions? Why will the government continue to back the Banks and lenders.......why will these incompetent people at Exec level keep a job? £76 million spent for what....self interest washing the slate clean, not me guv, and for future reward and now potentially an ongoing job at the expense of investors, the same investors who backed the business based on the RNSs and news eminating from Twyford Towers. Something serious wrong with this and how it’s gone. Who’s next in the sector? Anyone else involved with EfW and Middle East, Defence, Health, Probation who doesn’t have a clue what they are doing? In reading posts I see mention of Fier and Kostain being mentioned. The whole sector is suspect imo and should fear for the future. Got ant shares other than shorts well get rid ASAP. What do Unite have to say? Very quite. Rant over.
Well I kept quite all day but one can only take so much. I just read an article that suggested IRV Construction and Middle East debt as a particular problem. That all? Ugh! I thought IRV had a Director responsible for this. Let me think is the article I just read journalism or just words.....Can we have some real investagite journalism here? How about the BBC doing a review after all they have inside knowledge on performance and what really happens on the ground with IRV. Can we have a Panorama on this?
From double digit growth, borrowing US dollars, Exec bonuses, the RNSs that continually said things were getting better, without doubt these messages influenced private investors who made deciions on what the BoD said in trading updates. Why have the FCA taken so long to investigate but come to no conclusions? Why will the government continue to back the Banks and lenders.......why will these incompetent people at Exec level keep a job? £76 million spent for what....self interest washing the slate clean, not me guv, and for future reward and now potentially an ongoing job at the expense of investors, the same investors who backed the business based on the RNSs and news eminating from Twyford Towers. Something serious wrong with this and how it’s gone. Who’s next in the sector? Anyone else involved with EfW and Middle East, Defence, Health, Probation who doesn’t have a clue what they are doing? In reading posts I see mention of Fier and Kostain being mentioned. The whole sector is suspect imo and should fear for the future. Got ant shares other than shorts well get rid ASAP. What do Unite have to say? Very quite. Rant over.
Where are you going next now Interserve is destroyed.
Maybe see you on the Kier site. It had been fun, while it lasted...
Everyone has lost, but some have won.
Ciao
"Does anyone know if Coltrane were also shorting the stock, thereby coming out of this without a loss? "
Can't see that Martin9325.
There are only 1.2% declared shorts registered, plus there may be a few more companies shorting less than 0.5%. Coltrane held 25.7% of IRV shares at today's latest update. There is no way they could have shorted that amount without lying to the LSE. Personally I was surprised that they had not sold some of their holding down. I suspect that Coltrane have taken a big hit here, as I cannot see how they could have covered such a large position.
The BoD always wanted to get rid of retail investors. Part of the long term plan.
You have to hand it to them!
PeteNottsI would suggest that some time ago Coltrane saw this coming and took out a sizeable short position. Probably via some shady off shore vehicle and have probably more than covered any potential loss. Either that or they have some sort of complicated insurance policy that that believe may pay outThere can literally be no other explanationsAs to the bloke who suggested it was their ‘honour’ !!, well the level of stupidity from some people is quite literally breathtaking
I only had a few of these and mentally wrote them off months ago. Does anyone know if Coltrane were also shorting the stock, thereby coming out of this without a loss? The 30% owned by retail investors were all wiped out, but players like Coltrane can borrow stock as well as own it - if they were shorting to cover their losses on the shares they own I think the regulators need to take a look.
Hedge funds do not cut off their nose to spite their face. There has got be an angle here that we are not seeing. Anyone got any idea's????
Do not be surprised to see them honoured by the Conservatives for their business acumen that saved tens of thousands of jobs. As for administration saving taxpayers money, do not be surprised to see loss makings contracts with central government be renegotiated in the new owners favour.
So you oversee the ruination of a business and keep your job, it's just effin unbelievable. Next it'll be Ringrose and Heywood coming back as conultants.
Whiteling & Barker look like the will be keeping their jobs. It's a WTF moment.
Laustin,
I am sorry to say that your IRV shares are almost certainly worthless. An RNS later today may confirm that. You can use this loss to offset future Capital Gains Tax (CGT) gains, but that is the only possible upside here.
It's very unlikely there will be any value left for shareholders - they are last in line in this sort of situation. Commiserations
this may be a stupid question but what will happen to existing shareholders, so the shares I currently hold what will happen to them ??
None my friend get rid quickly
kenj,
Thanks for pointing out that important difference. And my humble apologies to the Tax payers, who have no financial exposure to this saga.
MMMM Majorboy you did not have a large holding in EX IRV then
"Carillion cost the Tax Payer £150M. PWC earnt £44M. and it went into administration with £7 Billion of Liabilities. Lets see the numbers for Interserve ?"
Carillion went into liquidation, not administration BoardsOfUK.
You will see no figures for Interserve, as per my earlier post, they will soon be a new private company.
I would sell any holding you have in this or by Monday it could well be worthless