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suspended
Share trading suspended
Oops cant buy.
I'm surprised at how many votes against. What a mess. Don't trust anyone who votes for Trump
Sad for all employees, disgusting from management
The sort of person that believes this will be 18p this afternoon.
Suspended
Today I am gambling £2k. I think it will survive.
At least you can still sell - might no be able to sell later today / Monday morning.
whos going to buy with a 25% spread something wrong here
will they a deal...
PAYING for all the year of very bad management bad treatment of share holders and their engineers.
Well this is going well...
The number of attendees should give you an idea of how this is going.
A quote from Coltrane representative "I voted for Trump" probably tells you how they have voted.
well true or not the city am article certainly moved the share price
wolfie "A source close to the public outsourcer told City A.M. it is now expected to fall into the hands of administrators after investors appeared to vote the deal down."
Don't shoot the messenger. I have no idea just saying what City A.M. are reporting.
PYUECK - that article does NOT say it set to be rejected. Its numpties like you making false accusations that has helped this company struggle. And ref sad for employees but good shareholder get shaffted .... Most employees are shareholders too !!!!!
http://www.cityam.com/274745/interserve-brink-outsourcer-set-collapse-after-shareholders
Sad for employees, but good to see such shafting of shareholders as was tried here gets blocked, even if shareholders this time will get nothing.
Bought in at mid 13p - Just ideally would like to get some of the cash back.
I guess the deal going through is the only real solution now and I should imagine it will be voted through
Shareholders who have sold out are going to rush to get back in.
Guessing it will close at around 18p
Good post CC.
I read some words from Bernard Jenkin, chair of the PAC committee which are pertinent;
"The subject is addressed by Sir Bernard Jenkin, the Conservative MP who chairs the Public Administration and Constitutional Affairs Committee, in a letter to the Financial Times.
He writes: "The readiness of Interserve to undergo pre-pack administration, at the expense of shareholders and directors’ share interests, shows a marked improvement in the capability of the system to manage the legacy of excessive risk.
Lenders should be praised for taking on much greater responsibility. The government is no doubt ready to facilitate these discussions. It is to be hoped that shareholders will also choose not to hold the business to ransom, but rather recognise that vital public services cannot depend on a high risk-return business model.
"In the long term, shareholders in such companies need to learn that this market must be a lower-risk sector, with subsequently lower rewards."
And so the numbers. Retail investors hold 30% but most of them won't vote.
So, Coltrane own 25.1% based on the enlarged share capital, which leaves 44.9% in other "institutional holders".
It is though Coltrane have now lost support of Farringdon.
I'm guessing the vote will go through and with those converted warrants more or less assuring the situation.
Anyone know what time this vote is happening?
Confidence in the vote appears to be filtering down......
With a couple of hours to go, I wanted to write that I hope the deal goes through, rather than pre-pack. I'm still not sure what Coltrane are playing at, other than bluffing. I'm sure they are happy to burn their shares but I'm not sure why. If it were me I'd be selling to crystallise some tax losses to set against my gains in their situation but there again I wasn't able to research them in any depth as their website is almost non-existent. Maybe they don't have any tax gains to set off!
This hasn't been a great trade for Coltrane and I'm astonished at the way they have handled this. I'm not sure they ever understood at any stage just how bad the financial situation was or indeed is now. Certainly I wouldn't want my money invested with them after watching this.
Regrettably I see many more years of pain for IRV and it's staff. It's reputation is damaged. At least the company will be saved though and the employees have continuity of work. Over time they may choose to stay or leave but at least they can do that in their own time. The pension fund is also fully funded albeit it's been stripped back to CPI vs RPI.
I'm not sure what the share price is doing today going up. Reading around it seems some think that if the vote is positive that immediately means the shares are worth 15.3p as that's the offer price. I don't follow this logic at all but each to their own. Shares are worth what people think they are worth, not necessarily anything to do with true value based on future profits.