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Seifert
Posts: 2,201
Off Topic
Opinion:No Opinion
Price:0.98
BlindPanic
28 Aug '12
As the stock is now delisted, this forum is effectively all played out. So I wish you well in your future investments, and hopefully even moreso that you heed your own insightful advice and LEARN from others' mistakes. Good luck and best wishes! - Seifert.
 
BlindPanic
Posts: 99
Off Topic
Opinion:No Opinion
Price:0.98
Seifert
28 Aug '12
True. Andy Brough et al should learn where the job centre is at least!
Seifert
Posts: 2,201
Observation
Opinion:No Opinion
Price:0.98
BlindPanic
28 Aug '12
Good post. But the fact is, people never learn. And that applies at all levels of finance.
BlindPanic
Posts: 99
Observation
Opinion:No Opinion
Price:0.98
Lesson learned?
28 Aug '12
Reading some of the messages below it appears that some just don't get the realities of this type of situation. When this company reported some appalling results (at the 11th hour and 59th minute) in November last year revealing that banks had put £16m of new debt facilities in (to get a clean audit sign off) it was time to get out. From that point onwards the banks were running the show. They brought Shearer and Rumbles in not, as some suggest, so they could be backed into a corner by them. Goldman Sachs embarked on the fruitless task of seeking new equity from new investors (which would have also wiped out existing shareholders) and the banks prepared their plans for this to be taken into bank ownership.

Ever since that profit warning the writing was on the wall. Choosing to ignore this reality whilst hoping tht one of the previous bidders would re-appear with an offer was niaive.

The final act of craziness took place last week. Faced with a certain outcome like lemmings a minority of shareholders prevented their brothers and sisters from recovering some meagre crumbs out of this debacle. Deluded thinking that a NO vote would prevent management from receiving their 5% (they. Ever could truly own 20%) share incentive showed the extent of the niaivety. Even worse was the belief that the banks would come back with another offer.

I recommend that you learn some lessons from this and either get out sooner it where you can't don't sacrifice YOUR cash in the wild goose chase of "the right thing". This doesn't exist in finance. The banks have lost much more than the shareholders here and they are not allowed to how compassion.

Other companies such as Hibu are going exactly this way except the offer to shareholders won't be 1p!!!!
I-stock
Posts: 1,039
Off Topic
Opinion:No Opinion
Price:0.98
loss
27 Aug '12
sorry to hear of everybody's loss here -next thing to do 2moro morning is to buy nvta -it's a potential multi bagger! sitting on $2 billion worth of reserves if they can get the production situation corrected .thats my tip of the year .good luck to everybody when you move on .
Opelman
Posts: 1
Observation
Opinion:No Opinion
Price:0.98
No Option
27 Aug '12
Having worked for Mouchel for a number of years, its annoying that as among most of the people I know (which admittedly is not all the Mouchel employees so this doesn't necessarily constitute general opinion), most have been dis-satisfied with the BoD for the last few years, especially the current lot which have sold off some of the profitable parts of the business and not made enough of the changes that would have Mouchel back on track. Despite this there are several parts of the business still making good money, yet the BoD seem to have run the expectations of Mouchel down, funny enough now being rewarded with a chance to rebuild up knowing which parts they are better losing and which parts they can retain. I know of a number who are also shareholders in the company who voted no; yes knowing that it would probably not change matters, but on principle they have lost significant amounts of money with the company from shares long-held, yet it was a way of expressing their dis-satisfaction with the proposals and with the current BoD. I for one will also close my Barclays account on principle as there are other ways the banks should have looked at this, but each to their own I suppose, I wrote my shares off a long time ago and will do my best to exit from the company and away from this BoD asap. Plus I dont expect the '8000 safeguarded' jobs to remain this way for long, I fully expect the BoD to start implementing the things they should have done before. I expect this company to downsize but start picking up the profitable work and grow again within a few years.

I appreciate that people could have taken their shares out earlier, and that was their choice, but sometimes I think standing up for your principles is a hard but necessary pain and I believe this is why a sufficient number of people voted No. If everyone looks out for themselves, this is how we get into this mess where people are not willing to sacrifice because it may impact them.
BlindPanic
Posts: 99
Observation
Opinion:No Opinion
Price:0.98
Lesson learned?
27 Aug '12
Reading some of the messages below it appears that some just don't get the realities of this type of situation. When this company reported some appalling results (at the 11th hour and 59th minute) in November last year revealing that banks had put £16m of new debt facilities in (to get a clean audit sign off) it was time to get out. From that point onwards the banks were running the show. They brought Shearer and Rumbles in not, as some suggest, so they could be backed into a corner by them. Goldman Sachs embarked on the fruitless task of seeking new equity from new investors (which would have also wiped out existing shareholders) and the banks prepared their plans for this to be taken into bank ownership.

Ever since that profit warning the writing was on the wall. Choosing to ignore this reality whilst hoping tht one of the previous bidders would re-appear with an offer was niaive.

The final act of craziness took place last week. Faced with a certain outcome like lemmings a minority of shareholders prevented their brothers and sisters from recovering some meagre crumbs out of this debacle. Deluded thinking that a NO vote would prevent management from receiving their 5% (they. Ever could truly own 20%) share incentive showed the extent of the niaivety. Even worse was the belief that the banks would come back with another offer.

I recommend that you learn some lessons from this and either get out sooner it where you can't don't sacrifice YOUR cash in the wild goose chase of "the right thing". This doesn't exist in finance. The banks have lost much more than the shareholders here and they are not allowed to how compassion.

Other companies such as Hibu are going exactly this way except the offer to shareholders won't be 1p!!!!
kenj
Posts: 1,578
Observation
Opinion:No Opinion
Price:0.98
Game Over
26 Aug '12
Sat, 25th Aug 2012 15:07

LONDON, Aug 25 (Reuters) - "The assets of British public services contractor Mouchel have been sold to a new firm owned by its lender banks and its management, after shareholders rejected an alternative restructuring plan, its administrator said on Saturday.
The deal to sell the business to a newly incorporated company, MRBL Limited, means that all of Mouchel's subsidiaries will continue to trade as usual, administrator KPMG said."
I knew they would not hang about, but I did not expect it to be over quite so soon; you were right illbetabuck.
Apply to the High Court to appoint administrators Friday afternoon, sold Saturday afternoon. The BOD it seems can be ruthlessly efficient when it comes to making money for themselves!
DimmerGinger
Posts: 2,464
Off Topic
Opinion:No Opinion
Price:0.98
mchl
25 Aug '12
Don't worry, creditors and bod and staff will land on their feet while small pi's get feck all.
kenj
Posts: 1,578
Observation
Opinion:No Opinion
Price:0.98
illbetabuck
25 Aug '12
I have not forgotten that the banks are the primary creditors, and effectively own the company. Neither have I forgotten that months of negotiations to restructure the company, went to the 11th hour and then beyond. The implication being that the banks were far from happy with the agreement reached. I believe that with no other interested parties the banks were left with little choice but to agree terms with GRumbles. I suspect that they would jump at the chance of dealing with a reputable company like Costain.
I agree that this will be hurried through. After all the longer the process takes the greater chance that the BOD may lose their prize. However, the BOD are not in control of this, and there is still a slim chance of outside intervention from a rival company.




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