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17.58 RNS,
"and the intention to appoint administrators"
Parkez,
That wording is from FTSE Russell, it is their statement...which is pasted into the RNS ..not anything written by Intu...
RNS Number : 2845R
FTSE Russell
What platform did you short it on?
Before COVID-19, I began my journey to take the money you lot lost via shorting and spend it on acts of hedonism. This was around January the first. I shorted at 0815 and closed when I reached £120-£200. Each day I did this and questioned "why are these lot still invested in such a dead company in a dying industry in a blatant bear trend" I rejoiced over the arrogance of your lot as you thought INTU was going to begin a bear trend somehow. Each time I sipped my zubrowka or monster energy drink and wondered why you lot was trying to perform CPR on a dead cat.
Anyway to cut a long story short. RIP INTU it is a shame you didn't do share consolidation and rise from the dead. Perhaps the administrators can resurrect this dead cat of a company, and I can short this retail disaster all over again :D
Out with INTU and INTU with WIRECARD!
Visited Intu centre today. Primark queue large but resy shops fairly quiet and lot still closed. Queues to get into other shops, lots of one way systems, very odd atmosphere, not enjoyable or an experience! Made me wonder what the future of these shopping centres will look like. Has online shopping become even more the norm and killed physical shopping?
The failures of companies should always be attributed to the bod failing due to lack of experience,progress,adaptations of business and its structure. Intu bod were bunch of useless,clueless greedy lots. Retail market can adapt,diverse and flourish with adaptive technology growth and production but they failed in every way....and hope they will remain jobless for the catastrophic failures .
Ah Well we need to move on and can’t win them all....we had a gamble /punt and lost a small fortune and It’s part of investing in shares (which are a high risk assets investment)and impossible to avoid unless you are extremely lucky..Even Warren Buffett invested in a failed companies and lost hundreds of millions.
Many Ftse 100 companies and 250 companies went into administration and liquidation too..none is immune .
As long as you are in plus++ in your overall investment then its a big success..and well done.
Not every horse you bet on wins the race!
Gewillia
With most of the centres already earmarked with new managers and potential suitors already lined up today';s eventuality has been played out for some time behind closed doors . You would never have guessed it from the BODS tone
The appointment of the rainmakers Moelis and Clifford Chance in April affirms that the bondholders had broken loose.
The non appearance of Whittaker
Maybe as you say the appointment of the makeweight Roberts and the thundering herd of shorters which followed makes for an interesting story. Its almost as every step Roberts made was hammering in another nail in the coffin . Certainly not CEO material
You homed in quite quickly on the Derby deal and rightly ask the question how on earth would someone of Whittaker's stature sign off such a bad deal . How did it get past the professional advisers.In addition no effort was made last Spring to get shot of any other UK centres when they had half a chance
Like a pantomime They dont seem to have made any real effort just like going through the motions
Its almost as if the ship was set on course to hit the rocks
Certainly a bad whiff As you say there is still a story to be told
Shareholders effectively treatedikemushrooms
i originally got in here for a quick spike and trade but it never happened. Gut feeling said stick with it...
come 11.59 its history and i move on.
I can understand your feelings to be honest, I did take 70/80% hits but those hits I took were on wild cat oil drills. I bought some debenhams around 16 and kept on topping up and sold at 50% loss.But I have been lucky that I made it back. This is part of learning but from my experience when a company is in trouble you always find some clues .But you see some madness as Bod of Flybe accepted a 1p offer and some people were paying 5p two days after that.
sham, i do not know what 11.59 will bring. More than likely what we all expect...but while there is hope then all is not lost.And imo it does not state discussions ended or admin appointed so therefore i see a little hope....even if it is only for the next 5 hrs and 38 mins!
I’ve got to admit even given my aversion to retail and companies exposed heavily to retail this does seem like some incredible fall from grace.
Intu was worth around 13 billion £ at one stage and the very highly paid board of directors has taken it into bankruptcy tonight. A property REIT. That takes some level of incompetence. I am sure everyone else was to blame.
Sorry then it seems Reuter’s article is incorrect.
https://www.reuters.com/article/intu-prop-debt-administrators-idUSFWN2E30XG
I hope that rns you are expecting to 23:59 lands to say that company does not intend to appoint any administrators and would come out of suspension on Monday , not only that by going through their accounts they have found 4 billions lying about in the bottom drawer and they will give 4 billion check to creditors and tell them to do one.
No not appointed...
RNS words used "expected" "intention".
At 11.59 that may well be different but currently i read this as discussions still taking place with the threat of administration still there but not active.
Kpmg have been appointed I thought?
17.58 RNS,
"and the intention to appoint administrators"
FYI Parkez...
“What happens when a company goes into administration?
When a company enters administration the control of the company is passed to the appointed administrator (who must be a licensed insolvency practitioner). The administrator’s primary goal is to leverage the company’s assets to repay creditors as quickly and as fully as possible without preference. The administrator is given a period of 8 weeks to send out formal administrative proposals to all of the insolvent company’s creditors. These proposals will typically contain a basic plan of action that the administrator will follow to repay debts, information about the current status of the company, and the administrator’s anticipated outcome.”
“Exit out of administration
What is important to remember is that administration is not a permanent solution; rather it is more of a holding stage while a concrete plan is devised. One of the main benefits of company administration is that a moratorium is placed around the company meaning it is protected against legal actions from creditors, including the issuing of a winding up petition. This gives an indebted company vital breathing space to consider its future free from the threat of an impatient creditor commencing legal proceedings.
While in administration the appointed administrator will consider the potential viability of the company going forwards, while giving careful consideration to the company’s outstanding creditors and ensuring any future steps will increase their potential returns as much as possible. An exit out of administration can then be planned.“
I have read the RNS a few times, again i ask please state clearly where it says they HAVE appointed administrators?
What happens next:
https://www.egi.co.uk/news/intus-administration-what-happens-next/
Read the title of RNS released at 1:45 and hope that would answer your question, title is "appointment of administrators and suspension of shares".
Mate, I work for them and it's definitely done with no chance at all of salvation. Sorry. The centre's are staying open but intu as a group (or what these shares were part of) is finished.
Off course I will, but was curious to see how it pans out .I am 100% sure that it is game over, if it just got suspended then there was a glimmer of hope that it would come out of suspension, but it got suspended and administrators were appointed and that indicates that it is game over.
sham
please state where it say they HAVE appointed administrators?
sham you are misreading my agenda for posting after the RNS...its not the loss, its the "i told you so" postings i can not accept...why do you post...please one good explanation as to why?
They have appointed administrators and it cant be clear than that.Adminstrators would be going through their accounts and assets to see what value can be derived from these assets.