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I know you are disappointed but a rights issue would have been too long winded - there was a cash need quickly. You know you can write to FCA - access easy to find via Google. I have written on other occasions - to what avail.
A action group to be set up ...a petition and a strong letter to FCA , nothing adds up..they were to notify us if and when the adminstrators were going to appointed...only under that filing the sale was supposed to have taken place ,no RNS detailed in saying that..the sale could have taken place long way back when they were looking for funds for cvr...they bought it on the cheap,a rights issue could have taken place in all this time ,they all took the shareholders for a ride and shafted us
Looks as is Investec managed this - advisor to both? Given that C & C have taken over the Cr liability of �102m - surely a good deal for them. There was a need to act swiftly because Wetherspoons et al could have been short of wines and spirits. As to the remainder we shall have to see. Only Direct was put into administration. Lets hope a buyer can be found for Conviviality Retail as was. It has got to be a dooable because it was ok before the stretching of finances with MC & B.
still unsuspend the shares if they wanted to,at least we could get 25p that's prob whats the value of cvr now,i would like to see if any directors sold up this year...
well done orangetree I think we can now see the real deal what a daylight robbery,and its all legal hey,i think we can safely say if anything we might get the said 1p nominal share ,FCA were are you to help shareholders,it should be like banks I no it wont happen but we should be coverd like if a bank failed you get �35000 cover,were all under the same financial rules cvr robbing bast urds and cc got a deal of century
From RNS: The sale has been agreed further to receipt of many expressions of interest in connection with an accelerated sale process co-ordinated by Price**********Coopers LLP.
Other offers on table which they chose to ignore/disregard. They need looking into.
Investec also recommended buying the shares hours before the company it gave a profits warnings. So, it could massive manipulation on the part of Investec towards small retail investors.
Investec has done well in advising C&C with their acquisition of the CVR assets at a knockdown nominal price. Sorry, but it appears that Investec also did badly with their advice to CVR. Between he Chinese walls at Investec and PwCcoming in to help CVR we were destined to be led to the slaughter. It Stinks!!!
C&C paid �1 for both Matthew Clark and Bibendum but paid �102m in debt to its lenders. In other words, the lenders, not the shareholders got any value. So the purchase price is C&C paying �102m in enterprise value vs. �260m paid by Conviviality! Plus, C&C is a distributor and knows how to cut costs and find real synergy. I called it looking for bargains. Remember JD Sports follow the same strategies of buying low and creating value for their shareholders. https://www.telegraph.co.uk/business/2018/04/04/magners-cider-maker-ab-inbev-throw-lifeline-conviviality-workers/ As for Conviviality, it is still responsible for �78m of debt and company size falls back to �400m-�450m level. And it still owes HMRC �30m. Make that �108m in liabilities.
The Board consider that the offer from C&C represents the best outcome for creditors, suppliers, customers and employees of the Conviviality Direct business. C&C have undertaken to provide substantial funding to the Conviviality Direct business to ensure creditors are paid and to address the cash flow constraints that have been encountered. C&C have paid a nominal sum for the shares acquired and have agreed to pay, in aggregate, �102 million to Conviviality's secured lenders over the next 12 months to repay the debt of the Conviviality Direct business to such banks.
msuk we was just robbed why couldn't they lend us 102mn before hmmm,we was robbed,im sure a rns should have been issued to say that those 2 companys were under admin. I have no idea how we go about raising a lawyer it costs money,and looking at the lse bb forum about 6 folksare discussing cvr the rest were are they and the big funds did they all get out from the �1 to �118p rise then told cvr were out then cvr suspended the shares the basturds. only hope is now that the debts are gone any more sales might and a big might get us a few pence back....and what did I say I knew PwC were taking lead getting these debts with banks settled ect it shows they get banks there money and in future cases were pwc are employed banks will help them,so if anybody want to start a legal group go ahead before time runs out...
i agree robo...its all very underhanded and we should be contacting the lawyers....accountability and also the timing issues....why wasnt the sale done previously when they were looking to raise funds,could have sold or parts ,why wait till adminstration
Accordingly, C&C now owns 100% of the issued share capital of Matthew Clark Bibendum. how many shares was there then,.......can a more up person state how they was allowed to sell these 2 companys were still technically solvent not in admin but the shareholders had no say in this sale even tho were still a company ,pure robbery in my eyes how can we complain even we have no fk in voice do we.
msuk correct I think,we are not in administration they would have to inform,but if you read it ,it states c&c will pay a nominal amount I bet they paid �1 but are now responsible for all debt liabilities ect,but I was undstood that admin was in 10 working days ie 12 april,its all been a bit swift it stinks andwe have been robbed blind yet the fca and the government allow it to happen,
The banks will get their money back first �102M I've just read
https://www.investegate.co.uk/c--38-c-group-plc--ccr-/bus/acquisition/20180404151500Z4303/
The rns suggested a token amount- could be as much as �1
ir4850 It will come but hopefully with further news. C & C were a bit cocky this morning getting their rns out without formal agreement.
Fair enough. An RNS here would be better.
The Alliance News link is timed at 15.25 and is not an RNS
ir4568 Search CCR on LSE and you will see CCR rns confirm
...meant to say an administrator has not been appointed ....all very suspicious and down right theft...
we need to raise this matter,i believe that cvr has not notified us of any administration issues and now they have bought the company which rightfully belongs to cvr ...so any proceeds of sale should be allocated back to shareholders...am i right?
hey mate I'm sure I read that this morning.lets just hope these decent companys like magners and ab inbev ect do us a favour,lol