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Completely shocked that a company making �50m profit a year can run out of cash & go out of business. I believe there has been fraud in the last month, but it is also gross incompetence. If the board had been honest with the markets months ago, we would not be in this mess now.
There sod all to be except it move on .i lost 150000 quid.i aim its highrisk high rewards but again pis been shafted.i dont often get caught out this was a blinder of a play.still cant get around a lot of things.its no good mooti g over spilt milk.the company as told you me and every shareholder we getting zilch.but it will be sold and picked clean.looks like the shorters knew it was doomed i should have know better 300p to 100p very fast.for me boohoo is my last aim.its corrupt and us pis have no chance we should really be coverd like. like banks are were all under the FCA were are they when we need em they will just refer you to investing in shares could cause losses of your money. Dear me lesson learnt today.i fact i hate to say it i might be my last investment on the markets.boohoo and done for me.i guess managed boring funds seem the safest bet boring 6% a year.with hardly a chance you lose....ok im done here nothing more to add really.
Palmer & Harvey, CVR, Martins - do they still exist, McColls - surely stretched - Premier - Didn't Moran Leave there, Spa - all working on super slim margins. Add on living wage, Business rates - would you buy in to this? Some 20 years ago my garage ( Mots etc) stopped selling petrol. Why I said? Because I am a glorified tax collector for fuel duty, vat,paye etc.
But,as usual it will be a cover up.KPMG were the independent Auditors and themselves and the other 3 make far too much money for HMG. One sliver of good news,at least this bad news will be chip paper sooner than the constant reminder Carillion keeps throwing up.
I suggest we nominate a spokes person and draft a letter to FCA ,a huge majority and might of shareholders and employees ,all involved ,to do a petition and cause a huge uproar ,to set a precidence for all involved to bring the board of CVR to accountability
This tax bill wasn't forgotten..... Some employees will have known about for a long time....... the management chose not declare it to the market . fraud
Not a holder here but it’s shocking what’s happened. Feel sorry for all the PI’s that have lost everything. The BoD have literally cheated the shareholders out of there company and will no doubt walk away Scott free. I mean who the heck ‘fogets’ A £30m tax bill? Til a month before it’s due??? Honestly the whole lot of them need investigating and then putting behind bars if criminality can be proved. Hobione.
on this schemes as they know better so they lose people�s money on purpose?
Snige, We retail traders need to invest in fresh startups with no execs getting more than 40k in cash salary. No bonus, no LTIPs........they can buy more shares, improve profits as divi should only be paid from realised cash profit only after debts have been reduced.
Most listed companies� execs are Ponzi artists, Carillion pulled the biggest heist of all time. I am strictly in blue chip ETFs now, boring but stable and not stamp duty to pay. Most CEOs should be on living wage as they are useless.
H hi,another ponzi. Going to avoid companies that start with a 'C', lol
indeed - the RNS came literally as I was writing.
NO FURTHER COMMENTS NEEDED ITS ALL OVER EBALLS
Robo - (yes I'm back, we are gonna be friends this time right :-)) Feels like the worst in fairly likely now. All the suppliers wanted this to work. I have heard some outstanding debts that would blow your mind. I think the reality is the banks have realised that as soon as suppliers started being paid down they would be off. I've just spoken to a competitor to Matthew Clark that's had a ton of business move over to them since 2 weeks ago - if CVR did raise the money and carry on I don't think it would ever have been at the same levels again. IF it does go into administration someone (and there's plenty looking) is gonna pick this up for a song, offload the BB managed stores and run Matthew Clark and Bibendium as beer/wine logistics. Potentially very sad times for a lot of people. Especially the smaller personal investors and small suppliers. The big boys will of course be ok.
CVR AS GONE BUST FOLKS
On 21 March 2018, the Company provided an update to the market on the actions the Board were undertaking to resolve the Company's funding requirements. A key element to this was an equity placing to raise gross proceeds of �125.0 million (the "Placing"), which the Directors believe is the minimum amount required to adequately recapitalise the business. Despite a significant number of meetings with potential investors resulting in good levels of demand, and constructive discussions with a number of key customers and suppliers regarding the provision of support, there was ultimately insufficient demand to raise the full �125.0 million. The Board wish to thank its customers, suppliers and employees for their continued support during this difficult period for the Company. The Company is in discussions with its lending banks and advisors regarding other possible options and is in receipt of a number of inbound enquiries regarding a potential sale of all or parts the business. A further update will be made as appropriate. The Board believe that shareholders in the Company will receive little-to-nil value.
"The Board believe that shareholders in the Company will receive little-to-nil value."
Are you shitting me?
yeah we bust no money raised its officaill were fooked rns out what a load of boll ocks
Not wipe out if they sell every aspect of cvr then there should be something in the pound back,guess its down to cvr to update us,we will have to wait,weird how a few week back everything was cushty then errors,strange how these came to light strange how di n moran bought shares strange how 30 mn could just be forgotten to be paid,MAYBE AND JUST MAYBE this is why this crashed alas again AIM break hearts and pis lose again,but is it over we shall see
B****r, b*****s, etc etc ...
Conviviality Plc ("Conviviality", the "Company" or the "Group") Update on Fundraising On 21 March 2018, the Company provided an update to the market on the actions the Board were undertaking to resolve the Company's funding requirements. A key element to this was an equity placing to raise gross proceeds of �125.0 million (the "Placing"), which the Directors believe is the minimum amount required to adequately recapitalise the business. Despite a significant number of meetings with potential investors resulting in good levels of demand, and constructive discussions with a number of key customers and suppliers regarding the provision of support, there was ultimately insufficient demand to raise the full �125.0 million. The Board wish to thank its customers, suppliers and employees for their continued support during this difficult period for the Company. The Company is in discussions with its lending banks and advisors regarding other possible options and is in receipt of a number of inbound enquiries regarding a potential sale of all or parts the business. A further update will be made as appropriate. The Board believe that shareholders in the Company will receive little-to-nil value.
Sky has been right so far with CLLN and CHOO so it is a total wipeout!
sad day if it happens,but lets see.. Arbitrader75,i note your posting history having just spent a worthless 15 mins of my time,the one thing that stands out is your always negative and always post downers,ok we no we in crap so bugger off then if we lost the lot so be it,i not sure what to say only there was so much support from some big suppliers and likes,but end of the day if banks don't lend they did they were investigating other fundraising options so nots lets give up,ok if that curtains so be it,we might get something back Mathew carks worth more than debts alone so if whole companys sold we may get something back
I wish Sky could get their figures right,1st para its �135m then reported as �125m later. The longer this goes on then there is some element of truth in saying suppliers will start to leave,so CVR need to release some news fairly soon. Sky previously reported we were likely to be updated yesterday,prehaps tonight they might get that aspect correct.