The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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1.4 During the period the Joint Administrators have concluded matters that remained outstanding at the time of drafting the Company’s previous progress report, namely:
Recovering funds held by the Company’s share registrar in relation to unclaimed shareholder dividends into the Administration estate. Work undertaken withthe share registrar also included a large extraction of Company data from their records, whichis now held by the Company, with all data held by the shareregistrar having been destroyed.
All the best to everyone. Didn’t think I would be posting on this BB again.
And the Administrator's Final Report;
https://www.fticonsulting-emea.com/~/media/Files/emea--files/creditors-portal/cip-emea-public/debenhams-plc/joint-administrators-final-progress-report-to-17-march-2020-17-march-2020.pdf
"The Debenham's we had shares in is long gone"
Here's the Notice of move from administration to dissolution for the listed equity;
https://www.fticonsulting-emea.com/~/media/Files/emea--files/creditors-portal/cip-emea-public/debenhams-plc/form-am23-notice-of-move-from-administration-to-dissolution-17-march-2020.pdf
shame but have to agree.....you are right! The Debenham's we had shares in is long gone.
MA will attempt to secure just for the kudos of being able to secure "His asset" and stick his finger up!
Shareholders will get nothing back though because the 'Debenhams' they had an investment in ceased to exist with the first pre-pack. Even if MA snaps it up, the only possible benefit will be to him.
Atb
good post RACH... there will never be a better chance for mike
to buy the lot, and recover his losses at some point in time, and that of small shareholders
as a whole... GOOD NEWS INDEED.... see what happen... I'm sure he won't be keeping quiet
looking forward to his response in the major press.....
god is love, god is king, god is everything, he see and knows and punish wrongdoers..
all the best stay safe...
308
Big Mike ( Government to pay my staff) Ashley.... will get second bite at the cherry now!!
Never, never rule the bloke out of anything....especially if it involves Debenham's!
We should throw whatever book we can against the Directors at this mess. Ordinary shareholders were treated disgracefully.
Time for big MA to lead the charge.
Probably too late to help us? "Directors of failed companies are more likely to be pursued personally when their creditors are left unduly out of pocket after a High Court ruling that experts have claimed “rewrites the rules of insolvency”. A judge held that directors’ duties survive a company’s collapse, meaning that they are on the hook if they acquire assets from failed companies below market value — via contentious prepack deals, for example. Stephen Hunt, a liquidator, successfully sued System Building Services, a fire protection business, and Brian Michie, its director, over the transfer of funds and the sale of a company property at an undervalue after it entered insolvency. Judge Sally Barber ruled that “the duties owed by a director to the company and its creditors survive” a company’s collapse. - The Times"
Dr Beatrice Lafon appointed to parent company board
https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=3690371&lang=en-GB&companycode=uk-deb&v=
No trading update so far in January, but the income payment is seemingly being made on the debt.
I expect to have funds in the next few days.
Test
It's looking like the interest payments on the bonds will come in January.
Bit of time to go, but it feels like it's going to happen.
....some miracle......
....some justice
LiL
Do peeps still believe we'll still be compensated? I only keep Debs in my browser in case a miracle of justice occurs !
https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=3677597&lang=en-GB&companycode=uk-deb&v=
Debenhams Group announces today that John Walden and Kevin Conroy have each been appointed as a non-executive director of Celine Jersey Topco Limited, the parent company of the Debenhams Group of operating companies.
I'm still in it. It'll be interesting to see what the Christmas figures are like, what the next report from the administrator says and if the next interest payment is made January. I think you can be confident the shareprice isn't going to be 10p any time soon..
Relates to the Irish business element - makes sense as it was always separate - FYI here is it:
Debenhams Group announces today that Mark Gifford is to be appointed as a director and Chairman of Celine Jersey Topco Limited, parent of the Debenhams group of operating companies. Mark has a wealth of experience in large scale turnarounds, bringing stability to retail businesses and delivering change and growth in the consumer sector. He is currently Chairman of Radley Group and a non-executive director of Ann Summers' parent GGI and of No. 9 Investments (the McCarthy family investment office). He was previously CFO of Game Digital from 2015 to 2018 and CFO of House of Fraser for eight years.
Stefaan Vansteenkiste, Debenhams' CEO, said:
"We are delighted that Mark will be joining the parent board to work with our investor consortium, who have confirmed their continuing commitment through providing additional liquidity for our peak trading. Mark's expertise and understanding of business change as well as the retail industry will be invaluable. I look forward to working with him as we deliver the turnaround of the group."
Mark Gifford, Chairman-Elect of Celine Jersey Topco Limited, commented:
"Debenhams is strongly backed by a supportive investor group with substantial resources and has an experienced management team with a clear plan to deliver a turnaround. I am excited about the opportunity to play a part in building a successful future for one of the UK's best-known retail businesses. We are assembling a strong group of Board members and I am looking forward to working with the team as we implement the necessary changes to deliver a sustainable and profitable future."
Just noticed a RNS this morning on a new BoD appointment - one of a series of appointments it seems in the works with the financial backing of the new "owners".. not sure how a RNS has been issued (maybe due to bondholders?) but a gentle reminder that this company continues to trade and that solutions were found to keep the company afloat - just that the old shareholders were never asked to assist financially... never mind... not the first time nor the last I suspect this happens
You can offset them against any tax on your gains. I hoped something could have been done by the courts to address the way the rug was pulled on shareholders after they gave MA 2 more weeks to come up with a better offer. This action caused many to rush to buy shares and is despicable and underhanded move, that IN LAW is called :- 'Taking a Pecuniary Advantage for Gain' ...and can carry a prison sentence of up to 10 yrs.
A rarely used law ie, 'Knowledge Aforethought' means much the same and is a criminal act if used to foreclose on shareholders if they mislead investors beforehand.
MA should have challenged on behalf of ALL shareholders, not just for his own interests. If i had the money i would have. The point in law was giving MA two weeks to make a better offer, then THE VERY NEXT DAY the lenders pulled the rug, misleading genuine investors in the process. IMO, they should have allowed MA those extra 2 weeks. They obviously did this to prevent MA from attempting to recover some of his 150m stake and to prevent him taking control?
"Are our shares lost?
Mine are still showing in my II account with no value, but show my book cost so makes my account look very bad! I dont know what to do with them"
You can't do anything with them, the company has been de-listed, you can only trade them on a private basis if you can find a buyer and come to some legal tansfer arrangement with them. You'd need a Solicitor to draw up a contract and pay the Administrator to amend the register.
Because the company, Debenhams PLC, is likely to be liquidated then it's unlikely anyone will want to buy them from you. All it's assests have been already sold. It's in Administration.
The company hasn't been "struck off" yet, so it's still a legal entity. Eventually HMRC will give it a NIL value status and you can use the loss to offset any capital gains (over the threshold ) you've made. Some will do that before the NIL value status has been granted.
You could ask the broker to remove the entry. They should remove them once the company has been dissolved and NIL value has been granted. They probably leave the entry available to assist you with claiming loss relief.
Are our shares lost?
Mine are still showing in my II account with no value, but show my book cost so makes my account look very bad! I dont know what to do with them