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ETL. The Appeals Court have reached a sensible decision. Those greedy wotnots that wanted special treatment from a Co on its knees so they could retain their travel concession perks, have, as suggested, lost their Appeal for special shareholder privileges and rightly so. I have nothing against shareholder perks per se, but give it a rest with an almost bankrupt ETL. The final vote for the share reconstruction will take place in a few days time. I hope it is accepted, even though ordinary holders will see their share diluted to 13%, it is far better than rejecting the deal and end up with worthless paper.
ETL. Advocates of shorting this stock Feb 06 were you able to close your positions in profit or were you holding short positions to this day. Explain how much you made shorting this stock pre and post suspension. Some it would appear got wiped out.
ETL. So the greedy perkers are unhappy about losing freebie perks. This Co has just about clawed its way out of liquidation and the greedy grabbers want their freeby perks re-instated. If the big guys could not win the war and tried to scupper the re-financing deal I hardly think the Directors will cave in to sa poorly financed shareholder lobby group, whoi are too intent on a selfish quest to gain a shareholder freeby, cut out the dodgy coffee and bourbons at members meetings that's what I say. This is a Co not a charity.
ETL. 4th April is kick off for the new guised ETL. With all the is dotted and Ts crossed, this Co has a new lease of life, Accounts can now be filed and trading started in new Co early April. Patience pays off.
ETL. Wioth all opposition now swept to one side, Oaktree et al surrendering their positions in the face of Court sanctioning the deal, secretly, their Lawyers really did not stand a chance once the Court sanctioned the deal, it is such a pity they did not accept defeat gracefully earlier, and the Frenchmens strike action clobbered. ETL will now move forward much leaner and fitter and prepared to take on the opposition, it is now down to the Directors to get stuck in and deliver returns for our continued support and faith.
ETL Ta Ta oaktree you have played your ace and lost. Good riddance. Tonights vote will move this Co forward. I know we, private investors will end up with 13%, but that is better than narff all.
ETL. Oh dear, Oaktree are well and truly kissed off and rattled about something. Why cannot they just accept that they will lose the war and get on with allowing the rescue package to succeed, all the while Oaktree maintain their position a line cannot be drawn under the re-financing package. I hope that investors in Oaktree punish then so hard that they will not be able to scupper other survival lifelines of which they are involved.
ETL. The final hurdle can be jumped at a meeting scheduled for 14th December next week, with secured bondholders poised to accept the £6.2Bns debt restructering plan agreed by senior creditors last week, reducing current debts to £3.3Bns. Bonds of £1 1/4 bns will be placed with an International pool of financiers, which can be converted into shares within three years with a contingent ETL buy back of up to 61.7% ETL funds permitting.
ETL. Oaktree have decided to boycot the meeting, which would have agreed a rescue deal, diddums, did the big guys declare Oaktree not a Bank. Oaktree were quick enough to stump up investors dosh when they thought there was a buck or two to be earned, but now, when they have been outmanouvered they throw a tantrum. Thankfully they do not hold the key to future plans of survival, and I hope those investors in Oaktree realise Oaktree will scupper any chance of a "done deal" materialising withdraw their funds, Bye Bye Oaktree.
Ah See where you are coming from here.Yes I too made a considerable figure over Xmas 2004.Remember having a considerable amount at 13p average selling at 18p Xmas eve,and first day after Xmas they shot up to 38p!!,but like everything I was happy with my lot.I did however lose a good amount of that gain on consolidation of shares at the end.Thanks for your clarification
ETL. Yes I agree this is not as in Aug jarvis, but neither the UK or french and business leaders will let this flounder. This is, in my book a JARVIS scenario to a tee.
ETL. But those like me that were in pre reconstruction made handsome profits.
Your notes that I have followed have made interesting and educated reading.However,on this one I note you make reference to Jarvis rocketing post restructuring.This wass not the case as thought the same would happen and lost a considerable amount.If memory serves me correctly they relisted at approx £1.30 and now trade at 57p
ETL. It has been announced today, surprise surprise, that a deal to restructure 6Bns of debt is near. Does this come as a surprise? NO, this deal was struck months ago between UK/EU and Brussels. No way would a deal been in any doubt, but at a price, the cost paid by ordinary shareholders, but one the shares are re-listed the price will rocket, just like JARVIS did. It is such a pity the shares are suspended, the French asked for creditor protection the Brits were quite happy to let the shares ttrade. Cest la vie I am locked in rubbing my hands for a decent and dignified re-listing in the future.
ETL. I always knew there was a way round the Billions of debt. All you have to do is fudge it. You get Brussels to agree to a hiving off of a new opperating Co, leaving the debt behind (that is hoe see the new arrangement) I am sure it is more difficult than that and £mns has been spent on Corporate teems dreaming up that wheeze, but if it works, the Banks (ie using profits ripped off us) and sub-ordinate debt can afford it!
ETL. Debt being converted to Bonds. RNS details conversion numbers.
ETL Please will you inform me when they start drilling for oil/gas in the tunnel. That´s the moment to buy in. lol
ETL - still must be a strong sell .... today's rise on what i think is quite low volume compared to recent trading may well be MMs forcing some peeps to close their positions ..... if price gets near 32p will try again to go short.
ETL - I have tried very hard to get short of this stock, but as there seems to be no stock to borrow, this has proved impossible ..... As the Sunday Times said today, the current price defies belief, let alone logic ...... Shall try yet again tomorrow to get short of this stock.
ETL. My buy opinion is there so that some may capitalise on immediate weakness (imo) not to be interpreted nor am I advocating this as a buy per se for the medium to long term. A lot will happen between now and March. So to avoid confusion in what I deliver to how it is interpreted I will post a feeble "no opinion". Seasoned investors/traders may just be able to take advantage of the situation, after all is not the chase as good as the capture imo.
ETL - GedW - am amazed you still show ETL as a buy ..... I think it is a very juicy stock to short .... except it is currently impossible to borow tthe stock to do so; perhaps a lot of others have the rsame idea!
ETL. SPQR not in the biblical sense but Small Profit Quick Return school of thought. Quite possible option 2. Time is a crucial factor here, because there is none, it is the Creditors calling the tune.
ETL - GedW - my guess, and probably yours, is that your #2 is easily the most likely course of events, which one wonder why so many piled in on the announcement.
ETL - GedW - SPQR = senatus populusque Romanus ..... If that is what you meant, or perhaps take your profits when you see them and run, makes ETL pretty difficult to determine how to trade .... more like a straight roulette bet on red or black
ETL. From a perks point of view the shares bought @£5 have some value. The current share price direction is dependent on what sort of re-financing deal is struck if; 1) A heavely discounted rights issue (a remote possibility given the time/cost restraints, the price will hold up well. 2) If a secondary offer by way of a placing or debt for equity swap, the current shares will be rendered worthless. 3) If fresh funds are introduced as debt ie loan notes or even "governmental" intervention ( possible but not likely without Brussels approval) the share price will rocket. 4) Securitisation of any assets (popular in the 90s, but I do not think there is anything worth mortgaging that isn't already, but I take counsel on that one) and lease back, share price will rocket. My belief is a modern debt/equity swap so the current shares will be reduced to no value. Longer term with a little breathing space and a possible new management structure, offers up good value. Short term, that is until March, play the market and adopt the SPQR plan, after that it is anyones guess.