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Go out of business! Coltrane will then sue the BOD.
KENJ
Thank you for explaining I could have bought 120,000 new shares which is in the region of 16 k but if i did buy then and it went into administration, I would loose a lot more so I think I will get rid of what I have now .
Pbody- yes very volatile and unpredictable. I will holding keep of my money for now, this is shambolic.
are you starting to see the sheer volatility and massive swings on this.
if you put your money in a 5p at xmas that's one thing.
you are in a position where trying to put together a deal that's good and doesn't leak every 5 mins and effect the SP
dramatically....you could buy in at 20p to find a deal worth 10p!
as I stated earlier I would hold my money till after......know what your getting.
best of luck.
cc2015 especially.
Denby69,
The company has agreed a refinancing with their lenders to include an Open Offer to shareholders to subscribe for new shares. The offer is 19 new shares for every one currently held at a price of 15.3p per new share. This means that anyone wishing to avoid any dilution must cough up 290.7p for every share they now own. To take no part would mean your share holding being 95% diluted. Partial uptake would obviously mean less dilution.
Coltrane are trying to persuade the board and lenders to offer a deal that is better for shareholders. The board and lenders are resisting this and time is running out fast. A meeting to vote on the company's proposal is scheduled for the 15th March, and if the deal is approved the new shares will be issued on the 19th March. The directors are not buying any of these new shares but have recommended this deal to shareholders, with the added threat that if the vote is rejected that the company will enter administration and shareholders will lose all of their money.
Nobody knows whether Coltrane can force a better deal, but at this late juncture their chances seem slim. Hence, at this time, the only deal on the table is 19 new shares for every existing share at a price of 15.3p each. What to do now is your choice. Can you afford to stump up £2.90 for every share you own? Or would you be prepared to buy, say half of your allocated shares?
Lastly do you believe that the shareholders will vote to reject this deal? And if so, do you believe that the company will carry out their threat to call in the administrator? This share is very risky at the moment, and if you do not understand the risks it might be better to sell your shares before the 15th March vote.
Personally I think these are just delaying tactics and putting a gun to the shareholder’s heads to accep the deal. We are only 5 working days away from the vote and the way this is going, suggests to me a pre pack is very likely now.
Coltrane keep putting forward plans which are subject to “due diligence” and of course the board are not giving them the requested information which will alllow them to do this. The board then reject the plan saying it can’t be implemented as it’s not a guaranteed plan and is subject to more in depth analysis by Coltrane, and then re-emphasis theirs is the best you’re going to get.
You end up with a vicious circle which no one can seem to break.
So if Coltrane make a clear statement that they are happy for their offer to be put to the Lenders........do we get another RNS from the BoD stating they are considering it?
It's like kids squabbling over a bag of sweets in the playground!
I know the BoD have written existing shareholders off, but come on, this debacle is poor by anyone's standards.
If the Coltrane deal does not work, spell it out with logical reasons, don't state " he won't talk to them".
Existing shareholders deserve their Board to really investigate all deals offered.
They have forgotten that they are Employees and custodians of Interserve.
And would it really hurt if existing shareholders kept their shirts?
Yes it may be embarrassing for the Board to do a U turn but live by your own values " DO THE RIGHT THING"
The shareholders and employees deserve better than this.
Sorry Denby69 - There is probably more certainty if we answer last nights Who Wants to be a Miilionaire final question that being "For the million pound , which former UK prime minister had never served as foreign secretary.... Winston Churchill, Anthony Eden, Harold Macmillan or Alec Douglas-Home.
Other than that it would be a brave man that gave you a definitive unbiased answer with so many plates up in the air.
There has been some very good debate over last two weeks so you should be able to get a glimmer of what is happening.
GL
Feilb- As I said yesterday they seem to have done a fantastic job in collapsing the share price. I had my suspicions last summer when the share price was drifting away, yet the board remained silent. No statements isssued to the market to reassure investors or stakeholders alike. It should be no surprise then that they rejected another sensible and well thought out deal.
How can they expect Coltrane to come up with a binding contract, if they are withholding information they have asked for?
I see another 125% bonus coming.
"We have made clear to the company our desire for constructive discussions and a consensual outcome" Constructive discussions which began with a threat to remove the entire BOD.
"Of course we will need to speak to lenders, but we need first to understand the company’s views on our proposal - and the board have a duty to consider it" And considered it they have done and rejected. What Coltrane really mean is that board should accept the demands they have made.
A source close to Coltrane told City A.M.: “This is a disappointing response. We have made clear to the company our desire for constructive discussions and a consensual outcome. Of course we will need to speak to lenders, but we need first to understand the company’s views on our proposal - and the board have a duty to consider it, which they are currently failing to fulfil.
“We have offered to make our proposal binding, subject to diligence - but need the company to be more forthcoming with information for that to happen. The only way to achieve a consensual outcome is for the board to take their responsibilities seriously, and engage with us on our manifestly better proposal.”
Meta sorry racing ahead ....... Child in a sweet shop.... don't want to miss this especially at point goes public as a RNS as it would, maybe not in first instance have to...... I am positive there is a pendulum swing on SP if the right news comes out from BOD that they are having detailed discussion with Coltrane.... not all will share my view but I am poised for buy with a relevant sum ... that is in the event I don't miss the RNS
I have a load of shares in this donkey and not sure what to do I can buy loads of new shares ??? have not got a clue what to do can some one expllain in lay mans terms what is happening. Please
It does say they will making feedback to Coltrane today. That may or may not mean that they will provide the market with feedback today.
I believe there to be a very significant statement in the noon RNS today responding to Coltrane.
"The Board will be providing more detailed feedback to Coltrane on its proposal TODAY and confirms that the Board remains open to considering any proposal which provides liquidity and a deleveraging solution that is capable of implementation in the time frame available."
If "TODAY" the next RNS is positive and includes a willingness from Coltrane to share proposal with the lenders then the outlook for today's SP will be one of a real increase..... need to watch out for this.
This was already known and is nothing new, the BOD are working for the lenders [Emerald] and are doing everything they can to facilitate the outcome they want. They have lied and mislead for ages now, Emerald will get what they want by hook or by crook...Scare tatics to get the proposed deal through."“The truth is out – this is all about creditors holding a gun to the company’s head with management itself not taking part.”They said even today Interserve had refused to provide Coltrane's advisors with "basic requested information then has the gall to use our request to do diligence as reason for saying our proposal is not capable of implementation,” they said.“This self-serving, self-preserving behaviour is part of a pattern demonstrating how truly failed they are in their fiduciary obligations to shareholders.”
Whatever the recovery plan , the outcomes the same. Company back on track with a robust contract book. A recovery no brainer. (NB a retired contractor dir. opinion for what it’s worth to all)
DIY
So a half baked plan there from Coltrane. What will they come up with next?
The BoD have managed to snatch defeat out of the jaws of victory again!
Mind you, they have done their bit for today, wiped another £10M fof the value of the Business and ensured the SP will collapse again.
All in a day's work......just another day at the office!
Time for a hard earned rest.
I wonder why Coltrane will not put their offer to the lenders?
fook this shite. i have just sold up
Looks like bad news!
Thats a no then.
Bit bizarre this: Coltrane don't consent to share the plan with the lenders, bonding providers, pension trustees etc. I've never seen anything like this before
The Coltrane Proposal requires the consent of the lenders, bonding providers and Pension Trustee to be capable of implementation. The Board has asked Coltrane for its consent to share the Coltrane Proposal with these parties and their advisors, but this request has been refused despite the fact that the key terms of their proposal have been made public by Coltrane. The ability to obtain lender support for a materially different deal requiring lenders to take significantly larger write offs, or provide ongoing support, in the short time frame available is therefore unknown.
The Coltrane Proposal requires that the Board immediately halt the implementation of the Deleveraging Plan that was launched on 27 February 2019 and that is subject to shareholder approval on 15 March 2019. In light of the Company's short-term liquidity requirements and given that Interserve's Deleveraging Plan is currently the only fully funded proposal which has the agreement of lenders, bonding providers and Pension Trustee, the Board is unable to consent to this request without risking the future of Interserve together with its employees, pensioners, customers and suppliers.
The Board also notes that the Coltrane Proposal is non-binding and unfunded and remains subject to due diligence. There is therefore no certainty that Coltrane's proposal could be successfully implemented.
The Board will be providing more detailed feedback to Coltrane on its proposal today and confirms that the Board remains open to considering any proposal which provides liquidity and a deleveraging solution that is capable of implementation in the time frame available.
However, the Board continues to recommend that shareholders vote in favour of the Deleveraging Plan, which is currently the only plan that is capable of implementation in order to provide sufficient liquidity, cash and bonding facilities to allow the Group to service short term obligations and secure a stable platform for the business.