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Can someone explain why the statement of affairs regarding Interserve Plc and posted by EY recently shows Exec directors DW and MW held no shares at the time of administration. I don’t recall seeing an RNS about Execs trading shares only the CEO saying that the offer price for new shares would not be taken up. What happened to all the shares given by the BoD and why no RNS? I went on the basis the CEO and FD held shares. Could see someone provide an explanation as I don’t understand what’s happened. Is this something the FCA will investigate?
The whole things smells very fishy, but we all know what will happen - eff all.
Is there an explanation why some Execs and pdmrs held no shares at the point of administration? Was there any RNS announcements that I missed? Did some people know more than others? Can someone offer an explanation?
Is there an explanation why some Execs and pdmrs held no shares at the point of administration? Was there any RNS announcements that I missed? Did some people know more than others? Can someone offer an explanation?
From what I’ve understand the BOD had their shares paid in full to go along with the deal, hence they didn’t loose a penny. Don’t hold your breath on the FCA to do anything though.
We still haven’t heard what will happen regarding the investigation around EFW.
Bill, I guess the outcome will be the same as the investigation by the FCA into CLLN- nothing will happen.
The BOD turned out to be pigs in troughs, the trust is vanishing in many listed companies by people like these.
Yep, warned everyone about the feet in troughs last summer qith the 125% bonuses. Got shouted down. Nevermind, I still have my capital
BillT-
But I thought Execs couldn’t trade shares when selling a business as there was a period of inactivity imposed on them? Too much knowledge not known by others etc. Still doesn’t answer why no Regulatory News Announcement was made when Execs sold shares, so as to alert other shareholders, who then got wiped out when supporting the business. Wonder how much they sold for and when.
Is there anybody you can ask about this and hope to get a reply?
I just came across the Administrators proposals for Interserve Plc on Companies House beta and in a table - Appendix A statutory information it schedules all Exec directors holdings at 15 March 2019. D White had 640,040 G Barker 93,970 and M Whiteling 30,000. In the EY Administrators statement of Affairs of Interserve Plc it lists by name and number of shares held all those shareholders that got wiped out. D White, G Barker and M Whiteling names aren’t included. So what happened to all these shares and why was there no RNS announcement. I thought shares couldn’t be traded by directors in certain periods. Can someone offer explanation.
I just came across the Administrators proposals for Interserve Plc on Companies House beta and in a table - Appendix A statutory information it schedules all Exec directors holdings at 15 March 2019. D White had 640,040 G Barker 93,970 and M Whiteling 30,000. In the EY Administrators statement of Affairs of Interserve Plc it lists by name and number of shares held all those shareholders that got wiped out. D White, G Barker and M Whiteling names aren’t included. So what happened to all these shares and why was there no RNS announcement. I thought shares couldn’t be traded by directors in certain periods. Can someone offer explanation.
Pundit1- yes you are correct but these weren’t traded on the open market, so there will be no requirement for a RNS. Essentially the lenders gave them all an agreed price per share to get the deal through, so this could have been £1, £2 per share or any other number you can think of, so you can see why the BOD were willing to get this deal through as they have profited handomsely. Also if they were paid for their shares on 14th March for instance, the company went private next day so no need to report anything anyway. This also why they “waived “their entitlement under the proposed open offer, since they knew they would not have the shares at that point as they would have cashed in on their existing shares.
Pundit1- yes you are correct but these weren’t traded on the open market, so there will be no requirement for a RNS. Essentially the lenders gave them all an agreed price per share to get the deal through, so this could have been £1, £2 per share or any other number you can think of, so you can see why the BOD were willing to get this deal through as they have profited handomsely. Also if they were paid for their shares on 14th March for instance, the company went private next day so no need to report anything anyway. This also why they “waived “their entitlement under the proposed open offer, since they knew they would not have the shares at that point as they would have cashed in on their existing shares.
BillTucker89- Did you see the response from E&Y posted by Whyyy on the ADVFN bulletin board about nominees and that they are making enquiries about the sale of shares in 2019 with the Execs.
Pundit1- yes I have see it but not sure how nominee accounts works as such. Does it slow someone else to sell them on your behalf?
Hopefully the truth should be out hopefully, but you can bet your last buck the BOD were given something for this deal which may not be made public unsurprisingly.
Here's what I got from E&Y. I'm still confused why the directors don't appear on the statement, can anyone explain?
Interserve PLC (in Administration)
I refer to my email of 28 June.
We have obtained confirmation that none of the directors of PLC have sold any shares during 2019 and that any previous share sales were properly reflected in the requisite RNS announcement.
For Interserve PLC