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07/10/2021 · Alan Lovell, Chairman of Interserve Group Limited said: “The sale of RMDK to Altrad continues the significant progress we have made selling the constituent parts of Interserve Group to best realise value for our shareholders.
Best value for shareholders?
Started: draft, 25 Jun 2020 01:17
Last post: draft, 25 Jun 2020 01:17
Started: Metamorphosis84, 15 Nov 2019 08:47
Last post: Metamorphosis84, 15 Nov 2019 08:47
Started: Pundit1, 11 Jun 2019 12:21
Last post: PigletandPoo, 2 Jul 2019 19:56
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
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.
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 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.
Started: MrEdwasAhorse, 11 Jun 2019 18:05
Last post: PigletandPoo, 30 Jun 2019 13:45
here's the reply I got from E&Y
Interserve PLC (In Administration)
Thank you for your email of 25 June, the contents of which have been noted.
Please note that the statement of affairs are the directors’ statement of affairs, which are prepared and submitted by the directors of Interserve PLC (in Administration) (“PLC”) to the Joint Administrators, being myself and Mr Kelly, who are partners of Ernst & Young LLP.
In accordance with agreed practice and in the interest of the privacy and security of the individual members (i.e. shareholders) of PLC, the following was adopted in relation to the members’ schedule which was filed at Companies House:
I. the employees (including directors) who are members of PLC and not covered by a nominee, which a number are, are stated on the members’ schedule as a collective total – this is consistent with the required treatment of employees/former employees who are creditors. Within the submitted statement of affairs, there is an amount for “Employees” and there are a number of nominee amounts; and
II. the details of individual members of PLC are stated on the members’ schedule without addresses.
We are currently obtaining confirmation that none of the directors of PLC have sold any shares during 2019 and that any previous share sales were reflected in the requisite RNS announcement, and will respond when we have confirmed the position, but, as mentioned above, the employees, including the directors, are included as a composite total or within nominee balances, if relevant.
For Interserve PLC
Mr Edwardwasahorse....
I’ve looked at the RNS announcements and can only find the ones relating to acquisition of shares. I have not seen any RNS announcements about selling shares by the BoD or those connected with them. Yes things were tricky but as far as I knew given transparency the BoD were holding, not surprising seeing as they had knowledge of results, knowledge of announcements and other things mere mortals didn’t.
DW had 481,158 shares gifted plus purchased a further 93,464. The RNS show her husband purchased 65,408 shares on 15.09.2017. So in total 640,030.
The Chairman acquired 88,300 shares between 08.03.2017 and 18.09.2017.
The CFO had 526,840 shares gifted and purchased 56,364 shares on 01.05.2018 and a further 30,000. Total 613,204.
The MD (PDMR) of Construction had shares given as an award between 11.06.2018 and 14.03.2019.
In the EY statement of affairs of Interserve Plc none of the above are shown in the 68 page document as being shareholders, the document only shows those that stuck with the business, I did as I thought the BoD were also but now feel somewhat misled. What’s the explanation for this? Why no RNS announcements? When did the BoD sell?
Debbie White bought 37100 shares on 10 may 2018, there is nothing about her selling them shares in any RNS I can find!
It was a stitch up (the BOD wanted this outcome), we all know this but nothing will be done...
Last post: Metamorphosis84, 23 Apr 2019 12:51
I tend to agree actually, although this is the logical conclusion to a de-regulated market that allows PI's to trade in shares.
Personally, I think it would be healthier all around for Ceo's, FD's , Chairmen and other execs to be prevented from holding senior positions in either listed or private companies, should they be involved in administration/insolvency/bankruptcy.
Never ever expected the British Govt would
leave something like this to happen and leave the existing
Directors of Interserve get away with it.
We should be compensated for the mal administration
and the way Mrs Debbie White has brought down the company
and cared nothing about us the shareholder.
Started: my2penneth, 14 Apr 2019 09:34
Last post: Metamorphosis84, 15 Apr 2019 12:35
"Wrong, isn't it?"
Yes.
I said at the time 7th June 18
"Lots of shareholders let down badly. Meanwhile directors collect 125% bonuses and share options for targets not yet met.
Will be interesting at the AGM when the remuneration vote comes about."
Amazingly the bonuses got voted through, and I got shouted down for suggesting that the Directors were having a laugh.
But there you go.
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https://www.ft.com/content/d41872c6-5d23-11e9-939a-341f5ada9d40
Ms White took home £1.26m for the year, including £656,500 in basic salary, a £404,420 bonus, £77,136 for accommodation and travel and £98,475 for pension contributions. Mr Whiteling received £735,849, thanks to a £251,991 bonus on top of his £409,050 basic salary.
Interserve said the awards were “determined against rigorous criteria set by the remuneration committee”.
So, I assume "rigorous criteria" includes letting the company go into administration?
Wrong, isn't it?
Started: CC2015, 5 Apr 2019 09:49
Last post: CC2015, 5 Apr 2019 09:49
Interserve’s joint venture partner on three energy-from-waste (EfW) plants needs to find £68m today or it risks collapse.
What’s going on
********
Well stranger things have happened.... but I am not getting excited even if its entertaining watching others......
Consent solicitation up on the 28th, I think that has more significance than the 'RNS'ing' out loud that is taking place
They did indeed vote as such, and the consequences were exactly in line. As a sidenote Meta, you don't actually believe DEBs goes up to 24p? lol
**correction it was not an AGM, but a General Meeting
Started: skyrise, 24 Mar 2019 10:36
Last post: BillTucker89, 25 Mar 2019 18:37
Sky rise- Sorry to hear about your loss, it seems you have lost £500k on this? If so that’s Truly disgusting and those responsible should have the book thrown at them.
We have been ripped off all our funds in interserve
even with the help of cabinet minister who blessed interserve
after the crash.
I cannot believe in such small period of time how
Debbie White and her compatriots have desroyed
and collapsed this company making us shareholders
loose everything.We should be compensated and
they should be sued which will happen and finish
In jail.
You see,she promised everything was on track and going
well,now all of a sudden we are in administration.
This was planned to avoid another collapse in Uk so
I consider it to be looked into before this goes public
and those responsible are penalized.
Started: simonm, 18 Mar 2019 19:59
Last post: pbody, 19 Mar 2019 09:03
clp share
You couldn't make it up.
Just think how the others bidding for that contract feel to have lost to Interserve!!!!!!!
I know its pre-pack admin, but how can that be the only option?
WHY IS THRE NO OTHER?
This is where an administrator could get 55 million for that contract and take off a nice slice of debt.
Just for that contract alone. I know its not that simple. But it should be,
The world we live in is where they undercut in bidding to the point they cant make it work. when they have finally bid for enough contract that dont make money and they go bust would you have them negotiating terms to get the money back out if it?
BEYOND A JOKE,
It does (as an ex civil servant) make me wonder if the contracts were given too much money or miscalculated when they did make a profit. If they fiddled the figures to only just make a profit no one would be any the wiser!
Defeating the whole point of bidding for a contracts in the first place.
Perhaps me being cynical
cc2015 you could well be right with the pension pot
they do have a tendency to over egg how short of cash they are and it gets so over full it gets raided somewhat without them even having a shortfall when there done
I am sure it will be ring fenced if your worried, just have to look hard somewhere to check or ring them up directly.
It just makes me realise how there is administration and then there is real money to be made out of it..
Or lost if your bidding against interserve for a contract!
Share holders get shafted and along comes a nice 76 million, contract win for IRV.
https://www.bbc.co.uk/news/live/business-47583251
Outsourcing firm Interserve, which was rescued from administration by its lenders over the weekend, says it has secured £76m in new business with Abu Dhabi National Oil Company (ADNOC).
It will work on a range of offshore and gas processing projects for ADNOC, which holds the seventh-largest proven reserves of oil in the world.
Control of Interserve, which has 68,000 staff globally, was moved to a new company after shareholders rejected a rescue plan for the business.
The lenders who are now in control include banks RBS and HSBC, and investors Emerald Asset Management and Davidson Kempner Capital.
Managing director Andrew Beaney said the Abu Dhabi contract wins would "contribute to Interserve’s continued growth and success within the oil and gas industry".
Started: martin9325, 18 Mar 2019 19:33
Last post: martin9325, 18 Mar 2019 19:33
You win some you lose some. I am sorry to have lost a bit here, but that's life. I am glad that the staff, many low paid, have seamlessly continued their work, albeit technically for a new company. I should have sold after the first profit warning but didn't - a lesson I never seem to learn. Happily my holding was small, commiserations to those more exposed. I'm moving on, no point crying over spilt milk, but thanks for all the comments - I learn from the input of others more knowledgeable than me.
Started: Love_You, 17 Mar 2019 21:41
Last post: CC2015, 18 Mar 2019 11:27
Actuarial changes which were based on the change from RPI to CPI which was agreed with the Pension Trustees.
Not necessarily as simple as that. The scheme had until recently been in deficit and the move to surplus came about due to a change in actuarial assumptions. The pensions regulator has made public that it has been in discussion with the schemes Trustees. It is certainly in a better place than many but there are various ways that a schemes liabilities are calculated and in this scenario they will probably have to calculate the buy-out position (ie what an insurance company would want to take on the full liability). Frankly, the calculation of pension liabilities for accounting purposes has been ridiculous for a number of years and just a gravy train for advisors.
So, if you are in the defined contribution scheme they are your contributions regardless of what happens to IRV in the next 50 years. the contributions are paid to the pension provider and therefore the risk is that Aviva or whoever goes bust not IRV going bust.
If you can be bothered to read the accounts for 2018 (which it's clear 95% of the posters on this Board haven't based on much of what I read on here) here are the facts for the defined benefit pension scheme. The scheme has assets of £938m and liabilities of £845m. i.e. 11% more than it needs. Therefore the scheme is very well funded and has enough assets that even if IRV went bust tomorrow it can pay the pensions for the next 50 or so years (depending on bond rates of course).
Some of you might like to note that the new owners will of course plunder this over the next 5 years as soon as they are able, thereby further enhancing the returns on their loans and new shares!
Not entirely correct, it does protect 90% subject to an upper limit and there are also quite complex rules about future indexation based on when the service arose and also if you are in retirement, these can have a material impact on the future value of the pension but nevertheless it does provide a significant degree of protection.
Does anyone kindly know if the employees pensions be affected by this administration?
Last post: BillTucker89, 17 Mar 2019 18:46
Pbody- no one has stated investors will get anything back from IRV going into administration, you aregetting confused again. The shareholder compensation discussion relates to the FCA investigation which is totally unrelated to the the administration, related to Market disclosure from IRV back in late 2016- early 2017. Obviously those who invested after this date or recently cannot expect anything if something does materialise from it, since they were aware of all the facts before they invested. It will only affect people who bought between August 2016 - February 2017 which is likely to be only a handful of investors, so any compensation if awarded will NOT be for the full 150m shares in issue, more like 30m. Remember it only impacts people that bought within that period based on what they were told from BOD, so those who were already holding at the time will unfortunately not be entitled to anything either.
That is not meant as a jibe.
It reads like it.
I some ways I am tempted to get a premium account.
Having time to read everything and/or message or alert on here is awkward.
Especially if you not at a pc all day or have something else on.
Thanks for explanations. Info as I didn't have any shares here.
Watch for others in the sector taking a dive in SP as fear takes the driving seat.......
HeresHopin,
We seem to be going around in circles here!
The statement of mine that you challenged was:
"The IRV shares are not being cancelled until Wednesday. This is probably to allow late trades to go through, as it usually takes 3 days for a trade to complete."
I know that the shares have been suspended, the question is when are they actually removed from the share index? The reason that this is important is that if the shares are immediately cancelled, the trades made on Friday will not complete, and brokers may refuse to honour them, as some did when Carillion collapsed.
So far answers to that have been 15th March, 18th March and 20th March.
RNS
Interserve (UK): Constituent Deletion
Index --------------------------- Effective From Start of Trading
FTSE Fledgling Index ----- 20 March 2019
FTSE All-Small Index ------ 20 March 2019
Thanks again Kenj for your patients.
I understand the prepack administration better now. People will be able to turn up to work on Monday as usual.
What would have been the total worth of contracts and assets owned by Interserve?
Had they been able to "set their stall out"
I suppose we have a sector knock on effect to deal with next.....on top of brexit.....
Similar to Carillion in that respect......
"this might not be exactly what's happening, but it was what should happen when a company goes into administration. As far as I am aware.
One bidder in an auction....makes for a low price."
Pbody,
You are confusing Administration with the completely different Pre-Pack Administration.
The clue is in the name, the deal has been pre packaged before the court formally appoints the administrator. It is not an auction, it is just a quick way to sell off a company that faces imminent insolvency, without letting the company collapse.
Started: H-hi, 16 Mar 2019 09:20
Last post: dalesflyer, 16 Mar 2019 21:10
nobody forced them to buy plenty of warnings.
IRV holders were lucky enough to cash in after Carillion went tits up so don’t blame anybody for not selling up. 95% of listed companies are a Ponzi scheme which is allowed to continue because it creates jobs. Private investors are supporting excessive board pay and staff pay and pension.
Started: DestituteBroker, 16 Mar 2019 10:39
Last post: DestituteBroker, 16 Mar 2019 10:39
Hi, in the mist of novice opinions & guesswork, your posts are a refreshing change on this site !.
Started: kenj, 15 Mar 2019 23:30
Last post: BillTucker89, 16 Mar 2019 08:33
Well the outcome here doesn’t seem to surprise me given most of the discussions on this forum for the last 2 months or so. I’m sorry for anyone that’s lost their money as I too lost a fortune here (65k) when I cashed my shares out a week back, so I share your pain.
As has already been stated the whole investment in IRV has been on deception, lies and self serving interests of the BOD. It seems they have got away with it unsurprisingly since any investigation such as the FCA will now be closed as the company no longer exists. It’s BAU usual for the employees thankfully, whilst the shareholders have been well and truly shafted.
The 5th RNS today says that Interserve shares will be deleted at 8am on Wed 20th March.
So why are they not deleted on Monday morning?
This may be to enable the 3 day clearance time to complete on any shares traded this morning. Thus ensuring that buys and sells will be honoured by the dealing broker, unlike the farce that happened when Carillion collapsed.
Started: Scarredback, 15 Mar 2019 23:21
Last post: Scarredback, 15 Mar 2019 23:21
The day Emerald got involved this was doomed. I tried to warn people off . Today it came true. Sorry if you lost.
Started: Laustin, 15 Mar 2019 16:07
Last post: kenj, 15 Mar 2019 23:11
"I believe the shorts register only shows net shorts - Coltrane could have shorted to any lower percentage than their holding and not had to declare as they wouldn't have been net short but still net long."
Thank you for that HeresHopin,
It would appear that you are right. I never noticed the word "net" before the short position.
Coltrane may well have covered some of their long position, but as has already been discussed on this board, it would have been very difficult to find anyone willing to lend IRV shares out in the last couple of weeks. So I am still guessing that Coltrane have taken a fair hit on this.
hereshoping.
thanks for pointing that out.
"Does anyone know if Coltrane were also shorting the stock, thereby coming out of this without a loss? "
Can't see that Martin9325.
There are only 1.2% declared shorts registered, plus there may be a few more companies shorting less than 0.5%. Coltrane held 25.7% of IRV shares at today's latest update. There is no way they could have shorted that amount without lying to the LSE. Personally I was surprised that they had not sold some of their holding down. I suspect that Coltrane have taken a big hit here, as I cannot see how they could have covered such a large position.
I only had a few of these and mentally wrote them off months ago. Does anyone know if Coltrane were also shorting the stock, thereby coming out of this without a loss? The 30% owned by retail investors were all wiped out, but players like Coltrane can borrow stock as well as own it - if they were shorting to cover their losses on the shares they own I think the regulators need to take a look.
Laustin,
I am sorry to say that your IRV shares are almost certainly worthless. An RNS later today may confirm that. You can use this loss to offset future Capital Gains Tax (CGT) gains, but that is the only possible upside here.
Last post: Pundit1, 15 Mar 2019 21:16
Oh and just seen the Telegraph article. Can we have some investagitive insight rather that’s just words.....what really happened here....men in dark suits turned up at the meeting, some ex company directors attended (why?), empty seats etc. Is that all the Telegraph has to say! Well no wonder I personally don’t buy this newsheet. Did I say news! Can we have a real story......history, what was said in RNSs etc.....
Last post: Pundit1, 15 Mar 2019 20:25
Well I kept quite all day but one can only take so much. I just read an article that suggested IRV Construction and Middle East debt as a particular problem. That all? Ugh! I thought IRV had a Director responsible for this. Let me think is the article I just read journalism or just words.....Can we have some real investagite journalism here? How about the BBC doing a review after all they have inside knowledge on performance and what really happens on the ground with IRV. Can we have a Panorama on this?
From double digit growth, borrowing US dollars, Exec bonuses, the RNSs that continually said things were getting better, without doubt these messages influenced private investors who made deciions on what the BoD said in trading updates. Why have the FCA taken so long to investigate but come to no conclusions? Why will the government continue to back the Banks and lenders.......why will these incompetent people at Exec level keep a job? £76 million spent for what....self interest washing the slate clean, not me guv, and for future reward and now potentially an ongoing job at the expense of investors, the same investors who backed the business based on the RNSs and news eminating from Twyford Towers. Something serious wrong with this and how it’s gone. Who’s next in the sector? Anyone else involved with EfW and Middle East, Defence, Health, Probation who doesn’t have a clue what they are doing? In reading posts I see mention of Fier and Kostain being mentioned. The whole sector is suspect imo and should fear for the future. Got ant shares other than shorts well get rid ASAP. What do Unite have to say? Very quite. Rant over.
Last post: Pundit1, 15 Mar 2019 20:25
Well I kept quite all day but one can only take so much. I just read an article that suggested IRV Construction and Middle East debt as a particular problem. That all? Ugh! I thought IRV had a Director responsible for this. Let me think is the article I just read journalism or just words.....Can we have some real investagite journalism here? How about the BBC doing a review after all they have inside knowledge on performance and what really happens on the ground with IRV. Can we have a Panorama on this?
From double digit growth, borrowing US dollars, Exec bonuses, the RNSs that continually said things were getting better, without doubt these messages influenced private investors who made deciions on what the BoD said in trading updates. Why have the FCA taken so long to investigate but come to no conclusions? Why will the government continue to back the Banks and lenders.......why will these incompetent people at Exec level keep a job? £76 million spent for what....self interest washing the slate clean, not me guv, and for future reward and now potentially an ongoing job at the expense of investors, the same investors who backed the business based on the RNSs and news eminating from Twyford Towers. Something serious wrong with this and how it’s gone. Who’s next in the sector? Anyone else involved with EfW and Middle East, Defence, Health, Probation who doesn’t have a clue what they are doing? In reading posts I see mention of Fier and Kostain being mentioned. The whole sector is suspect imo and should fear for the future. Got ant shares other than shorts well get rid ASAP. What do Unite have to say? Very quite. Rant over.
Where are you going next now Interserve is destroyed.
Maybe see you on the Kier site. It had been fun, while it lasted...
Everyone has lost, but some have won.
Ciao
Started: feileb, 15 Mar 2019 18:34
Last post: feileb, 15 Mar 2019 18:34
The BoD always wanted to get rid of retail investors. Part of the long term plan.
You have to hand it to them!
Last post: Juliok365, 15 Mar 2019 18:29
PeteNottsI would suggest that some time ago Coltrane saw this coming and took out a sizeable short position. Probably via some shady off shore vehicle and have probably more than covered any potential loss. Either that or they have some sort of complicated insurance policy that that believe may pay outThere can literally be no other explanationsAs to the bloke who suggested it was their ‘honour’ !!, well the level of stupidity from some people is quite literally breathtaking