The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
So I think it's safe to assume that Custos and Ager Hanssens action group has failed to do anything
thats what bugs me. Lost money in the past but never in this way I basically feel robbed by David King and his cohorts hate them all. Would love to meeyt King face to face hate the man his family should be ashamed of hin. I hope people do jail time over this hopefully ge is in the front line of it.
It was executed perfectly by those sheisters, caught everyone unawares especially the bigger holders. Not much we can really do yet until we see the outcome of any Custos legal proceedings. Sign upto the website for now hope Custos means what he says and has some legal aspect to taking this on. Hopefully the PPF will penalise them regarding the pension or refuse to take it on, which I believe could happen and may default the actions taken so far. The galling thing besides being robbed blind is the fact there was still 8 months to sort things out this was robbery. Dont give up tet obviously noone can post everyday but if I hear things I will certainly be back to post here and I do check every other day to see if anyone has news. Good luck all
You are definitely right about daylight robbery, it effectively happened in a day.. Or shall I say a late Friday evening.. Worst possible day... I bet Mr king was drinking champagne with his director buddies in the office. Ace of spades ♠ perhaps...
i think i have lost "hope" ... the Viking has been in the news for the wrong reasons ... the "King" is getting on with his job and we PIs were shafted ...
-- BB --
Has everyone lost interest..
That can be the case in time - and perhaps just maybe the pre packed laws could change on the back of this. Regional press touches the lifes of all - less so than it did but certainly geographical uk coverage. Hence the HoC debate this week. F. Field is one of the very few politicans I do hold in high regard. This is wrong and unjust - many believe that - it is just that - can this and will this change things? Likely not but why not?.. just how things are and roll with it - seems how it is. Have stated before how many of these end well for ords - very rare - and proved again. This my employer man and boy for circa 20 years.....big part of my life - although not invested and lost - really hoped this could be the exception.
So good/drunk posted it twice
Not sure I understand all of that Maffa. However two points.
Idp think this new regime think they can get away with paig the PPF sod all. Secondly you are right with Custos he played hardball for too long in the meantime these shysters were setting up to take it all. On a personal point its tine ordinary SH's took a stance. We have some big money people here who can afford the legal fees, especially when they know they can write off or win the costs. When I signed upto to the website I stressed that ordinary people cant afford these legal costs, pretty sure even Custos understands that. To me it just seems time to forget the old ' we will never win mentality' and have a go at shafting them back the criminal f.cks
Not sure I understand all of that Maffa. However two points.
Idp think this new regime think they can get away with paig the PPF sod all. Secondly you are right with Custos he played hardball for too long in the meantime these shysters were setting up to take it all. On a personal point its tine ordinary SH's took a stance. We have some big money people here who can afford the legal fees, especially when they know they can write off or win the costs. When I signed upto to the website I stressed that ordinary people cant afford these legal costs, pretty sure even Custos understands that. To me it just seems time to forget the old ' we will never win mentality' and have a go at shafting them back the criminal f.cks
Some form of balloon payment to PPF from Bondholders consortium as it is a going concern under a new name ffs. Secured future - going concern and sweet FA for ords, balloon payment will not improve pensioners monies just go into the fund for all - government backed .....and I think thats it. Like to be proven wrong - it really is legal robbery for ords. BoD in league with bondholders as - for many years....didnt Custos want to have the opportunity to refinance - stated numerous times in the press. Were the bond due at the end of the year hence this? No June next year.......go figure
New company a going concern that is likely to be profitable hence the angst in the HOC this week and rightly so. Usually as I understand it a ballon payment in addition is what is usual as new company on a firm footing. I think the Bondholders will have to make a ballon payment to the PPF - cannot envisage how they can justify getting out of it tbh. Watch this space - as for ords think it is finished, Custos with over a quarter of equity putting up this website. Agree with sentiment but why did you not walk the walk. Not possible I guess despite the bluster and going on record many times at the distane for the current board.
Good point Maffa have Custos and Bernstein seen fit to talk to each other. I do seem to remember that Bernstein was quite closely connected to Golden Tree so maybe he had fingers in two pies. However there is Tindal and Pash still big holders. I really hope this goes tits up for Golden Tree an Kings little band of robbers still pis ed off with his missive to shareholders and staff not to seel their shares in October the tosser.
I am currently having a Vodka coke but you are right SH should keep going and not be put off with the 'youre investment has gone get over it brigade' usually followed by the DYOR symbol. You never know this fight could be the one that rights the wrongs, we might frighten them into paying us off at so much per share. Still hoping the PPF slam a 300 million fee on em, then lets see what Golden Tree do.
I agree with your posts the board were self serving and milked it dry - there was value here - equity was small change but the poison pill and for years happy to go along with the Bondholders - they had the power. Custos and certainly CA with a real proven track record couldnt break the tie. If you follow the full story it is really bizzare - AK and Custos Both billionaires the latter on paper lost many tens of millions. When CA and then Custos came along still couldnt oust the board - AH left with package and many millions for abject failure - now new company pre pack - pension likely in the hands of the PPF - marked down the deficit at around 40 million - reports that PPF which is what they do and understandable is 305 million do even remember the RNS getting the pension down to manageable levels. Bondholders and board win this - Did state when CA got involved - JPR board are something else and protected - poison pill et al. But are self serving before the poison pill was in the public domain. Agree with Custos but an action group? Fighting against the bondholders consortium - CA and Custos couldnt even work together at that juncture it was IMO a lost cause. Although only conjecture.
Where have all the shareholders gone. I hope not drowning their sorrows...
The bondholders wanted the company and always had the stronger hand. If jpr received a bid for 150 million, I'm sure the board could of negotiated the the remaining 50 million or spoken with existing shareholders to raise money. Remember they also had 20 million in cash..
Why would the board take up or negotiate better bids when there are no guarantees for their jobs. The board received guarantees from the bondholders before the pre pack. I guarantee that. They were half the problem in the first place.
like offers were made for whole and parts of jpr before being stolen by bondholders
fair enough the website and hope for stakeholders and pensioners down line something can be done about what I agree is corporate theft. I do agree with Custos all the way down the line since surfacing - but amazed the Billionaire tbh would do this that overtly. Though he would have more clout than this - and the first sniff of a pre-packed deal marching in and that is obviously not the case. Perhaps if not for the poison pill clause that he found our after investing - due diligence.
is a new site set up by Custos to gather info and people who may want to go along with class action.
I believe a complaint under Section 2 of this act may be appropriate also. Fraud by false representation (1)A person is in breach of this section if he— (a)dishonestly makes a false representation, and (b)intends, by making the representation— (i)to make a gain for himself or another, or (ii)to cause loss to another or to expose another to a risk of loss. (2)A representation is false if— (a)it is untrue or misleading, and (b)the person making it knows that it is, or might be, untrue or misleading. (3)“Representation” means any representation as to fact or law, including a representation as to the state of mind of— (a)the person making the representation, or (b)any other person. (4)A representation may be express or implied. (5)For the purposes of this section a representation may be regarded as made if it (or anything implying it) is submitted in any form to any system or device designed to receive, convey or respond to communications (with or without human intervention).
You only have to look at the last few trades that someone knew something before anything come out. The market makers new too. The price doesn't just drop so heavily on a few sellers ( if they knew) the fca needs to investigate this! As far as I understand this is insider dealing..
If it does go to the PPF which seems highly likely I understand that 90 percent of the pension is guaranteed for those like myself where the pension is frozen - so a 10 percent haircut. Doesnt go up to protect against inflation like it did was 3 percent in 2011 in my case as I understand. That as I understand is the level of protection. If you are in receipt of your pension you continue to get 100 percent. F. Field is totally correct IMO with his comments on this in the House of Commons. The whole thing actually is a total disgrace for shareholders and pensioners alike. The latter has at least the PPF hopefully - ords get nothing - legal theft. Maybe the PPF will insist on a balloon payment as the new company is on a firm financial footing? Interesting and devastating in equal measure as to how this does play out. GL all those who are adversely affected by this.
Employees and ex employees are bracing themselves for the full disclosure on who the pension will be effected. I have been told they are preparing themselves for significant news Im afraid. The proposed legal action may well be their best chance also. We should hear news soon and MPs are also starting to take an interest in the case