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A glimmer of hope then.
Come on morrisons, you know it makes sense.
Let's hope These fantastic bussness people CAN save this company Mccolls fingers crossed..
LETS HOPE SO....I BELIEVE DO YOU...LOL
https://news.sky.com/story/morrisons-returns-with-fresh-mccolls-offer-as-endgame-looms-12608537
A very small hope of success for stock holders. There’s something in there about the court not rubber stamping the insolvency documents appointing pwc before close of business
£400 @ 1.35 .......so only a little bit for me. My heart goes out to those who lost several thousands though. GLA
All over twitter go and check.
A glimmer of hope or no chance?
Morrisons .
Mcolls have come up with a counter bid.
Yep OK Warren buffet.
The current stock is worth 5 million with the debt around 165 million, the real value of the company is not realised but under Administration its highly likely the shares have a zero value so wiped out. Once the deal is done it will be interesting to see what the net value of the company is under the Issa brothers, probably around 180 million, perhaps a lot more, money makes money.
Anyone whom read the news would know the stock was finished. I have no sympathy for people that lost money. I have been following this company for over 3 years, and made some profit 3 years ago.
I just think it's Ridiculous punters placing their hard earned money on a company that was quite obviously going to go bust. Even the Daily Mail issued news saying that the company was finished.
I am Not having a go, but some punters clearly have no understanding of business or the stock market in general.
All the best to everyone.
Shares up today 1.80
4k..sad to say
£4k
3 hundred pounds still in at 14 pence ha.
I was very lucky I bought in 2 / 3 weeks ago at 1.29 and sold at 10.50am at 1.51 , small profit of £800, I’m a bit of a coward and didn’t have the bottle to hold, on this occasion it served me well for a change , there have been many occasions I’ve got it wrong. I do genuinely feel for anyone who is still invested and hope you can cover the loss elsewhere, a very very sad day on many fronts, it’s the Issa brothers who are laughing.
What's happening to the shares ?
Since IPO in 2014, McColl's have paid circa £40mln in dividends, if they had never paid a dividend McColl's would have had sufficient funds to have carried them through until all the Morrison Daily conversions were fully up and running.
The Chairman of McColl's sold his circa 10% holding right at the very very top for 295p, this really told us, the retail share holder it is time to also sell out. Sadly many retail share holders listen to the latest broker share price target and at the time they were giving a price target of 320p which kept most of the retail investors on board.
Miller said: “It has been an enormous privilege to work for McColl’s for the last 30 years, most recently leading the business and transforming our offer in partnership with Morrisons.
“I have worked alongside so many talented and hardworking people and I am enormously grateful for the support I have had from the many thousands of colleagues in the business over many years.”
Talented and hardworking people???? Can't have been that talented or hardworking - utterly scandalous.
.......can be condensed into one simple statement:
This needs a facking miracle.
The mistake I made was thinking sale of bank debt to hedge funds required disclosure.
Surely the company must have been notified and had they disclosed the price would not have spiked.
No doubt all lenders sold a small tranche say 10% of debt to hedge fund at 30% discount. Banks take a small haircut hedge funds take quick 30% profit and the blame.
The FCA need to make it a formal requirement of disclosure of any hedge fund acquisition in debt bonds and loans of traded companies. It would protect shareholders.
"Speculation was this weekend continuing over why McColl’s lenders - which are owed a collective £165m and include HSBC, Barclays and state-backed NatWest - rejected Morrisons’ rescue.
Morrisons’ offer to roll the debt over into the supermarket chain is believed to have been less appetising than the EG Group plan that will see senior lenders repaid in full.
There were also rumours that hedge funds had bought part of the debt at a discount of up to 30pc, meaning that they were motivated to be repaid now rather than convert their loans to Morrisons debt.
EG Group declined to comment."
https://finance.yahoo.com/news/mccoll-pension-trustees-demand-intervention-153255110.html
Out of curiosity when did you start investing? I think the biggest mistake I made was not doing more research into their assets on hand, the high inflationary environment/not transitory interest hikes and the return to a stagflation scenario for global economies was completely out of our hands and ultimately this wasn't a compelling bet for lenders in the end.
I would be mega ****ed personally, I don't know what 200k means to you in the grand scheme but it would crush me. The level of transparency is shocking. Completely agree on the MD rollouts, if they were trying to show the lenders the improved rev on these sites did they need to convert 100s of them? Was a 600m deal for supplying all Mccolls stores not enough for Morrisons? That 30 million should have been used to pay down debt and keep the business afloat and secure its future. The RNS's mentioned admin only once and that was the day before. Not to mention all the rumour leaking by Sky, when you look how this has been handled over the last few months I don't understand how it doesn't fall under criminal law.
If there is any justice the Issas takeover, they take care of the pension pot, Morrisons lose the massive wholesale contract and MD is never to be seen or heard of again.
Either way mate you sound in high spirits given the situ, I hope you're ok.
cool story.
So yeah:
3 published takeover bids.
Happy discovery.