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Need to see the RNS
The supermarket giant, which is owned by the US private equity firm Clayton, Dubilier & Rice
BUT can't afford to payout the shareholders who funded their conversions
**************************************************************************
https://www.telegraph.co.uk/business/2022/05/09/morrisons-outbids-issa-brothers-battle-rescue-mccolls/
The deal, which will be structured as a pre-pack administration, will ensure all of McColl’s stores and workforce is preserved, Sky News reported.
The deal will give a new lease of life to McColl’s, which is listed on the London Stock Exchange but had its shares suspended on Friday.
Anyone who wants access to the Shareholders action group please email
MccollsShareholdergroup @ gmail . com for details
https://www.companyrescue.co.uk/guides-knowledge/guides/advantages-and-disadvantages-of-pre-pack-administration-4214/
Advantages and Disadvantages of Pre Pack Administration
It's a Prepack Administration. The company will go into administration and then immediately be purchased by Morrisons. Very, very unlikely that shareholders will get anything.
No point creating an action group. Think it's just pointless really.
will update this when i have more guys join
go
SkyMonkey
Imagine IF they turn out to be no better and it does got the same way - bl**dy hypocrites !
Oh and by the way they used your/our money to fund the conversions and if there was any left to help fund this deal too !
An eye patch, wooden leg, and a parrot spring to mind !!!
Notice of Annual General Meeting 2022
Notice is hereby given that the eighth Annual General Meeting (the “AGM”) of McColl’s Retail Group plc (the “Company”)
will be held at 10.30am on Tuesday, 31 May 2022, at Ground Floor West, One London Road, Brentwood, Essex CM14 4QW
The decision to place the group into administration, a key condition of the offer from EG Group, was condemned by Morrisons as 'disappointing, damaging and unnecessary'.
Need to see details of the deal.
With share holders cash
Lenders will be repaid in full.
Morrisons WINS battle to take over McColl's and pledges to keep staff https://mol.im/a/10796877 via https://dailym.ai/android
From Morrison's point of view why would they make a bid for Mcc when they can buy the lot from the administrators at about half the price.
No matter who now buys the business the sharesholders will get nothing, all the money the administrators get will go to pay off debt to the creditors. end game so stop all this hype.
Rodgetrades
Free crumpets
Not to get anyone's hopes up here but just said on radio that morrisons have bought mccolls before it entered administration.
Not over until its rns'd.
Because that's how pre-pack works...the deal is done to allow the business to run and keep employees employed.
Shareholders are not a consideration.
How has deal now done 3 days after going into Administration!
Why wasn’t a deal done before stealing our holding, they have had plenty time.
This whole things stinks, all the way from the capital raise to fund the conversions till now.
I’m never stepping foot in a Mcolls or Morrisons store again till I die.
They owe me £12.5k and all other shareholders.
And where is our RNS confirming this deal, no decency!
They can't release the RNS until everything has been irreversibly sown up !
I'm sure that'll be done by the book, dotting all the I's and crossing all the T's.
It's amazing when it's in their favor what they can achieve !!
https://www.cdr-inc.com/professionals - JOKE !
Perhaps Morrisons will give us a BOGOF share offer to lighten the load. Wherever there is big money around there is corruption.
The BOD are probably just making sure that they get their rewards before everything is signed off.
This game is as bent as the Westminster government. Big money always wins & the humble PI will never stand a chance against that.