Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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It's unclear whether EG Group has come back with a revised offer. A deadline was set for 6pm on Sunday for full and final bids.
https://www.bbc.co.uk/news/business-61370179
I will once again repeat the answer to the question many times asked on this board?
Q) How much have you lost?
A) Nothing, until we know what the final end game is.
It's not technically in administration, AND the suspension is TEMPORARY (i.e not permenant).
Why wouldn't creditors now accept this offer?
Currently they are the 4th largest supermarket.
IF this does not go through for them then they could kiss goodbye to that position forever, especially IF the 'brothers (EG Group)' secure the deal.
The buying power they would lose would be immeasurable.
I've seen this first hand in the Oil and Gas service industry, in the last 20 years, and it's a case of who's the dog and who's the tail.
BIG is not always beautiful.
GLA ATB
The odds are against us there’s no denying but there’s a glimmer of hope.
If mccolls is in administration Morrison will lose out significantly not just financially but also in market share. Something that Morrison is desperately trying to avoid
If by some miracle this went through and Morrison’s bid accepted before administration…What would happen to the shares? Would they relist, would they be bought at a set price, or would they be worthless???
It was a joke. Seriously.
Red you are nuts. Seriously
https://www.bbc.co.uk/news/business-61370179
Firm set to buy McColl's urged to take on staff pensions
******************************************************
If Morrisons offer to repay creditors in full AND keep McColls solvent, then it's back in play. Who would have thought it! Come on McColls!
The fact everyone is spending so much time telling everyone it’s over, probably means that it isn’t.
I think the shares will relist tomorrow, the price will hit 5p+, and everyone will be happy.
Except those that want the company to fail, just so they can say “I told you so”.
*I don’t really think that will happen
**This isn’t investment advice
***Stranger things have happened though
It’s 200% over.
I really feel for everyone on this one. Fortunately I missed it for two reasons. Firstly, I had been through the Debenhams nightmare and realised then that the debt is more important than the equity. I lost a packet on this, but I have to hold my hands up, like other shareholders I had simply ignored the debt position, yet indebtedness is as important to consider as other factors. Like here, with Debenhams, there was also going to be a last minute bidder in the form of Mike Ashley [boss of Sports Direct] who at the time looked about to swoop. It never happened and the company went bust. The silly thing in hindsight is that Debenhams would have been a great fit with Allders , but there you go.
The second reason is that on Friday morning, the share price of McColls was at 1.6p to sell and 1.8p to buy - a similar pricing to shares in Stanley Gibbons [SGI] which I hold. However, SGI was not about to go bust - it is the Queen’s philatelist, and the leading rare coin and stamps dealer in the country. The company is about to confirm it is back in the black again and has strong parental backing from its main shareholder and banker: Phoenix. It’s hopelessly oversold currently hence why its shares were even this low, but this also put me off buying MCLS.
As with the other shares above, take the time to do your research and study the RNS statements each company has issued over the last 2-5 years.
Glimmer of hope. Two things that now go against the administration which has not yet been rubber stamped by the courts so technically the company is not yet in administration:
1) pwc appear to be in a position of conflict of interest by playing a dual role and their appointment could be challenged on this basis by the courts; and
2) the revised bid by Morrison’s today, a solvent bid should trump an insolvent one so I do not see any basis to reject the revised Morrison’s bid.
Shareholders, it is not yet over IMO.
DYOR
WHAT A ROLLERCOASTER OF EMOTIONS!
Que sera, sera
Whatever will be, will be
The future's not ours to see
Que sera, sera
What will be, will be
GLA ATB
I just read the article nd most promising thing i saw was this... If administration is confirmed on Monday, it would be the largest insolvency in the UK retail sector by size of workforce since the collapse of Edinburgh Woollen Mill Group in 2020
None. I'm sure the pension trustees would be happy too.
Sky News can reveal that Morrisons has lodged an improved offer with McColl's lenders that would see them repaid immediately in full, satisfying their principal demand
If we’re not in technically in administration, and this statement is correct, on what grounds can it be rejected ?
https://news.sky.com/story/morrisons-returns-with-fresh-mccolls-offer-as-endgame-looms-12608537
In a stock exchange announcement on Friday afternoon, McColl's said its board had "regrettably... [been] left with no choice other than to place the company in administration, appointing PriceWaterhouseCoopers LLP as administrators, in the expectation that they intend to implement a sale of the business to a third-party purchaser as soon as possible".
However, although technically McColl's may have been insolvent at the point that its lenders declined to extend their waiver, PwC's appointment had yet to be rubber-stamped by the court by the time it closed on Friday - potentially leaving a window for a further counterbid from Morrisons.
A source close to the lenders said a further proposal would be properly considered.
Details of Morrisons' revised offer were unclear, although the supermarket group said late last week that there was no basis for McColl's being placed into insolvency proceedings.
Hopefully VAR is checking, I’m expecting the decision at 07:00 tomorrow : )
That was supposed to be a joke before some clown points out that it’s all over.
Istanbul 2005?
Let's hope that the lenders accept Morrisons' new offer as EG takeover or administration will leave us with nothing. Fingers crossed as all parties are meeting tonight.
The part when it says it hasn’t been rubber stamped yet.
Come on Morrisons..