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All a load of ****** that statement and not true. He would have known it was going bang and I’m 99% sure they weren’t looking for a new CEO…
lewishem
Jonathan 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.
UTTER BOL*O*KS !!!!!!
“I remain a significant shareholder, and I leave confident that, with its clearly defined, convenience-led
strategy and strong partnership with Morrisons, McColl’s will continue to play a vital role at the heart
of local communities across the UK.”
Can’t be bothered CEOs don’t give a monkies about us.
Just another w@ker by the looks. Legged it and a bet he did manage to off lol his shares…..
lewishem - you could always drop him a message
here you go:-
https://www.linkedin.com/in/jonathan-miller-46194346/
So many bad ceo. They believe they do no wrong and deserving of wealth. Won’t change.
Criminal needs locking up
half a million pounds yet?? of which part of which was a pension contribution. I hope the staff get their pensions as due or he should give his to charity immediately!
I was aware but today a sale looked likely and share would rise to that rumour before reality sets in and it would end at .2.
Q - What is a pre-pack?
A - A pre-pack is a shortened form of the phrase “pre-packaged administration”. A pre-pack is a deal to sell the assets of a failed company, which is agreed prior to the insolvency, and is then usually completed almost immediately after the appointment of the Administrators.
It can be the best way of preserving value for the business, creditors and shareholders. If a business enters administration it may result in disruption, uncertainty and a real certainty that the business would cease to operate, meaning losses to all stakeholders.
It was the same at DEB when they turned down Mike Ashley's offer... the BOD and Bank always seem to do ok!
Another example of an incompetent board and clearly not algined to the shareholders- to me there were setting the scene early on of no or little reward if talks were successful.
Oh it stinks. Like Flybe et al. Lesson is if you gamble on a bankrupt company once you see profit get out as you never know what going to happen. I was literally trying to sell and I saw bid 1.20 and buy 1.70 and though **** I’m too late.
I took a punt on this, whacked in £1k and lost it. Am I upset, yes, a little. Will I lose sleep over it, no. Easy come easy go. I have money in the bank but Neill is still a ****, will be tomorrow and everyday forever more.
The story goes they were in talks with them before. But then decided the relationship with Morrisons was a conflict. Issa pulled out
I don't have a dog in this fight but have been reading the board last few days. Something about the timing of these events/announcements stinks to High Heaven.
MikeBarso
Another option is a pre-pack administration. This is where the business and its assets are sold to a new company. When this happens the new company will not be liable for the debts of the business it has just purchased.
No wonder they are going bankrupt at the prices they charge, people will deliberately find other places to shop.
An insolvency sale could take place on Monday, but it might not be enough to save all branches.
https://www.manchestereveningnews.co.uk/news/uk-news/mccolls-administration-what-will-happen-23888773
PI shafted as can’t clear debt but can take share holder value to zero. So that’s what they’ve done.
Pre pack administration is an insolvency procedure where a company arranges a deal to sell its assets to a buyer before appointing administrators to facilitate the sale. It's a powerful, legal way of selling the business on to a trade buyer or third party.
Any ideas? If this is the case it bloody well stinks.
Just been on 6,o’clock news .
Yep it stinks but the games at CEOs level never considered shareholders unless they are significant holders. And on these retail companies they are hired help only. No skin in the game. Which is wise in retail. Get salary and keep it.
This smells fishy.. No suspension until June.. then shrieking administration and morrison rejection in hours followed swiftly by administration? Absolutely horrendous management. Sold with a big loss and was very tempted around 10. Didnt but still feel mugged