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09 Jun 2022 Statement of administrator's proposal
This document is being processed and will be available in 10 days.
okay so basically Smiths News are receiving between 20 and 40 percent of what was owed - therefore - not enough money to pay unsecured creditors the full whack. Hence, shareholders will receive NILL.
Paywall - can you TLDR?
CDF1
I bet you feel better for that !! :-)
daytrade77
Interesting first post !!!
There were many investors that didn't just punt this some were very long term holders.
So F*C* off you small-minded opinionated self-righteous P*I*K !!!
Drop them an email if you have concerns. https://www.frc.org.uk/contact-us you can email them enquiries @ frc.org.uk
https://www.goingconcern.com/pwc-and-kpmg-have-the-frc-breathing-down-their-necks/
are pwc in on the deal or are they supposed to be independent to everything? going by the documents they've released it looks to me like they've had a couple of years association with McColl's and as an administrator im wondering if this could put them in a biased position against the shareholders if theres been any malpractice by McColl's. I thought McColl's were supposed to run their business with the interests of shareholders at the forefront of their operations but going by information released from pwc it does raise alot of questions about the conduct of the company and perhaps also the conduct of other companies or associations they've held.
On the 11th May he wrote "We will be doing a demonstration outside Bradford head office in coming weeks am taking all my families and friends down nearly 50 off us and make noise regarding this issue." Also asking others to join him and saying he was getting in touch with the press.
How did it go?
Redhammy, it’s not a matter “deserve everything they got”. Most of us at sometime have taken a punt on a high risk share and lost out. More of a case of bad luck on this occasion and good luck in the future I hope each person who lost this time recoup and make more. We’re all risk takers that’s why we invest and not leave our money in a building society. GLA
You are wrong.
2022 Annual General Meeting cancelled
As a result of McColl's Retail Group falling into administration on 9 May 2022, the AGM that was due to be held on the 31 May 2022 will no longer take place.
Shareholders unlikely to receive anything however not officially announced. With 30m raised by shareholders for morrisons conversions they MIGHT count shareholders as creditors but very unlikely. Announcement will be made within the coming "weeks".
I’m expecting a queue of people to come and tell you your shares are worthless, and anyone that bought shares is also worthless, and deserves everything they got.
I think the AGM is still listed to go ahead on the 31st May, I saw it on the weekly financial calendar somewhere.
It's likely that we will get nothing for our shares. All we have is hope....
any definitive updates on whats going to happen to our shares?
Its all smiles on the website and all Bol*ocks in the Reports but Ethics at this level is all window dressing.
So the question i still have is, who asked Jonathan Miller to go? and why did he go accepting only £0.5M when his share holding was so large?
Sorry... i have moved on.... honestly! ( ONLY HALF A MILLION.... BARSTEWARD!!! Grrrrrrr )
I would only consider myself liable for company debt if I was a signatory on the debt agreement. It is very unlikely that an ordinary shareholder would ever have to pay for a company’s debt.
I would, however, take issue with what has happened here. Morrisons have benefitted from money raised by shareholders to refurbish/rebrand McColls stores. Although this is almost certainly legal, it’s highly unethical. Anyone that took part in that fundraising in good faith deserves much better.
As a shareholder, do you believe you are liable for any debts the company has incurred?
why could the 2021 accounts not be published. 2021 has finished ages ago so the results should have been published. withholding that information could be seen as unfair against the shareholder.
the RNS stating they don't know why the share price has gone up looks odd and could also be seen as unfair against the shareholder
then there are the various "ongoing talks" and information around the deals which we knew little about, again, this could be seen as unfair against the shareholder
the capital raise by placing last year. suppose to be to advance the rollout of the Morrisons daily stores. but ultimately at what cost to the shareholder?
if nothing is going to be given back then it looks suspicious in my opinion.
*so
we are still shareholders and the company is still trading. apparently we can't have our shares listed back on the stock market. I thought the suspension was temporary having read the last few RNS's. if they're not going to re-list hi that we can trade then they should settle by other means.
I reduced my holding by that point as it looked like the company was about to fall into administration. a few days later sky news reported a last gasp proposal that would save the company from collapse. the price indeed rocketed that morning then very suddenly the company was suspended which contradicted what sky news said. McColl's is still trading. this looks like defrauding of shareholders given that nothing is being talked of in the way of return to shareholders. it's not acceptable to defraud people and I think the conduct of all parties needs to be looked at because alot of people are out of pocket.