The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Certainly not and never shareholders.
If the banks are classed as secured lenders who are classed as unsecured creditors here?
Didn't you lose like 6 figures on this nav? Between you and phoenix you've lost over a quarter of a mil, why don't you just hire one? I agree with phoenix that you might have a case for improper reporting/negligence, I don't know what else you can take them for, Morrison's have absolutely no morals but everything they did was within the rules and above board.
I totally agree Sharehunter....
I am on a whats group where the person setting up the group is now having a Barrister look in to it!
We really need an individual/s with a significant interest and corporate compliance knowledge to be able appoint legal representation for a class action against the BOD...anyone out there?
GLA
If unsecured creditors are to receive a distribution it suggests they won't be repaid in full, therefore shareholders don't stand a chance. Glimmer of hope rubbish.
In a statement after the deal was announced, it said that “the secured lenders and preferential creditors will be paid in full with a distribution also expected to unsecured creditors"
Glimmer of hope.
Wasn’t this supposed to be cancelled an delisted yesterday as per Fri pm RNS?
I can't believe how the BOD have messed this business up.
There should be an investigate on how they have spent the 30 million.
We should take legal Action again the BOD for misconduct and mismanagement. we should sue for compensation.
The sale process should have been managed better Morrison vs Asda. Tesco might have come in too.
https://www.retailgazette.co.uk/blog/2022/05/what-next-for-mccolls-under-morrisons/
The one question I’ve asked my self is what is the Net Worth of Mccolls on Friday afternoon.
I don’t know enough about the value of the fixed assets or the value of all the shops as a going concern, less the debts and the pension commitments. You would have thought there was equity else why take them on , there is no sentiment in business.
The majority of folk have written this off , I’m fortunate as I bailed out before 12.30pm on Friday with a small profit but it all seems so wrong how this has panned out for the majority.
GLA
This administration process was not same as the others I mentioned I know we can’t win with them to get all our money back . But even the current share price they should pay pay by all decency.
Acquisition
We beleve the acquisition of all of the Mccolls stores is a good outcome for Mccolls and all it’s stakeholders, as wel as beng a good strategc fit with Morrisons. The acquistion offers stabilty and continuity for the Mccolls businessabd, in particular, a better outcome for employees, and for the pensioners, than alternatives. And we see significant opportunities for future growth as we begin to work together even more closely.
For the time being Mccolls will be held completely separate from Morrisons and will be run by the management team, while Morrisons seeks clearance from the Competition and Markets Authority to be fully integrating the business which is normal in a situation like this.
At the same time the Morrisons team will be reviewing and starting to understand the Mccolls business in more detail holding Mccolls and Morrisons separately for the time being.
But I do think you should wait and see what comes this week. Maybe they'll address shareholders etc.
You could always demonstrate at one of their super
stores. That woukd certainly get their attention. Ring the local newspaper too, tell them why you're protesting. Post on twitter, including handles for the usual national press. Dailly mail would definitely be interested. Explain how the stores were fitted out and the fundraiser for that etc.
Going to contact press too, they love news like this.
Morrison ceo shot himself in the foot saying all stakeholders. We are part of the stakeholders.
I know the you guys see this to see what people say
But remember you sucked money from hard working people , people didn’t trust mccols , they trusted Morrisons
Cause it had your name written all over it.
We know millers took that brown envelope with £3 millions
To compensate for loss to egg people on. It was all a deal always with you Morrison. Why so quickly call in administration when you knew it would be a deal. That was always the plan. What about the £20 million you spent , more like 5 million and rest is in back pocket. It was al a big game and all you lot made money on top. Atleast do the decent thing and pay something to shareholders. This administration was nothing like Debenhams or intu or Thomas cook , it was just a smooth transaction under administration. 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. I live in Bradford so not letting this go slightly. Anyone who want to join this demonstration please contact me by text and I will foward you date. 07802638251
States extremely unlikely Shareholders will see anything here everyone. I emailed investor relations saying I hope you get investigated as its all been a fraud.
Stuck on here
All we are getting is a lovely warm glow from helping to fund a £30million store conversion program.
We aren't getting anything.
The pork pies that are about to go out of date would be reduced first, then again and again until they were either thrown out or given to a food bank.
That is a lovely metaphor for what has happened to shareholders here.
In my opinion, Morrisons should offer something for shareholders. Mainly because of the money paid for store conversions. I am fairly sure that they won’t, and even if they did, it wouldn’t be enough to recompense those that took part in the placing - not the pure gamblers that turned up in the last few weeks and played roulette and lost (I am one of them).
Comparing free pork pies to shares is crazy.
The shares had value when it was suspended so they are not free. For Morrisons to take them for free is simply immoral, and that’s the hope we have as shareholders that Morrisons do the right thing.
So it’s a question for Morrisons as to whether they take something for nothing.
But let’s not be hopeful here.
theres no such thing as a free lunch. its better to legitimately sell the pork pies at a favourable rate. free pork pies are risky and a liability.
https://www.retailgazette.co.uk/blog/2022/05/what-next-for-mccolls-under-morrisons/
“Morrisons now has a platform to grow its convenience business in a very low cost way,” he tells Retail Gazette.
Never gonna happen.