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1887
IF you could find a barrister to take the case I for one would be prepared to chip in, the way we have been treated absolutely stinks!
On 3rd May Mccoll’s did warn share suspension was likely. At that point there was an opportunity to heed the warning and sell or gamble on this not happening and SP rocketing. Sadly for those who gambled the gamble never paid off. Good luck in future investments I hope you recoup your loses soon.
all shareholders should get a return on their investment. the company is still trading albeit under a different guise and it looks as though the whole thing was planned well in advance. in the absence of any forthcoming news to mitigate the interests of shareholders my patience is about to expire. it feels like we've all been played / strung along and it's time to turn the tables round and do something about it.
This does sound very shady indeed. A shareholder revolt I sense is on the horizon and with the cost of living crisis, every penny counts...
Lying down and taking it might be what they, the likes of Morissons expect from McColl's shareholders, I doubt many whom are invested heavily in the company will accept that and no doubt are planning their next move.
correct or not I don't know, but I believe I have rights in the estate of the McColl's company and brand, as with all the other shareholders. until such time that this is settled I won't change my belief. if nothing happens soon to settle my perceived interest (whether rightly or wrongly) in the company and its estate then I am considering pursuing this through the legal channels.
It is expected that McColl’s will be delisted from the London Stock Exchange shortly. This will not affect a shareholding as such and shareholders will continue to own the shares. The shares will not be permitted to trade on the exchange.
https://www.pwc.co.uk/services/business-restructuring/administrations/mccolls/shareholders.html
I think for NOW the name 'McColls' will remain, BUT in time there will be a rebranding that will include 'Morrisons'.
They are worthless now as not able to trade, but they will be officially worthless once they decide how to mug us off again without any further comeback !!
ALL of them need investigating it's a total disgrace.
DISTINCTIVE RELATABLE PERSONALITY.
We deployed a little light-hearted banter and liberal use of colloquial tone, both in communications at HQ and in store – from promotions to little shelf level reminders to purchase. Even corporate messaging about the team was delivered in this convivial, cheerful signature style.
hmmm.... what like this then ??
' It should be noted that even if such a successful outcome is achieved it is increasingly likely to result in little or no value being attributed to the Group's ordinary shares.'
I dont know if you could call it interesting, but for want of another word, I find it interesting that the McColl's brand seems to be separate from the Morrisons daily brand. what's the score here - Morrisons daily for some shops, but McColl's for others, like two separate businesses. also the actual shares that we still own, they are / were shares in McColl's. we've had no say in any of this and it's all been pushed forward regardless. I don't know what to make of it all. it doesn't seem right though. I don't understand how you can be left with a load of shares that appear to account for nothing when the company is still going forwards at pace.
1887
Their certainly putting what was left of the fund raising to good use !
the rebranding of McColl's
https://our-design-agency.com/work/mccolls
I dont follow how the business can be sold without shareholders having any say in it. to not get anything back aswell is a double p--- take.
Did my first full weekly shop at 'Asda' today, would or normally been 'Morrisons'.
Can't see me reverting back the choice at 'Asda' is far superior :-)
That's just over £80 they would of got, alas not anymore!
I've been in business since 2009 and still have the same loyal customers, reason being is that I look after mine :-)
You've been very shortsighted selling us down the river 'Morrisons and 'McColls' !
Well, I'm sure shareholders will make their presence felt and dissatisfaction known.
Thepipersson
Maybe this administration business need looking into
**ABSOLUTELY - IT'S DISGRACEFUL !!!!!**
Doesnt look good for shareholders .
But think a 5 mil thrown to shareholders would be a good gesture.
Sobering. a billion plus turnover cash raise low staffing and still shareholders set to lose their cash.
Maybe this administration business need looking into
proposals?.. I'll give them a proposal ;-)
https://www.insider.co.uk/news/issa-brothers-missed-out-rescuing-26998318.amp
Whilst nothing is 100% confirmed as of yet it is highly unlikely that 'Shareholders' will receive anything from the pot !
At this time they are only 1 week into the administration and there is still much to do, when asked do they think 'Shareholders' will know the outcome for certain within the next 4-6 weeks the answer was probably not !
I was referred to this document:-
https://www.pwc.co.uk/business-recovery/administrations/assets/mccolls/mccolls_sip16_20220516.pdf
And advised that within the next 2-3 weeks more information should be available upon their website regarding proposals etc.
I voiced my disgust at how practically everyone will be paid off except for the 'Shareholders' of whom kept the whole thing ticking along ready for takeover.
The response was as I expected from PwC - non-committal.
Ends.
Unsecured*
A shareholder has never been classed as an j secured creditor in these instances.
If both parties submitted bids of all the elements mentioned before the administration was rubber stamped on the Monday does that not represent a formal offer from both BEFOREHAND?
Have PWC been negligent by acting too quickly knowing that talks had progressed over the weekend and in so shafting the then current shareholders? Was the pressure from the Banks that strong that they just rolled over and went ahead on instructions anyway?
What happened, happened! we cant go backwards.... but we have to ask ourselves if the final outcome was both ethical and legal.... in reality we all know the answer.
if you look on the pwc website they don't seem to be putting shareholders within the "unsecured creditors" group, and indicate that no returns are likely for shareholders. so a shareholder isn't classed as an unsecured creditor??
Both parties submitted bids including to take over the entire store estate and its employees, a transfer proposal for the pension schemes and cash consideration to acquire McColl’s that would see all secured and preferential creditors paid in full with a distribution to unsecured creditors.
A distribution of what exactly?? That's the question.... if indeed the statement is true.
Morrisons coughed up some £182m to snap up beleaguered convenience store operator McColl’s, defeating a rival bid from Asda owners the Issa brothers.
The newsagent chain’s equity value was worth around £3m earlier this month while senior creditors were owed some £160m, documents from administrators PwC revealed.
While the Issa’s EG Group had offered “materially” more cash than private equity owned Morrisons, the grocer won out after it pledged more cash for unsecured creditors. Morrisons also clinched the deal due to its position as McColl’s main supplier.
Note - Morrison's was by far the biggest Unsecured creditor of McColl's.
Four credible bidders had been eyeing a takeover of the debt-laden firm in its last few months before calling in administrators.
However, the number of bidders had slimmed to three by the time McColl’s shares were suspended on 6 May, narrowing further to just Morrisons and forecourt operator EG Group.
A court application process for plunging the companies into administration was placed on hold on Friday 6 May, until Monday 9 May, the documents revealed.
This was partially as the administrators could not trade the business over the weekend, ‘as they did not have funding to support trading, and practical issues such as the sales of alcohol and other licenced goods would have been prohibited.”
What’s more, PwC revealed that had the appointment concluded on the Friday, joint administrators would have completed a sale of McColl’s business and assets to EG Group.
At this stage in time, a sale to the petrol court operator – referenced by PwC in the documents as ‘Party A’ – would have “kept all stores open, preserved the roles of 16,000 employees, seen a full return to secured and preferential creditors with a likely dividend to unsecured creditors in excess of the prescribed part.”
Both parties submitted bids including to take over the entire store estate and its employees, a transfer proposal for the pension schemes and cash consideration to acquire McColl’s that would see all secured and preferential creditors paid in full with a distribution to unsecured creditors.
CDF_1 what dark side? Not like de-ramping would be effective here.
People always jump on people with conflicting opinions. Get a grip man. The company was sold pre-pack administration. There is no pay-out to shareholders - all monies will get mopped up by people sat in bigger offices on comfier chairs.