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Ladies and gentlemen,
First 'Morrisons' go private then 'McColls' get bought up / absorbed on the cheap !
Here are the crooks :- https://www.cdr-inc.com/professionals
We never had a chance !
Best wishes to you all.
CDF1
Clayton Dubilier and Rice have without doubt robbed the shareholders very neatly.
It is reported in the daily mail they have protected the shops and employees but no mention of shareholders, ordinary people loosing their hard earned money.
They effectively have our money now. Could you imagine Ken Morrison doing that ?
The private equity profit sharks have a very different set of ethics than Morrisons used to have.
Why shop at Morrisons and fill their pockets, they will be gone in a few years when they have flogged assets and cashed in
I think 'Morrisons' parent company :- https://www.cdr-inc.com/ had their eyes on the goal long before the wholesale agreement was put in place and the conversions started happening !
And with the fact that they had wormed themselves so far in it was always going to end up with them as the successful owner.
I can just imagine the constant conversations between ALL board members on both sides of the pond.
When they put their offer on the table last week I bet they knew it would be rejected because of such conversations, they then were fully aware that the Administrators would be on standby because the whole thing was planned.
Collectively McColls and https://www.cdr-inc.com/ set that up to draw in the EG Group knowing only too well that it would cause enough speculation to make it look like both were trying to do the right thing in saving the jobs and eventually the pension pot !
With 'Morrisons' and their wholesale agreement until 2027, and conversions well on the way using the recent cash injection, they 100% knew they had it in the bag because strategically they set the whole thing in motion.
Throughout 'McColls' have put out RNS's covering themselves to ensure it looked like everyone was reliably informed, this was purely to cover themselves and their deceitful tactics.
Remember what 'Jonathan Miller' said about the future with 'Morrisons' it is my firm belief that he knew exactly what would happen, and I bet he was well looked after with a golden handshake for his silence!
WE HAVE BEEN PLAYED !!!
I actually find it quite insulting when punters like you think everyone is just "gambling". Some of us have been very long term holders and supported the company, including the staff, through some rough times. If everyone flocked out at the first sign of trouble, viable businesses would keep failing.
It says Shareholder Action Group, nowhere does it say Class Action and IF the Directors have concealed/withheld timely flow of information and/or breached their fiduciary duties towards shareholders then it is only right that they are held accountable.
I have been pretty sanguine about my losses, part of investing, but I for one will not be lectured by someone who calls themselves Speculative INV and by their own admission was gambling on this stock.
Look, firstly, let's be real, your "class action" is a joke, you aren't gonna get anywhere and it's kinda amusing thinking about it, you overinvested, you got emotional and that bit you back.
Why are you all not happy, they all keep their jobs, their pensions, and their futures, and yet you care about your gamble.
Y'all need to go outside and get some fresh air, this is embarrassing, I only want to read the RNS and such, but man, I feel a urge to get popcorn with how you guys act.
A lesson for the future, don't emotionally invest, sure, I took an L with this stock, but it was a gamble, you all knew it.
'Even if a successful outcome is achieved, it is likely to result in little or no value being attributed to the Group's ordinary shares.'
Which in English means: "Not a cat in hell's chance of getting your money back as we have stitched you up like a kipper from Morrisons Fish counter....you low life shareholding minions!"
If i ever see Ant and Dec in that bloody jungle i will tell them straight what i think of Morrisons corporate ethic's!!
I've been in this situation before, Shareholders get completely wiped out 100%. Everything else will stay the same as morrisons are paying off all debt, honouring salaries and pensions.
The only losers are share holders. (As per normal)
Taking a bet on complicated instruments better luck next time including my 300 pounds bet.
The terms shareholder and stakeholder are sometimes used interchangeably, but they're actually quite different. A shareholder is someone who owns stock in your company, while a stakeholder is someone who is impacted by (or has a “stake” in) a project you're working on.
Since when have shareholders not been classed as 'stakeholders'?????????? "A good outcome for McColls and all of its stakeholders".......that's what the man said.
this doesnt affect me as I was too smart and saw the writing on with wall.
I did try to share this and was ignored & disparaged.
still, what I will say foir affected holders is that I really am uncomfortable in the legitamacy of the recent rights issue.
this administaration has come so quickly after they tapped shareholders for cash it does seem very dubious. I would have though there must be a minimum going concern period after a cash call as part of the rights issue was marketed addressing debt. doesnt really look like that has happened does it?
Seems that the lenders get paid in full as part of the deal so you might end up getting something back. Pre-pack admin should write off the other creditors. It would be interesting to actually know how this deal differed from the 11th hour one Morrisons tabled last week, and that would have left it with shareholders.
https://www.dailymail.co.uk/news/article-10796877/Morrisons-WINS-battle-McColls-pledges-1-100-stores-16-000-workers.html
So many unanswered questions here, I can't even be bothered to list them. Far too many adjectives also to describe the levelof deceit, betrayal and incompetency demonstrated by all parties.
To think that shareholders have funded a conversion which Morrisons now receive for a knock down price. Why do they need administrators now, we all know the deal has been done.
I can only hope that the individuals involved encounter great personal suffering as have the share holders during this period. Facking pond life.
The only people I'm happy for are the employees, at least they are secure.
Over and out.
Mon, 9th May 2022 17:19
(Sharecast News) - Morrisons confirmed on Monday that it has agreed to buy convenience store operator McColl's from the administrator, seeing off competition from the Issa brothers' EG Group.
The supermarket retailer said the deal will be structured through a pre-pack administration. Morrisons will buy all of McColl's 1,160 stores, which include 270 Morrisons Daily format stores.
All McColl's staff will be transferred with the McColl's business to Morrisons, and McColl's two pension schemes will be taken on by the chain.
Morrisons - which was recently taken over by private equity firm Clayton, Dubilier & Rice - said its wholesale supply agreement to McColl's stores will continue without interruption and the convenience stores will continue to trade.
Morrisons chief executive David Potts said: "Although we are disappointed that the business was put into administration, we believe this is a good outcome for McColl's and all its stakeholders. This transaction offers stability and continuity for the McColl's business and, in particular, a better outcome for its colleagues and pensioners.
"We all look forward to welcoming many new colleagues into the Morrisons business and to building on the proven strength of the Morrisons Daily format."
McColl's went into administration last Friday after talks with Morrisons fell through and creditors refused to extend a deadline for it to raise more cash.
What 'Morrisons' didn't have the BALLS to say was that they royally shafted the McColls shareholders, but they would like to thank them for their loyalty and especially the extra funds they ploughed into the company to allow for recent 'Morrisons' conversions of which everyone will benefit except those who paid for it!!!!
Got it in one!
Jones2810......... spot on too!
It’ll take stealing a lot of cottage pies to cover my loss but like you I’ll give it a go **** them
I'll just walk into my local Morissons when convenient and walk out with £400 worth of goods. I'll take a copy of my shares and proof of purchase together with the rns...
Anyway, is what it is but fully appreciate others have lost a lot more. For that it might be worth perusing as in essence you've funded the conversions...
What a horrendous betrayal. Pure wickedness.
It is legalised robbery leaving out the interest of shareholders who only recently paid £30 Million to do store conversions!
All private shareholders should rally together via an action group to challenge this outright exploitation of private shareholders!!!
Utterly shameful. Engineered for big business to exploit the system and share holders, legalised criminality.
Shane on every single one of them. What goes around comes around, I hope they all suffer persoanl catastrophic misfortune in the years ahead.
F##k Morrisons & Mccolls!!
Time to just move on Folks.
SHAME ON YOU 'MORRISONS'
Pleased for staff and pension pot though.
Game over
Out