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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!!!!
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
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.
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.
Rodgetrades - I think the only communication that we will receive will be from PwC now.
If anybody wants to know more about their share holding I have been advised of the following address by someone just now at PwC
UK_McColls_generalenquiries@PwC.com
Here you go Rodgetrades
McColl's Retail Group PLC - in Administration ("the Company")
Thank you for your query titled "Status of my ******* currently suspended shares ?". This has been allocated a reference number of *********
We will be issuing the Joint Administrator's Proposals in the coming weeks which will contain details regarding any potential return to Shareholders.
Yes me too Rodgetrades
Anything else is a bonus!
I claw it back one way or another, this has been an invaluable learning process for me, win - lose or draw level tbh.
One thing is for sure I will NEVER EVER invest in any UK company that has ANY affiliation with any corporate company tie in the US.
Yes every AIM investment comes with risk we all know this BUT this one was off the chart!
Hope you get something back!
Exactly Rodgetrades
What is 10 million to a US corporation that size, it equates to 4p per share, loose change to them that's what it is!
Negative market noise and boycott from a lot of PI's = commercial suicide !
It's not rocket science is it not really, pay something, a gesture, even the minimum and maintain some kind of credibility.
This was my response to PwC's email Rodgetrades
Thanks for the response.
Like most PI's I am trusting that the takeover offer McColls secured was honorable.
I will look forward to hearing from you again in due course.
Interestingly...my shares are now showing as having value in my II account.
They were showing as 0 earlier today
Mine are still 0 :(
on the face of it this appears to be an illicit use of shareholder funds when you look at the general demise over the course of the last year. this is no way to operate and shouldn't be happening in my opinion. if some value is ultimately given back to shareholders then that would mitigate the situation.
your local McColls has some pork pies that are about to go out of date
you can take them off the counter for free
would you
A. take one for free
B. take one but offer them 10p anyway as they were once worth more
I bet you choose option A - so will Morrisons
why pay out any money when you do not have too?
shareholders will get zilch, move along, nothing to see here anymore
Never gonna happen.
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.
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.
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).
We aren't getting anything.
All we are getting is a lovely warm glow from helping to fund a £30million store conversion program.
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.