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.
Started: noobyinvestor, 23 Feb 2023 11:05
Last post: applebee, 21 Sep 2023 12:18
PWC have requested an extension for the administration process into something like May 2024. Until then the shares will remain showing in our accounts because technically we still own them.
MCLS are being converted to Morrisons daily. Cannot lie, despite the warning signs, I feel like we were done over.
Plunge MCLS into administration for it to be quickly snapped out by the company who had a debt settle. Stinks all over.
Need it to disappear out of my account so I can forget about it and give them the finger everytime I drive passed my local Morrisins Daily
Likewise, my MCLS shares are still present on my HSDL account with a value which is really frustrating, just want shot of them now. I called HSDL and they were really unhelpful, and offered no clue as to when they will be removed.
I just want them off my ledger, anyone have any idea when they will be be officially delisted so they can be written off completely.
Very unlikely you will get any money back from this. Still showing up on my account but when a company goes in to admin shareholders are the last to get a piece of the pie
Started: Notlucky, 20 Feb 2023 17:51
Last post: Notlucky, 20 Feb 2023 17:51
Is there tiny possibility that morrisons put on sale back mccolls to some. Or it doesn't work like this.
Looks like the curse of McColl's is eroding Morrisons now
Started: oceanpassage, 3 Jan 2023 17:48
Last post: oceanpassage, 3 Jan 2023 17:48
does anyone have a link for to the accounts showing the latest going concern period and director disclousres relating to this going concern period? or can someone copy and paste from a hard copy?
I would like to compare the disclosures to the outcome to see how directors phrase a company that went into admin within the going concern period.
in my view this could be highly insightful.
Last post: Legin252, 14 Dec 2022 13:21
Does anyone know when it will be completely delisted.?
As in removed from LSE completely.
Just looking to remove this ****e from my accounts (and memory.!)
Started: dmc181, 12 Dec 2022 16:07
Last post: dmc181, 12 Dec 2022 16:07
Does anyone know why the price changed today? it is showing 1.77p now and a profit of £1317. been at 1.67p and a profit of £146 since it was suspended on 6th May. wondering why it has suddenly changed?
Started: Notlucky, 7 Dec 2022 09:19
Last post: KiJaHu, 7 Dec 2022 15:32
...out of curiosity did anyone bother launching any legal bids against Morrisons for this? It's still one of the maddest/****test take over bids of all time, they literally bought the company out less than 24 hours or letting it go under, I still have the shares in my shares account too
Started: Legin252, 6 Nov 2022 14:04
Last post: noobyinvestor, 2 Dec 2022 10:24
This is still on my accounts, interestingly it says I am £500 up now, Wish it was true
Suspended on 6th May so should be removed completely on 6th November.
Hope so as I want to get this off my accounts.
Started: CDF1, 1 Nov 2022 19:30
Last post: SkyMonkey, 4 Nov 2022 14:42
So does anybody know why those shares were traded?
Price 0.0025 per share according to the trades chart. Hmm.
Why showing trades today?
Am I wrong mccols is back?
To think Morrisons shaf*ed ALL the shareholders by somehow completing an underhand takeover of McColls just to prevent anyone else obtaining it, now they are to close numerous stores, obviously thought they would prevent anyone else increasing market share, well that didn't work out because on the 31.10 Asda bought up Co op, feel sorry for the staff that will suffer at McColls, however Morrisons you are gonna get what you deserve now for treating us all so badly, wouldn't surprise if you have to close some of the Morrisons stores as Asda's market share increases !!! Think they call it dog eats dog !!!
Started: Troajan, 10 Oct 2022 11:41
Last post: a-2-b, 15 Oct 2022 18:40
If the board had any brain cells between them and took the offer, before it went to admin we'd all have a few quid now. All for the empty promise of keeping all staff which they surely didn't anyway. This was played v.dirty.
Yep sorry meant removed completely.
And the same, want it off my share account.
It has already de-listed.
Gone, finished and never coming back!
Is there a delisting date?
Or is it simply once 6 months from suspension it delists.?
ok cheers.....saw it on sky news and thats all it said
Started: RachelsDad, 13 Jul 2022 14:31
Last post: Notlucky, 22 Aug 2022 13:03
Was it 8 sep? I think so.
Thanks, any idea on timescales on an update either way?
When they are officially announced insolvent then your broker will remove them from your A/c.
When will there be an outcome here? We've all been conned and our shares are going to zero but they are still showing in my trading account, are they technically suspended? Anyone got any idea what will happen next
I think I've fully communicated everything I've wanted to say about the deal. It closes in 2 days now.
Started: Michaelgough, 19 Jul 2022 17:18
Last post: Rodgetrades, 25 Jul 2022 21:55
Since this shambles I've not stepped foot in either and never will again, some sort of peace atleast sits that they'll lose more than I did in the long run (not that it'll affect them at all). Morrisons is overpriced anyway.
Started: RachelsDad, 26 Jun 2022 14:21
Last post: a-2-b, 27 Jun 2022 09:28
The worst bit about it is Morrisons knew the whole time and also helped cause the supply issues with the Safeway brand. I honestly don't know how this is even fair or legal for that matter.
News article in the Telegraph.....Luke Johnson has won lawsuit against auditors of £200m...
"A criminal investigation into the business and accounting practices of individuals associated with parent company Patisserie Holdings is still being conducted by the Serious Fraud Office."
McColls board in my thinking are guilty of not presenting a fair picture to the shareholders of the "parlous financial position the business was in"!
Had the true picture been revealed, they would not have been successful in the £30M raise!
We can't let the McColls get away with using smoke & mirrors treacherous betrayal of the company's shareholders!
Anyone capable and prepared to lead the charge with a shareholder action group to explore our options?
and still give a monkeys.... on the Companies House Website dated June 9th you will find:
'Statement of administrator's proposal'
The thing that really miffs me is that its business as usual.... staff were told, creditors were written to, but the owners of the company were treated like bloody mushrooms and kept in the dark!
Anyway, it's interesting reading.... but nothing new. PWC came out ok!
Started: johnnykipper, 28 May 2022 20:28
Last post: johnnykipper, 24 Jun 2022 11:03
Has this taken place yet. I have been scouring the web to see any publicity but there is nothing. Was there a media blackout and why?
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?
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?
Started: dp192, 22 Jun 2022 10:36
Last post: dp192, 22 Jun 2022 12:55
Look at $REV Revlon in the USA market, filed chap 11 and now negotiating buyout, shareholders are winning, went from $1 to $8 in a week. MCLS really fckd us shareholders, its daylight robbery.
i got a headache out of it....
as soon as company went into administration it was clear shareholders would get nothing.
It is very rare for shareholders to get anything
Guessing we’re getting nothing ? Any light at the end of the tunnel?
I've raised my concerns with FRC and CMA I suggest everyone else does the same. Something doesn't seem right about it at all PwC have been avoiding answers too. Can't believe the accounts are being held back still even now after talks ended sometime ago. Shareholders deserve at least the money used for the conversions everyone involved was quite aware of the situation during the time except shareholders as usual.
Started: RachelsDad, 9 Jun 2022 10:54
Last post: CDF1, 9 Jun 2022 13:07
Please ignore the last post re PWC. That was an old post. Need to put on my glasses :-)
09 Jun 2022 Statement of administrator's proposal
This document is being processed and will be available in 10 days.
Started: CDF1, 9 Jun 2022 12:58
Last post: CDF1, 9 Jun 2022 12:58
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?
Last post: RachelsDad, 30 May 2022 20:56
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 !!!
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.
Started: 1887, 29 May 2022 00:14
Last post: SkyMonkey, 30 May 2022 13:25
Drop them an email if you have concerns. https://www.frc.org.uk/contact-us you can email them enquiries @ frc.org.uk
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.
Started: CDF1, 20 May 2022 16:57
Last post: RachelsDad, 25 May 2022 19:17
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