Member Info for Banburyboy

Hi Jed you came late to this. Some on here have called this well.
Morrisons don't want admin it means they have to pay top doller in an auction for the shops they want.
They will pay a premium to shareholders to avoid that. Most on here have averages of 1 to 2p so will except 5p.
It's peanuts £10m (only 280m shares) compared to liabilities they are taking on.
The fact that Morrisons are willing to take all debt and all shops also questions true value and a counter offer is not impossible.
That would blow Morrisons wholesale out of the water as 50% of there business is McColls. Again why Morrisons need shareholders !!!

Chickenlover - the pension fund has a small surplus. The lease liabilities are in the accounts and part of the headline debt Morrisons seem willing to take on.

Hi Yes - I moved North to Blyth moons ago but popped back to see my sisters and mum a few weeks back. Had a few beers in my old pubs Wheatsheef and one at the top of Parsons Street. I to hope Company survives intact. Nice if I made some money to !!

Lewisham 5p more than you hoped for last night and half your money back. I hope its true but not convinced
If Morrisons really offered 5p makes me feel a counter offer is possible particularly if they can opt out of the Morrisons link

Lewisham they need SHs to agree it. As said for weeks the low market cap.to enterprise value makes a low offer very likely to push a preferred bid through.

To fair Neil is OK and I think handed this well and with humour. So good to call it a day.
Graham "- little or know value to be correct. Little in respect of a very recent rights issue is 1 to 3p. Good if you knew a little bit more.

Agree with Navigator. Speculators post is balanced and I to think a bid could come. Less likely than I wipe out I agree but far from a remote outsider. If it hits 0.5p I will buy a modest amount.

Neil - you say sky news are allways spot on !!
On the 27th Feb they said it had weeks. It was actually months. There reporting whilst centred a fact the company is in trouble is as much guess work as you I and uncle Tom Cobbley

My money is still on a 1 -3p offer to Shareholders with the Board saying the only alternative is admin.
Morrisons can't risk admin. Receivers will want top dollar for there stores and mean they have to contest with Asda / Tesco. Morrisons will then basket up the rest and sell to highest bidder. I think we will debate this for a few more weeks!!

Kija -i concur increasingly looks curtains for shareholders.
The business in the main will survive but under different ownership. Plenty of demand for convenience stores.
Suprisef board have not asked leaseholders for a holiday that's pretty normal for distressed companies - still think there's a preferred outcome good to see it Morrisons and they are setting the scene for say a 3p offer. In my dreams I here you say :)

Lewisham and Kij - agree it does not look good but..
Sky news 27th Feb ... " City sources say Mcolls has a matter of weeks to secure funding with millions of pounds of debt sold to hedge funds"
There estimate on timing was crap, the hedge fund issue was rubbish. Just saying the journalist here has form on inaccurate reporting.

The 2022 NS oil earn out is $146m (£118m) provided oil averages $100 and production decline is 10%.
Earnings from Eygpt complicated and doesn't seem a consensus view

Being sorry my 50% downside was up to 31st May. You seem pretty convinced and nine times out of ten i would agree. This one might just suprise you for all the reasons outlined in my post.

Lewisham I know you have been hit hard but 3p is £8m. The debts restructuring etc are £150m.
The question is with proper management is this worth £160m. Even in the worst of times £20m EBITD is a PE of 8. Get rid of poor shops loan interest that's £40m and PE of 4.
What makes this attractive is :
The share cost of acquisition is incoseqential compared to the total cost. But holding shares is key to sucess
The sensitivity of small changes in offer to share price. So using an offer of £160mfrom say an assumed PE of 8 and upping it to a PE of nine adds 6p to the share price or six bagger !!!
I've seen so many occasions where little no value / suspension means kaput for SH. This just feels different and lots of twists and turns. Think you will get 3p

Been here a while and when the Board was quieter.
The AGM and suspension to me are a good thing. What they rule out is (1) the nonsense reported by Sky of debt being sold (2) any type of wind up liquidation/ receivership.
The Board know the outcome they want the entirety of business with a new owners . Like others I think Morrisons with on buyout he new owners divesting themselves of poor shops.
The problem they have is shareholders and very low market value as its shareholders that call the shots in a takeover as opposed to receivership.
The route in for any alternative bid is to buy and declare a significant shareholding. That's not impossible now a fund seeing a trading opportunity or Tesco being mischievous.
I think this is perfectly safe until 31st May and despite awful spread some milage in trading dips.
I've set my exit at 4p on a small residual holding and do you know I think I will get it.
It's risky but as a new investor prepared to do a three week trade at 1.30 I see a potential trebling with say a 50% downside. Obviously risky but not quite as binary as many on here saw this a few weeks back.

I did say this had a way to go.
Very low number of shares and incredibly small market cap makes it possible for a white Knight/ raider / interested party to take an interest and scupper management arrangements with proffered bidder.
Many more rises and we will get another we know no reason why.... share price has moved. Holding onto my very small 20k of shares with a 4p average.

Gooner I am sure there are instances of poor customer service but they are few and soon rectified.
Reading through Holos post he doesn't seem a bad egg and posts really infrequently. He could have had a cruise and not enjoyed it.
I do think he's massively embellished his experience so more Walter Mitty for me !

EX Not sure on the relevance to PSN.
You are clearly intelligent and have much to say. but posts could be more short and succinct so as not to lose readers attention.

Holo - If 200 or so caught Covid it would be front page news. Even knocking Ukraine and Porno MPs off top spot.
Seven or so people caught covid on the recent Carribean cruise which turned back and all customers were refunded in full.
. As Thompson said which cruise ? The other 199 with Covid have been very quiet.

I think all the silverware has been sold.
Note 10 is interesting. The company has it looks like permission to issue up to 10bn shares.
Plenty of scope to lure in new investors at the expense of current holders.
Feels like this is heading in one direction only.