RE: Pre pack adminiistration12 Mar 2019 16:34
I don’t think pre pack admin will be the route taken. I am of the opinion this was an empty threat from the BOD and Lenders. Let’s be honest the BOD are merely glove puppets here to the Lenders, doing as they are told for I am sure a reward in the future. Coltrane not laying down and ‘taking it’ form the Lenders has certainly caused a stir, and good for them. Shareholders in the original deal, drawn up by the Lenders, were to be left with a measly 2.5%. As soon as Coltrane’s objections were noted the Lenders doubled their offer for shareholders to be left with 5%, still a measly percentage and ridiculous offer. Coltrane are doing the right thing and standing up to these crooks. In doing so, and in the last 24 hours we are lead to believe the Lenders would increase the offer further for shareholders to be left with 7.5%. So, in summary, in just a matter of weeks the Lenders has trebled their offer from 2.5% to 7.5%, still an insult to existing shareholders and they know it, and so does Coltrane. I am of the opinion a deal is still to be had here. I don’t believe for one moment the Lenders will want a pre pack administration and will continue negotiating with Coltrane, who, and good for them are standing their ground. I have been a buyer today as my opinion is a better deal for existing shareholders will be agreed by Friday, or their will be an extended period for negotiations to continue. There is too much at stake here for both parties, Coltrane (hence their objections) and the Lenders (has increasing their original offer for a second time and keen to be in talks with Coltrane).