Member Info for BillTucker89

Pigandtoe- I’m assuming this deal was agreed last year in March so knowing full well shareholders would give them the chop when made public, the lenders added this into the refinancing to protect him and DW from any backlash, knowing full well IRV would not be in a position to repay the amount straight away. If you are a lender you would do the same if the BOD were given you a deal that would quadruple your returns overnight. I wouldn’t be surprised now if the refinancing has 200% for the pair included in it for last year.

Some big EFW payments due in April

Thanks Feilb not insolvent at all, they can easily pay the interest (80m). With all these clauses in the refinancing even a blind man can see they have got too good of s deal, hence they want it any cost. I don’t think that could be the only reason, more like the BOD have been given financial incentives to agree to the deal.

The only problem with Coltrane and Farringdon borrowing them the money is what will be secured against? Everything is already secured against existing debt. Very messy situation.

They only need another 17.5% votes to block the deal which shouldn’t be too difficult?

Yes CC they never mentioned anything about a default being triggered if MW left the company. Makes you realise they agreed all this last year, but lenders did not want to take control since their was too much uncertainty around EFW so they let the shareholders take the pain and cashed in in the interest. Surely this is not legal?

Feilb you keep quoting the 182m EBITDA. Where is this information from? A credible source?

To add Coltrane can’t simply suggest shareholders keep all the equity as you’ve already said it doesn’t resolve the debt problem, unless Coltrane is going to pay off some of it. However if the lenders agree to say £300m for 50% then that is a really good outcome for all. There has to be some d4e no doubt, but just not at the proposed levels.

Meta-all the scanarios completely plausibility. Option D would be best for all stake holders. Lenders make a profit, employees keep their jobs, IRV remains solvent and shareholders ??

Ffs lucky I didn’t buy anymore. Will try to average down and get out of this as been a waste of time gif the last 15 months. Long road to recovery here

Rizzy- sorry to hear about your loss. It seems these blood suckers have destroyed your plans of retirement. Hopefully things work out better now that the big boys are involved, but not sure how much leverage they will have. I was suckered in by the shareschemes as well as the talk after refinancing l.I’m hoping they will come back with a 60/40 deal by offseting less debt than the proposed 480m and then coming up with a realistic plan on reducing the remaining debt over time. This will work in everyone’s interest.

I think there talk about pushing the deal through regardless might be just scaremongering the PIs, in the hope they will approve the deal as the majority of shareholders in IRV are PIs. Also how many PIs will actually take any legal action? None.

However it’s a different position with Coltrane and Farringdon as surely they have done their research and know the legal position. Otherwise wouldn’t have they just voted for the deal knowing full well it would go ahead anyway and they would have no comeback?

Rizzy- yes looks like it but I’m sure they will want to protect themselves from any law suits further down the line, so will not make a hasty decision. Other than a prepackaged deal, IR liv have not said on what legal basis they can push the deal through. I agree the BOD have been heavily by the lenders to vote this deal through, unfortunately I am heavily invested here so can only hold out for some glimmer of hope.

Yes I agree with you there Meta. If this was over and done with last year, we wouldn’t have had this uncertainty. We would have been wiped out last year, but most would have accepted they took the risk and didn’t pay off. However from the actions taken last year and false statements about restoring shareholder value let every one up the garden path about the position of the company, which led people to hold their positions or invest more. They gave an impression financing as sorted for at least 3 years and debt would be reduced overtime which was realistic. Not 9 months down the road.

Meta-at least it might make the incompetent board reconsider their position, and question whether they made the right decision.

Farringdon have joined in the war. I bet the BOD are regretting their actions now.
https://www.google.co.uk/amp/s/www.telegraph.co.uk/business/2019/02/12/second-shareholder-comes-against-interserve-rescue-deal/amp/

Feileb- I don’t think they can even get to 20p. That would give it a market cap of 1.3bn which IRV has never been valued at in its entire history, unless they start to seriously increase margins which is unrealistic and unlikely. I’d say the Max for this share is around 17-18p.

I would be interested to know the terms of the claw back, will existing shareholders be given them at 8p, 10p, 12p or the full monty.

MrEdwas- for Coltrane to succeed we need them to come up with a better plan to reduce debt than the one proposed. The fact that it will destroy shareholder value is simply not good enough. For IRV to go into administration they need to prove that’s the best option for the company, or better than any alternate options. At the moment d4e is the only proposed option. If Coltrane can come up with another plan which is feasible, then it will be impossible for the BOD to opt for a pre-pack deal. I’m sure Coltrane are drawing something up, but the fact they have still not made contact with the company is a bit mysterious.

http://www.cityam.com/273095/interserve-boss-dougie-sutherland-steps-down-amid

Just look at the hypocrisy from Gly Barker. As if he hasn’t destroyed Interserve already. They could have easily done a equity raise around 3 years ago when the sp was £3.

https://www.thetimes.co.uk/article/dont-destroy-us-interserve-chairman-glyn-barker-warns-hedge-fund-coltrane-wrlsq05bj

But not sure how likely a deal like this will be approved to go through. The article mentioned that it would need more involvement and assurances from the government to get this through. But as we saw with Carillion at the time, they were reluctant to intervene more than necessary as they didn’t want to be seen bailing out a private company. However on this occasion if they do it goes totally against the word, and gives the opposition some leverage at election time. The other option on the table IRV is considering is asking the lenders to take a lesser stake. Now this would make sense and keep everyone happy.

But what assets do IRV have? We know most of their balance sheet is made up of goodwill.