Member Info for BillTucker89

It would but then the banks will have to take equity as it is. Not sure what the alternatives are, unless there are mikestone payments due in the first half

Maybe Debbie will pay from her bonus?? No seriously I think the banks will just load them up with more debt, until EFW is complete. I don’t see a d4e happening anytime soon.

The FCA need to be Investigate to the fine detail and extend their investigation. This was “closed out” in August 2016 but nearly 3 years later nothing has been handed over. Now tell me the BOD did not know about this,

Why are shorts reducing? It’s down to 4.7% now.

As a business owner all we get is a right to a dilutive rights issue ????

Good observation as always CC. I think the idea of lenders offering only 100m is unlikely, as they know it will be impossible for IRV to service the remaining debt with what they have left over, so I’m guessing it will be something more sensible. However like you I am confused by the statements in the RNS, as it doesn’t specifically say sell or debt will be reduced from following this. But then makes you wonder why they want it in a separate company owned by the lenders, so presumably they will be taking the profits?

Just gets better by the day. However by then they should have received some insurance receipts and WIP unwinding. DW is worse than Ringrose, there’s only so much she can blame him, she hasn’t made the situation any better.

What for 4 months????

I’d rather let this go tits up if that’s the case. I’m sure you’re not right thought because they will not be able to service a 650m debt if RMD is taken away, and the lenders know that.

Meta,- presumably that will knock if the equivalent in debt. Otherwise what have IRV got to gain from it?

Where was this announced and when?

Meta they can get a d4e still, it just means the lenders will be liable for any damages as opposed to the shareholders. Of course they won’t want this, so will either delay a d4e or find a way round it like take over RMD.

Meta- I’m sure she said before the end of year results as opposed to end of the calendar year. Interestingly Squarepoints have opened another short here.

Meta- unfortunately for some people, it does seem the penny hasn't dropped both on here and ADVFN. Not sure if it's just to give themselves some false reassurance about loosing their money. I've invested in here but at least I've given a realistic and balanced view all along, which is what these forums are for. Some of the posts on here seem like they're from sort of fanstasy world. For instance the poster on here who alluded constructing mskung a loss was just hearsay, despite being confirmed by DW. Personally I'm banking on the RI to get my money back, none if this banks will discount the debt etc... Each to their own i guess.

Director shareholdings will be safe, ad they will just negotiate the equivalent value in the new equity.

KingArthur- yes this share price will shootup considerably should RMD be handed over, but how likely is this to happen? In my view it's very unlikely DW will hand it over, as it will greatly reduce profits and make it even harder to service the remaining debt. Also they will only get a debt reduction on the price the lenders agree which will be below market value, regardless of them having bought the debt at half price. If they decide RMD is worth 150m, this is what will be reduced in debt not 300m like someone suggested. This way they get their initial 150 investment back, plus a business generating 50m a year profit for free essentially. They are there to maximise their returns not look after us shareholders, which is the BODs job who have already made the decision to shaft us.

Only hope we have is a decent participation in the RI which will help claw some of the money back at least.

Meta he’s in cuckoo land. Says he works for construction which according to him is making a whopping 100m profit, which is more than IRV make as a group. We know construction hasn’t made a penny for years, that’s in the accounts not hearsay. DW reiterated this in her update, but no it’s hearsay.

Pecker- you’re obviously misinformed then if you think construction is making a 100m. Construction is what has bought this company on it’s knees, and even Debbies update in November stated construction would be making a loss again this year.

Pecker- who says can ntruction is making a 100m profit?? They haven’t even been breaking even for a few years in a row, never mind a profit.

PandPoo- looks like you have the same view as me on this, and yes this is more than double, so I would say this is no different to Tesco scandal. Even if they didn’t know the exact amount, they must have known for sure the in January 17 that 70m would not cover it, especially as the client in Glasgow had terminated them in Nov 16 hence their RNS should have been worded accordingly to reflect. However they stuck to their original figure only to double this just 4 weeks later. Therefore it’s impossible they didn’t know in January that Extra costs were coming their way.

I would assume the current would see a reduction in salaries as you say, but maybe this why they are pushing for a D4E rather than disposals. In essence saying f*** the shareholders, I rather keep my salary for doing jack all.

Danielf- the directors are no longer there, but the whole point the FCA is investigating this is due to “insider information and market disclosures.” This implies the directors knew more than they passed on, which is similar to Tesco’s albeit not an accounting matter .

In August 2016 they stated 70m should suffice to cover the damages and the share price shotup accordingly. They reiterated this in November 2016 and January 2017 just before the FY16 update. However a week before the update they said this was not going to be enough. I’m sure you agree you do don’t find out a week before the results you need to stump up another 90m. Tesco paid 85m in compensation which was the difference in its share price in giving the false results and then subsequently announcing their “error”

Here is the RNS for IRV

https://markets.ft.com/data/announce/detail?dockey=1323-13132312-71EOPLJB02IAV1N5SIS28TC9PG