FCA and the creditors12 May 2021 20:17
So the vast bulk of creditors have accepted the SOA in its current form. But the FCA don't think it fair? Does that suggest that the creditors are that thick that they don't understand the terms? That is very condescending of the FCA, especially asr the SOA was initially approved by a court. From the recent RNS about the FCA letter...
"The FCA's letter states that its concerns are in relation to Scheme creditors' claims being significantly reduced whilst other stakeholders such as shareholders are not being asked to contribute, and the terms of the Scheme arrangements do not arise out of negotiations with Scheme creditors or any body representative of their interests."
Has anyone determined what a fair settlement would therefore be, over and above that proposed by our Board? And to say that it won't affect shareholders is utter rowlocks as money used to pay compensation will be taken away from any potential dividend. However, I wonder what the FCA are suggesting that shareholders, or other stakeholders should pay, and how? Surely by passing a hat around they'll get nowt, but a cash raise will of course affect us all. Again...what figure is being considered?