focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
“Copied from a Ordinary Cine shareholder” its funny how people think its a scam when these posts are out.
Today I provided my current holdings of Cineworld to info@cineworld-shareholders.com.
They supplied me with this quick update and have now added my holdings to there list and also myself to there mailing list.
Anyone not done so it would be great if you could also, only takes a few minutes ☺️
The Update:
As an update, Acuity Law (a reputable London firm) are currently going through all of the documentation that our shareholder group have collected for the legal challenge. There's a lot, so we're expecting this part of the process to take at least a week or two. The shareholder group will shortly put together a mailing list, so that we can update all holders on developments. The group are united in their belief that 'ordinary' holders like ourselves have been wilfully mistreated, so we're hopeful that our challenge will be successful.
To all Cineworld Shareholders;
We would prefer to provide updates via a mailing list so we spent time on the weekend working on setting that up on our Zoho e-mail account.
This week we will decide over how best to send out updates.
• We have agreed to get one of the solicitors who we have been meeting with to commission a barristers opinion paper, which will be submitted to a group who are interested in funding our case.
• Last week we spent a lot of time getting the paperwork together for the solicitors so they can start their work.
• Once the paperwork is complete, we will feed the barrister with what we have.
• We have sent the Cineworld board a request to provide a number of answers to questions regarding the plan. We do not expect them to answer but Council feels that we should have the request registered.
• We have sent a registered letter to the administrators to raise our concerns regarding the valuation in the plan. It should have arrived yesterday but I’ve not had an opportunity to check.
• We have likewise written to the Prime Minister, the UK Treasurer and the Investigations team at the, Department of Business and Trade. The Treasurer has acknowledged our complaint and referred us to the Administrators.
As of today:
• We’ve not had anyone step up to help keep the press informed.
• We’ve not had anyone attempt to contact other large investors or otherwise help reach out to people.
• We’ve not yet had a response for involvement from our requests to involve any of the other large shareholders in the group.
Consequently, things are moving slowly but surely. If anyone would like to support / contribute we could really use some help in some of these areas and in exchange for this assistance, we will certainly keep all who are actively involved, more up to date.
(on behalf of Cineworld Shareholders)
Email:
info@cineworld-shareholders.com
Shareholders in a Pre-Pack Administration may experience a decline in share value, changes in rights and voting power, and potential dilution of ownership. They should stay informed and seek updates from administrators.
It is important to note that considerations vary and professional advice should be sought for specific situations.
Additionally, pre-packs may provide potential for future growth. A study showed that companies involved in pre-pack administration performed better than those in traditional insolvency procedures. So, shareholders may find their investments “magically” reappear after a pre-pack administration.
https://business-insolvency-helpline.co.uk/what-happens-to-shareholders-in-a-pre-pack-administration/
Https://www.uksa.org.uk/news/2021/06/28/wiping-out-shareholders-should-not-be-default-option
Https://www.clientearth.org/latest/latest-updates/stories/5-leading-shareholder-actions/
Https://cases.ra.kroll.com/cineworld/Home-DownloadPDF?id1=MjQ0NDM1Mw==&id2=-1
Relates to shareholders.
The company, which filed for Chapter 11 protection in the U.S. last year, said it continued to expect to emerge out of bankruptcy in July. Hollywood faces possible second strike as actors' talks near deadline Netflix Inc, Walt Disney Co and Hollywood's other major film and television studios were racing against a midnight deadline on Friday to reach a deal with the SAG-AFTRA actors union and avert a second labor strike this summer.
https://www.devdiscourse.com/article/entertainment/2506757-entertainment-news-roundup-us-court-approves-cineworlds-restructuring-plan-hollywood-faces-possible-second-strike-as-actor?amp
You must appoint an administrator - who must be a professional ‘insolvency practitioner’.
During administration you must hand over control of your company and everything it owns (its ‘assets’) to your administrator.
The administrator’s fees are paid by your company.
How administration works
The administrator will write to your creditors and Companies House to say they’ve been appointed - they’ll also publish a notice of their appointment in The Gazette.
Your administrator will try to stop your company being wound up (‘liquidated’). If they can’t, they will try to pay as much of your company’s debts as possible from the company’s assets.
Your administrator has 8 weeks to write a statement explaining what they plan to do.
They must send a copy to creditors, employees and Companies House and invite them to approve or amend the plans at a meeting.
The administrator could decide to:
negotiate a Company Voluntary Arrangement (CVA) so your company can keep trading
sell your business as a ‘going concern’ to another company - meaning your business can carry on, eg by keeping its clients, workforce or orders
sell your assets as part of a creditors’ voluntary liquidation, pay your creditors from any money raised and close your company
close your company if there’s nothing to sell
For as long as the company is in administration your administrator will run your business.
More information on : https://www.gov.uk/put-your-company-into-administration
Morning all. Quick word of reassurance: we are progressing and expect to submit a valuation proposal from a global reputable firm within the week as instructed by the Judge.
Motion denied today to form a committee
Reconsidered for next week if they can provide sufficient evidence that there is a forecast to find the company solvent, but judge sees no evidence in front of him to prove that.
Judge finds Cineworld “hopelessly insolvent”
Https://www.investingcube.com/cineworld-share-price-gears-up-for-a-major-move/amp/
Https://www.screendaily.com/features/can-tiktok-save-the-cinema-industry/5179538.article
Https://youtu.be/4Nms-Xaw2rU
Judge Isgur talking directly about shareholders committee
Thank you to everyone whom was genuinely giving non bias information/ advice. I thank you allfor keeping us holders with some support until excellent news that just come now.
Thank you especially to POORINVESTOR for giving us all confidence. Thank you.
All the best of luck to the strong holders whom have waited this long through thick & thin. And very sorry for the others whom sold due to fear and fud.
Good momentum building up for Cineworld. Soon every shareholder will rocket out of from doom & gloom. Good Luck for everyone who have held on through thick & thin.