Member Info for devonplay

Hi OWLS, I've been using boards like these, associated with broker, for over 20 years and before that the more wild west world of chatroom. Scam Dogs and YoYa Mama days. Those were the days when the net was young.
Yeah, I've seem him do it before, it's no problem for me, water off my back. But I will report him is he does it again to the site and if they don't deal with it, I'll escelate through the regulators. I worked in the City, and with the City, for 2 decades. He's a pussy cat compared to what that was like back in the day. I would encourage you too do the same if you experience similar abuse. Sites like this have a duty of care, and that means they will need to sort him out if it's a regular occurence. Times have changed, and they can't just shrug it off any more. Bit of banter, that's OK. Vile tirades of abuse aren't acceptable.

Sunda, that still doesn't answee the main issue though does it?
If you reject this rescue deal, what happens when the covenants get tested the first week in November? You think after that point they'll just kick it down the road again? After saying NO to Co's plan, then structuring this deal, the creditors will just roll over?

Of course the alternative might be a full blown credit default and 0p.
It's a tough call, accept the rescue or face the creditors who've put the deal together. They now have an exit , even without the shareholders, but do the shareholders have a plan for raising the $2billion alternative - we are inching towards the 5th of November, Bonfire Night.

Well hoppy, you have to think of it less as merger (or takeover) and more as rescue.
The Co. has been run in the interests of creditors for a very long time, out of necessity, not choice. So this has offered an exit for them (creditors) and a rescue for shareholders. When you embrace the reality of that, it's actually been a good week!
Vote No if you must, but it's an odd thing to do, voting against your own rescue.
As this has beem a summer long battle of the future of the business, I can't see an alternative coming along, but you hope.
As you say, herehopin.

*profound silence*

LOL T+10 feels like a life time ago.

How toy find them Kenni? I just noticed this, whuch made me shudder:
When will I receive my dividends?
Dividends are normally credited to your X-O account on the day we receive them from the registrar. You may request payment of dividends from your account by opting for the quarterly income facility - payments will then be made to you from your share dealing account in April, July, October and January for the preceding three months. Simply email us at enquiries@x-o.co.uk if you would like this facility added to your account. Alternatively the money can be held on your account for re-investment or withdrawn as you wish.
- Quarterly income! If they are a loe cost execution broker, yes some of them will charge for voting rights. I get irritated when my broker takes more than a few days to clear funds from income account.

Laughing at investors being under water is discussion is it?
No, but neither is calling people names because they have a different view is it?

He gets paid 20p a post mate.
LOL

"You are a snake like Devon, give it a rest"
You asked for me advice last night? Didn't you get a good night sleep?
Trolling. LOL It's not me calling names now is it. It's a discussion board, if you don't like discussion, maybe consider not logging on?

And devonplay what's your position mate? Zilch?
Profitable exit, I'm guessing your underwater?

I'm still sticking with my original 10-15. At the moment I'm more inclined to the top end of that. 15p.
So, maybe 14-15 is fair for the next 12 months.

You are a devil Happy! LOL

Maybe Jennifer. As I said the other day, most of the places I inhabit want the cash and believe it's going to over subscribed.
They for the most don't go for shorting stock. I don't think you need to short within in most fixed income portfolio's if you are willing to pick up junk, or anything below bbb.
I think they are representative, but very happy to concede they may not be. What institutional investors may or maynot do, is a more tricky point, but my gut tells me cash is king in market like this.

"Small holders (< 2.7%): none"
If that's PMO1, then it's £150m

I think they'll be over subscribed for the cash element and no lockup, this could face a tsumani of bond holders heading to the exit. They've invested in the bonds for a couple of reason. One of them being to avoid the risk of holding equity.
So, I would expect them to sell and look for another risk driven fixed income opportunity.

"shareholders as gamblers. "
to be fair that is the point of equity, it's risk capital. It's also the first line of loss capital when a company defaults on it's debt.
Your risk is total loss against unlimited gain.
I think the much more interesting question is this; why do private investors in continental Europe and USA ,as a matter of normality, have debit/fixed income in their portfoilo's when we don't in the UK..we are limited to a handful of ORB listed bonds or trading in blocks of at least £100k per line. OK, we hold collectives, but we aren't holding bonds in the same way as other do. We are almost forced in to handling the most ricky asset class or pay a manager.

"This is legal?"
I don't think it's illegal Kenni, unpalatable yes, but not illegal from what I've seen.
To be fair to PMO's Board, once you've breached your covenants life can become very difficult when your dependant of the will of creditors and not all of them are going to be supportive.

"if that's what creditors are after then why short?"
They short because they are a hedge fund, it's the hedge. If they lose money on one side of the trade, they in theory make it back on the other. It's an insurance policy. Would you cancel your home insurance, just becuase you thought sunny days has come?
" the shareholders may not give our consent?"
If you dont give yor consent then why do you think they are going to extend the debt forbearance beyond 5th November?
It's like saying, no you can't have your exit, but can you please give us more time.....cus we can't pay you.

"Hi Devonplay. Have to agree with you and your advice about Investment Trusts"
I hold a basket of 50 lines, some IT's, some funds, some ETF's and some direct shares.
I can tell you where I started if that helps? I first bought global growth and income from a recognised house and saved on a monthly basis. That gave me plenty of time for looking around and learning. It won't make you rich overnight, but it will give you experience. Then I bought individual shares, which for the most part I lost money on LOL But, I didn't bet big. The IT's still going and it's now a core holding for me. It's not very exciting, but it's time in the market for most people that makes them effective investors.