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Tuan6, the company's intention is that shareholders ARE going to be shafted in order to keep some of the assets running or making a return for the company's creditors.
Shareholders only own shares in IOG plc reference these snippets from RNS :
the Board has now regrettably concluded that IOG plc should be placed into administration ("the Administration") in order to preserve the value of the business for creditors.
Discussions are intended to continue during the Administration with a view to a potential restructuring solution that protects the operating subsidiaries, which are not being placed into administration.
We have not found a viable solution that would provide a return to shareholders.
“the huge debt burden coupled with poor quality assets was a toxic combo,” he said, alongside poor management
aye that just about sums this one up. whatever made them eejits keep buying this ****e has cost them all their money!?!?!