Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Not refundable...except in limited number of circumstances.
Dont know anything about it myself. I assume refundable if Kier enters administration or if its sale is rejected at shareholders meeting.
A bad end to the day for Kier. It tanked.
So much debt in Kier. The sale of KL has reduced net assets by a further £10m and then the £10m pension contribution was not accounted for before.
Negative net tangibles are enormous. What have they got? Some contracts with a lot of risk and small margins.
Dividend? They have to survive this year by a massive rescue rights. They then have to pay the overdue tax. They will still be in debt after rights issue.
Any dividend is just so far in the future not worth talking about
Just look at the debt levels since Davies took over. They have exploded.
Also look at his promise to be more forthcoming with information. We have had no information for months except carefully crafted RNSs constructed to be as obtuse as possible.
I read them. Quite hilarious. Little do they know that eing the biggest contractor in town means you also carry the biggest risk in town.
That particular individual is being accused of stating that Kier paid £26m pension deficit in December. Now where would they get that sort of money?
Deeply discounted maybe. But something has to happen. Kier is now more in debt than before the last rights issue. I include the £80m overdue tax as debt.
Even after the receipt of £90m, sale of crown jewels, they desperately need funds.
Anyone just has to look at the accounts and will realise £90m will not even make a significant dent in the debt levels which are off the scale. Thank goodness for some honest reporting by Construction News.
A deeply discounted rights issue/placement/debt for equity and dilution are now a certainty. Who would be a shareholder in this company?
Steve,
They injected cash into KL to take the debt to main company.
Looks to me like Kier may finish unchanged on the day. Sale of KL was largely telegraphed so everything in the market except for £10m transaction fees and £10m pension deficit. Everyone wants a slice of Kier.
Wednesday will be interesting.