Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
https://amp.theguardian.com/business/nils-pratley-on-finance/2022/may/09/mccolls-saga-banks-recession-rescue-administrators
'So why were administrators summoned by the banks last Friday? The answer to that question seems only to be the fact that the rival proposal from EG Group, the petrol forecourt business owned by the Issa brothers of Asda fame, would have seen lenders get paid in full upfront. Put another way, the banks – understood to include Barclays, HSBC and NatWest – prioritised certainty for themselves even though the EG proposal, at that stage, created uncertainties for McColl’s pensioners who were exposed to the risk of a cut in their benefits.'
So basically the banks forced admin to pave the way for a bid by the EG group as they were prepared to pay the debt upfront. Interesting article, obviously Morrison's were forced to pay upfront in the end too but just shows that this business should never have gone into admin. Legitimizes the feel here of being shafted.
Didn't you lose like 6 figures on this nav? Between you and phoenix you've lost over a quarter of a mil, why don't you just hire one? I agree with phoenix that you might have a case for improper reporting/negligence, I don't know what else you can take them for, Morrison's have absolutely no morals but everything they did was within the rules and above board.
Out of curiosity when did you start investing? I think the biggest mistake I made was not doing more research into their assets on hand, the high inflationary environment/not transitory interest hikes and the return to a stagflation scenario for global economies was completely out of our hands and ultimately this wasn't a compelling bet for lenders in the end.
I would be mega ****ed personally, I don't know what 200k means to you in the grand scheme but it would crush me. The level of transparency is shocking. Completely agree on the MD rollouts, if they were trying to show the lenders the improved rev on these sites did they need to convert 100s of them? Was a 600m deal for supplying all Mccolls stores not enough for Morrisons? That 30 million should have been used to pay down debt and keep the business afloat and secure its future. The RNS's mentioned admin only once and that was the day before. Not to mention all the rumour leaking by Sky, when you look how this has been handled over the last few months I don't understand how it doesn't fall under criminal law.
If there is any justice the Issas takeover, they take care of the pension pot, Morrisons lose the massive wholesale contract and MD is never to be seen or heard of again.
Either way mate you sound in high spirits given the situ, I hope you're ok.
Correct.
Any rescue package will not include shareholders, anyone who says otherwise have not been passing the dutchie to the left hand side.
Had nearly 10k riding on this and on a night shift tonight, what a lovely bit of news to wake up to ha!
Did you read the guardian article?
'PwC, which has been advising McColl’s consortium of lenders including the Silverpoint hedge fund, is understood to be lining up to handle any administration. A so-called pre-pack deal would allow Morrisons to take on the stores it wants without McColl’s smaller newsagents and its pension scheme'
That is absolutely disgusting, anyone who was involved in the share raise last year at 30p has paid for those Morrison's conversions, money that could have been spent keeping the business solvent, American business is the absolute worst.
I think its just the timing banburyboy, that sky news article was minutes old when that RNS was released, someone must have alerted them there's been a leak. It's all over mate, I'm genuinely disappointed. Not shocked, but definitely disappointed. As much as I've lost here I hope people who rely on mccolls to put food on the table get to keep their jobs.
Ha, you and me both, I was actually in profit for a few hours two weeks ago when it hit the fives, greed got the better of me. No idea why I didn't sell half but that's life. You fancy the administrators coming in tomorrow as per sky news? I'm 50/50 on tomorrow but will defo happen next week
Completely agree lewishem, if CDF1 is really as invested as he/she/they say they are, I'll have a little of what they're having as it must be good stuff. I've never seen a company repeatedly mention over and over how completely ****ed they are and how shareholders will get zilch either way. I've missed the boat to sell now
Hmm disagree with a lot of that banburyboy, I only agree that this will be 'safe' (flat or sideways trading?) For the remainder of the month leading up to the AGM, which has been done the day before the suspension to stop dissenting shareholders from stinking up any deals publicly. Its nastily well-played from mccolls, probably the only time they've showed a shred of business acumen. This will rise purely on wild rumour mongering or PI's looking to make money from volatility, which places it anywhere between recent lows of a fraction of a penny or just below 2p. Would love 4p but it won't reach it unless a miracle happens. Good luck mate either way, you're defo one of the rare good ones on here
It moved because people assumed this share was still solvent you mentalist, that's why it moved, they thought there was a leak: there wasn't. Any movements now will be small, frequent and caused by low float/mkt cap manipulation.