Member Info for mattwales

is that after finding the �30m black hole right now we haven't heard of anymore damage

im being realistic although i said approx. �100m the guardian has stated more than �50m so lets all hope for all our sakes its closer to the lower figure and they can get it off at a reasonable SP for everyone concerned here. mullers comments cant be market abuse the share isn't trading but i did see some suppliers were wanting cash, blimey wouldn't you.

oh it does roll in with what i was saying yesterday about suppliers wanting their invoices paying fast and we were told iu was talking a load of ******. I still believe they will need to raise approx. �100m but we will see.

everyone was invested here to make money but being frustrated and attacking others by calling them a vulture is pretty rich cos we all here to make money

im just hoping they save the company and there doesn't seem to be any reason why they wont. At least then everyone can buy the rights or cheap shares in the market to try and bring their average down to a reasonable price and i'll be saving what i can to do that.

i like most bought after the first warning on Friday then came a �30m hole in their accounts. I am trying to be realistic i believe my stake of �3750 will be practically wiped out on any new placing/rights issue which would be deeply discounted. Everyone is talking we just short �22m well yes but banks will want at least half their debt back to minimise their risk going forward. Banks are vultures along with their fees for restructuring they will want to maximise their visibility and profits here. Even then the banks will not want to invest in equity without knowing there are further surprises The fact PwC are in a pre administration role should tell you everything. Has this got a chance of recovery? yes but not in a week maybe 2-3 years as we could have 6-8 times the number of shares in existence. i cant deramp shares aren't trading and if i am in your words giving bad vibes i am being realistic it wont list again ever without substantial funding at a heavy discount but all IMHO.

i have just told you i cant pay a bill for �30m when i owe you �150m what would you do?

u dont understand this isn't a deramp for godssake.......this is the reality for every company that's had financial problems on AIM they have to raise and do debt for equity swaps or they're bust......how many past examples do you need

you dont get it the accounts are fake the banks will go wtf we want out debt back they will have to raise �100m+ IMHO

robot i am a holder only �3750 but i bought Friday, if u want panic i suggest you look over at the iii board you are living in utter denial pal.....if this does list there will be an almost wipeout for equity holders with new debt to equity shares and it may hit 83p in about 5 years.

role that should tell you everything you need to know. everyone saying banks will give more debt ur in denial they will want their cash back sharpish. same as suppliers every invoice will be on its way to the firm the S.H.T.F and everyone wants their money back ASAP that's the reality.

robot, sorry to burst your bubble but if u think this will list and hover to 83p ur in denial.

are saying wipeout for equity holders http://www.lse.co.uk/share-sharecast-news.asp?shareprice=CVR&ArticleCode=27192077&ArticleHeadline=Conviviality_discovers_30m_tax_bill_that_threatens_covenants

please think when have banks been sympathetic in a financial crisis for a listed firm? i'll give you the answer they never have been they're cutthroat and will want to maximise their profits out of the companies misfortune. They will also want to minimise their risk of exposure to debt they will not give anymore money to this firm they will be demanding it back in equity.

i agree with you accounts are irrelevant we dont even know how real they're, for all we know they have been wrong for years and the new CFO has gone you cant do that. The company can scream we're going to make EBIDTA �x but no one will believe them I could be wrong but i cannot see �150m of net debt remaining as �150m net debt, the banks will want equity and as less risk of default as they can because the accounts are false. To me this situation is now similar to every company that either had a huge debt to equity swap to placate the banks who screamed high risk of default or went to the wall because they couldnt agree terms with their banks or suppliers. I have written off my stake here as i cannot see how the company can survive without a huge restructuring of debt into equity.

the BOD have been drinking the profits no doubt about it, no one sober could mess up this much

pwc dont find anymore skeletons and hope its suspended till further notice and the BOD go.

Remember if they're paying VAT on sales they offset against every purchase too and whatever else they can claim for like stationary etc so if it was VAT they'd pay it on roughly the EBIDTA amount so their yearly VAT bill is likely to be �56m x 0.2 so cant see it being a VAT return.

corporation tax they paid �1m last 6 months accounts. vat they wont pay it on �1.6bn they offset sales v purchases and everything else attributing vat in the running of the business. paye wont add up to �30m it sounds like dodgy accounting over a number of years hence why pwc are in the door but all IMHO. you can only hope the BOD pay back their bonuses which i doubt.

The Company has engaged PwC to assist it in its forthcoming discussions with HM Revenue & Customs and its key stakeholders including its lending banks, credit insurers, suppliers and other creditors, as well as to determine the potential impact of any resulting funding requirement on the Company's adjusted EBITDA expectation and compliance with its banking covenants. Following preliminary advice received from PwC, whilst there can be no guarantee, the Board believes this short term funding requirement will be satisfactorily resolved. That's essentially what an administrator/liquidator does on all companies in financial trouble. I am not trying to scaremonger people i am also invested in this,now they could be lucky and arrange more debt financing with their banks but thats very doubtful and even if they could refinance it'll be on much onerous terms because of the risk of default. Its more likely a deeply discounted rights issue will happen, the banks themselves may even ask for a debt to equity swap in view of the risk. Anything could happen now.