Member Info for Metamorphosis84

The number of attendees should give you an idea of how this is going.

A quote from Coltrane representative "I voted for Trump" probably tells you how they have voted.

Good post CC.

I read some words from Bernard Jenkin, chair of the PAC committee which are pertinent;

"The subject is addressed by Sir Bernard Jenkin, the Conservative MP who chairs the Public Administration and Constitutional Affairs Committee, in a letter to the Financial Times.

He writes: "The readiness of Interserve to undergo pre-pack administration, at the expense of shareholders and directors’ share interests, shows a marked improvement in the capability of the system to manage the legacy of excessive risk.

Lenders should be praised for taking on much greater responsibility. The government is no doubt ready to facilitate these discussions. It is to be hoped that shareholders will also choose not to hold the business to ransom, but rather recognise that vital public services cannot depend on a high risk-return business model.

"In the long term, shareholders in such companies need to learn that this market must be a lower-risk sector, with subsequently lower rewards."

Interserve, the government contractor racing to stave off collapse, is encouraging its 69,000 staff to share “positive thoughts” about their employer on social media ahead of a crucial vote that will decide the company’s future on Friday.

The power point presentation — seen by the Financial Times — suggests that employees share on Facebook or tweet “what a great place Interserve is to work and why,” or how we “continue to win bids and contracts and deliver an excellent service to our customers”.

The presentation also encourages staff to reassure customers and suppliers over the future of the business.

The desperate plea is part of a last-ditch campaign, which includes targeted Google advertising, aimed at shoring up confidence in the company and persuading scores of smaller investors to vote for a debt-for-equity swap on Friday.
Cont.

“Value is being lost every day in Interserve,” said one person close to the board. “If we go through a pre-pack there is more noise around the business and it could take months for suppliers to understand.”
Cont
Although Interserve has been under pressure this week to improve its offer to shareholders, sources close to Coltrane said on Thursday that the fund had not “seen anything from the company that materially changes matters”.
Cont
Gail Cartmail, which represents Interserve workers in the Unite union, said the company’s message to employees was “grossly insensitive”. “Thousands of Interserve workers are worrying about their futures and management thinks not only is it a good idea but that workers would actually want to promote their workplace on social media.

“Unite sought meetings with Interserve when the original deleveraging plan was first revealed late last year, due to members’ concerns about their future but we were rebuffed and told that everything in the garden was rosy, which is clearly not the case.”

https://www.ft.com/content/0be957a6-4663-11e9-a965-23d669740bfb

*15th March 2019

Pbody Latest time and date for receipt of completes Application Forms and payment in full under the Open Offer or settlement of relevent CREST instructions (as appropriate) 11.00am on 15th March 2015. I would expect to hear anything before then. By an amazing coincidence, that is also the date and time that the general meeting opens at.

They can dress their debt up however they like to the stock exchange. Some investors might buy it. Unfortunately for Kier, sub contractors are becoming less tolerant of non payment. You only have to look at a situation yeaterday where subcontractors downed tools on a Dawnus site due to non payment, caused a major UK city to come to gridlock. Then today more subbies across the country downed tools followed finally by the announcement of Dawnus going into administration. The point is not that Kier are going into administration, but that subcontractors will not continue to tolerate bankrolling main contractors projects. Kier have to find another strategy to improve cash flow or they are going to find themselves in much more trouble than they already are.

Oh I agree, Kenj, but there are some that haven't yet cottoned on to that- see those last night who were still buying.

Looks as though you were right about the stop losses, since going through 10p its down another .5. Who knows what it will be by time i finish this message. The only floor is will be those buying in expectation of a deal being done, not de listing and the sp improving over time, such as those who bought yesterday. But they are already down massively. So much ground to be made up now, will they throw the towel in as well?

Breached

Just as likely that an article will appear somewhere this afternoon mooting the possibility of a better deal....

True

And the FCA investigation, still outstanding..... They run out of cash on Friday, the pre pack administration would inject the cash to continue trading, but for how long? Oh and what about the contracts that rely on the company being listed? Hmmm, i still think liquidation at some point is a possibility.

Regarding the buying/sale of shares over the next few days, would it be correct to say that today, maybe tomorrow could latest to bet on whether administration will or won't happen? That is to say, if it becomes apparent that the deal won't go through on Friday and people begin to sell, it is not necessarily the case that they will get their money, such is the grace period for the cash to be delivered from the brokerage firm, if the company was to go into administration on Friday afternoon over the weekend?

"Coltrane appear to be thrashing around and have completely lost the plot if you ask me."

Do you think they ever 'had the plot'

Maybe they let an apprentice loose with a fund? Maybe the same person has now been promoted to the legal team, who knows?

Still time for them to knock up another 5 page powerpoint presentation though.

The outcome for PI's is the same: Pre pack administration = you get nothing. Administration = you get nothing. Liquidation = you get nothing.

The market has responded to G4S, along with its fellow peers in outsourcing being debt cows, incapable of returning profits and with a completely flawed operational model. Wait till the Interserve contagion hits you next week, the market is not going to 'catch on' to this being a great investment, because it just isn't.

Will be keeping an eye on that short. What do they know? Not at a level to be concerned, yet. But the last 3 short attacks in this sector have been on shares that have capitulated, CLLN, IRV and KIER.

I would also look out for the shock that will come from Irv at the end of this week.

Will that dip the price across the board for construction firms? Will that create a buying opportunity?

So what is the net debt for 31st December 2018? a) 130m B) 180m C) whatever number it takes to secure the juicy bonus. Answers on a postcard and you can't phone a friend.

Toonman "I repeat a point I made some months ago. Bonuses were paid to Mursell and Dew for achieving net debt targets at the last year end. It now very much looks as though the net debt was understated. Will those bonuses be repaid?" And Kenj "Can somebody explain why net debt at the end of the year is less than half of the average net debt for the six months leading up to the year end? Is this some smart-arse accounting trick to make the year end figures look better?" Well, I have been looking at the Reports and Accounts 2018. Interesting stuff, for example page 88: "Bonus targets will be....average month end cash/net debt position (30%)" Then: "The committee decided to change the net debt target to measure the group's average month-end performance rather than the its year end position" See what they have done there?

Imio and FJ, thanks for your explanation, basically suppliers are bankrolling Kier right?