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The volume today in relation to the mcap is baffling more so the way it went up first thing (expected) then went down when the reality sets in (expected) but then way up again? Strange. Anyone that has read the deleveraging plan and unaudited 2018 results will see that today the board has served up quite a sandwich. And neither the bread nor the filling is palatable. I pointed out some of the low lights without even mentioning that the Middle East looks like the next Efw saga.... or that the Middle East strategy relies on oil prices staying high. I can only conclude that those buying today are expecting a miracle from Coltrane to be delivered in the next 16 days, have not bothered to read anything published today, are clinically insane or a combination of all 3.

The results reported today are unaudited.

Significant? Or not?

Cc well anyone who is buying today in order to take part in the offering should probably take the time to bother reading Appendix 1 of the deleveraging plan paying particular attention to the record date and ex-entitlement date.

More likely, they are speculating that Coltrane will indeed get a better deal.

Threatened by Coltrane. Doubtless many here will suddenly become legal experts.....

Interesting quote from a source close to Coltrane "Instead of using the cash on much needed capex the same advisors which presided over Carillion are again sapping the company of cash"

And the main beneficiaries of shorting Carillion were......

Sitting high on their horse now.

So shareholder now have these option:
1. Vote for 5% dilution
2. Don't vote for dilution, and the company goes into administration
Then
3. Thanks for voting to dilute yourselves. You now have 2 new options:
3a- take up the offer of more shares at 15p and hope that enough other shareholders do as well.
3b- don't take up the offer, but be warned if enough people don't, there is a chance that IRV will de list and you'll get nothing.

Finished reading the de leveraging plan. It is quite extraordinary really.

The board recommends that shareholders vote this through as it is the only deal available to avoid administration. Which is understandable enough.

But it then warns that to remain listed the company is required to maintain a "free float" of at least 25%. Now, in their own words:
"Following the Placing and Open Offer, and based on the information available to the Company as the Latest Practicable Date, it is expected the Company's free float will be reduced from approximately 45.5 per cent.... to between 45.5 per cent (assuming full take up of New Ordinary Shares by Qualifying Shareholders in the Open Offer) and approximately 9.4 per cent (assuming that there is no take up of New Ordinary Shares by Qualifying Shareholders in the Open Offer.)

So in other words it is in the interests of shareholders to take up the New Ordinary Shares, in order to prevent de listing.

Yet, in the same document "the Directors.....do not intend to take up their respective entitlements to New Ordinary Shares"

This is absolute insanity! I cannot see any possible reason for holding, let alone buying shares in this company when such contrary messages are contained in the same document.

Well, having read the 2018 report, onto the deleveraging plan.
Which having got to only to 1. Introduction, the risk of de listing makes this look like a pretty mad cap plan.

Phew, a few more snippets from the report

43m professional fees for the refinancing (thats the one last year). Nearly half of Irvs stated ebitda then?

But here's the kicker, how much will be paid in professional fees for the deleveraging plan announced today?

£33 million.

This is grim stuff.

"If the Deleveraging Plan is not passed on 15th March 2019, the Group will have an immediate working capital shortfall, regardless of whether the Lenders have demanded the repayment of the Group's borrowings under the Existing Cash Financing Arrangement." So thats vote for the deal on the 15th, or administration on the 16th?

"While the company still expects to fully exit its Energy from Waste business during the first half of 2019, significant uncertainty remains on the timing of those remaining projects" So still no definitive resolution there.

Scanning through the Results, have come across this in the Ceo's statement:
"The Group has benefited enormously from its hard working employees..........and the strong support of our stakeholders"

Strong support of our stakeholders.

What level of reality are we operating on here?

Will they all be back in the Saloon with guns to their own head again.
Last time Coltrane issued their objection within minutes. But realistically what can they do to get their own deal through?

Cc2015, quite so, glad I didn't yield to the demand here to accept and agree that the Ebitda would be 100 and whatever.
Haven't read the report yet, are there any nuggets in there?
And what makes a loss exceptional?

The best deal existing shareholders are going to get. Of course Coltrane and other shareholders may try to block this on 15th March and propose their own plan on the 26th March. But in those 11 days, IRV will probably have been placed in administration already.

That they threatened administration at the 2.5% offer yet still doubled that offer to 5% shows that the bluff has been called once. The problem with Coltranes plan, as I see it, is a practical issue of sequencing. If it takes place like this: 1. Irv propose the 5% deal (presume 2.5% must be off the table now?) 2. Shareholders reject that deal. 3. Irv go into pre pack administration Then Coltrane wouldn't even get the chance to put forward their proposal between 2&3? This is absolutely game theory and there are so many scenarios that could happen now.

Tartan- read the rns. No mention of deals, no mention of votes, just that at Coltrane's request, a general meeting has been convened "Interserve Plc ("Company") announces that it is today posting a circular to shareholders (the "Circular") containing a notice convening a general meeting of the Company requisitioned in accordance with section 303 of the Companies Act 2006 (the "General Meeting") by Coltrane Master Fund, L.P. The General Meeting will be held at 1.30 p.m. on Tuesday, 26 March 2019 at the offices of Ashurst LLP, Broadwalk House, 5 Appold Street, London EC2A 2AG"

Bill Are Irv bluffing re the pre pack admin? Or not? I think the presentation of the deal available (that is to say the deal that IRV have agreed with lenders) will give a clue. More important in my view, is the sequencing. If a vote on a deal (without Coltranes option) is put forth then I think that really does spell out what IRV are saying.

Wow not for the first time recently, a steady rise followed by an abrupt tanking. Avoid.

If they can get it over the line- good news

There is so much going on here, including the Guardian reporting that administrators have been lined up. https://www.theguardian.com/business/2019/feb/22/interserve-lenders-line-up-ey-administrator-if-shareholder-talks-fail

They should go for this it is the best they are going to get.