Member Info for Metamorphosis84

The mere mention of Interserve should set alarm bells ringing.

Depends what they are doing with their holdings.

Correction, Feb 19th.

This is a company that breached their covenents in 2017, then agreed new financing in April with the first payment due Feb 18. Now we are told that IRV don't have the cash to make that payment so its pushed back again, to April 2019. So RmDK is the only security that the lenders have for terrible payers

The only thing the remaining bit of IRV would get from it is not going into liquidation and being allowed to trade for a bit longer.
Which is about all they can expect from their lenders.

Well they aren't selling off RMDK, its a case of placing it in a "separate holding company owned by the lenders"

The difference between the lenders and suppliers is that the suppliers don't get RMDK if it all goes wrong.

They don't have enough capital to pay the amount due in February (and only agreed in April), their lenders are being extremely generous to allow then to defer to April. Will suppliers be as generous I wonder?

Oh and I do like the rosy little paragraph
"...by their nature these statements involve uncertainty, know and unknown risks and other factors, therefore assurance cannot be given that any particular expectation will be met..... there can be no assurance that the Deleveraging Plan will be implemented unless and until agreements have been reached reached with several parties and until all conditions are satisfied"
Well that wouldn't be "excellent news for all our employees, customers and suppliers", would it?

The cash flow question has at least been answered, not enough in the kitty for the Feb payments, so thats been kicked down the road to April.
When has that happened before.

Right so existing shareholders to be diluted and the most profitable part of the business given to the lenders. Merry Xmas shareholders!

If that is the case, then the situation is even worse. Can they get recapitalisation (share dilution) underway with an FCA investigation unresolved? Not surprised that the shorts are increasing their short positions considering all the unresolved issues that are going on here.

Still awaiting an outcome from the FCA. In July at the PAC, the MD said
“I’ve been advised that it can take quite a considerable period of time and not to expect anything before the end of the year.”

Well its the end of the year, should we be expecting anything now?

This has peaked.

Situation is the same as it was last Monday, material dilution awaits for current shareholders. What we don't know is how much working capital this firm now has? Is it enough to get them through to early next year?

There will be an additional 20m additional hit. They noted this in the trading statement on 7th Nov and since then have offered no explanation as to how it will be covered.
I would suggest the decline this and the decline in SP are linked.

Eod, hello and seasons greetings

"Why mention this if there was a good chance of it not happening?"

For some people, for completely unfathomable reasons, the penny, still, does not appear to have dropped.

Corbyn has miscalculated, Government don't have to grant a debate on confidence in PM, but they will probably get one anyway because they know they will win.
Which means that Corbyn can't call for a motion of no confidence in the gov. as they will win that too. So he says Labour want a GE as 1st option and Second Referendum as 2nd option.
So what does he do? Call for a motion he knows he will lose or a second referendum that he neither believes in and did not campaign for in the 2016 GE?
All this does as I can see is strengthen TM in her case for some sort of soft brexit or a managed no deal.

It looks as though Corbyn has botched it and called for a no-confidence vote in the PM not the government. So it is a bit meaningless as the SNP have pointed out.
Doesn't look as though the opposition are going to get far.

Some problems here, sentiment seems to be sending this lower, a breakout nearly happened last week but failed and has slipped back even more. Not good

The additional cost for Aberdeen bypass- who is paying for that?