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I raced to get back in this morning after seeing the Surrey Council news on Bloomberg last night. Really surprised there has not been more activity so far.

Do remember that there are now 8 times as many shares in issue (210m share 2015). Also the business has sold off several profit making units. High dividends, over inflated balance sheets and reliance on cheap credit were factors in Capita getting into this mess.
I'm a 'longish' term shareholder, from the previous rights issue days, with fingers crossed for an 80p breakeven. Hopefully shares can get back above £1 and beyond, but personally I'd resist getting too carried away.

I was close to buying in again yesterday; however, I then went and re-read the rights issue prospectus from a few years back - it brings home just how much debt is due for repayment soon ... and most importantly it appears much of it might be due to the same banks who lost so much on underwriting that capital raise (Santander, HSBC, etc).

Aside from a few major shareholders (who also invested last time), the remaining raise seems likely to come from a debt for Equity swap. And so, if you were in HSBC's position of strength would you accept a placement at approx £1-£1.20 (perhaps doubling share capital), when you could likely agree it at 60p (likely tripling/quadrupling shares in issue)?

All that said, even at 4 times the shares in issue if Kier Group can show at £100m annual profit (based on projected figures in the update), then within a couple of years if a third is being distributed, this would likely equate to around a 6-7% dividend. On this basis there might still be a 50%-100% rise from current share price - particularly if those profit estimates are conservative.
Problem right now is that as far as I can see there is an awful lot that could go wrong in two years and little scope for a plan B that does not wipe out existing shareholders.
Just thinking out loud.

I appreciate results are coming up; however, could these drops also be influenced by the announced Government Enquiry into supply chain finance?

Can anyone explain the 'equity swap' aspect of the JPM holdings RNS to a shares novice please?
...What are the likely reasons?; Who might be the other party in these sorts of swaps/ hedges?; Is it linked to historic short position holders?.
Sorry for the vague, open-ended nature of these questions.

Surely you get that those sales are off-market to Bacal? Nievity on your part or doom-mongering?
Btw, I'm not for a moment claiming to understand whether the move is a good one for P.I.s

Could the whole reason for purchasing in reason days be to indirectly secure Fosun the shareholder votes required to get the takeover past shareholders, at say 5p, without administration?

The costs of suppliers will be matched with the corresponding income through the relevant periods P&L account.

The £2B customer deposits ARE effectively additional finance, i.e. if everyone started paying as they got on the plane, then TCG would need to take a further £2B bank loan.

I agree - although it could be interpreted as aimed towards worried employees.
A bit of fear kicked in this morning for me though, and I took another look at the accounts. Have to say I'm concerned that ALL of the goodwill associated with the UK operation was removed.

Ignoring the remaining goodwill for the European businesses and Airline, the company has a negative net asset position of approximately £3B.

Say the airline and Northern European businesses raise approx £1B-£1.5B (and this seems a stretch), it still means that Fosun will be taking on £1 debt per share. Does anyone have any thoughts on realistically what Fosun will be prepared to pay for additional 'goodwill', especially against a back drop of the BOD having taking the decision to eliminate ALL existing UK intangibles? I really don't mean to sound too negative, but I'm finding myself coming around to the view shareholders might indeed be last on the list in the Board/Fosun/Lufthansa/Triton masterplan.

Not sure what is going on, but most of these trades this afternoon ARE BUYS. The worrying thing is that the larger the dummy buy, the LOWER the price quoted. Background seller?

Background buyer I mean

Almost everything this afternoon have in fact been sells (I've been dummy selling all pm). Does this mean either a large buyer or shorts closing I suppose?

If you had control of assets worth 2-3 times market capital, why would someone do anything other than find a way to take them private. Oh, and if communication lethargy were to lead to further drops in price, and shareholder apathy at GMs meant the opportunity to pass resolutions to allow doubling the shares, thereby winning future vote to go private and choosing who receives the windfall, why won't you? ....Well because it's probably illegal, so we can all rest easy as minority shareholders. Lets hope for the push on communications short term, placing recipient making a quick buck, and that the cash is for Cradle Arc. That said, AIM Shareholders of Cradle Arc can probably see parallels between their situation over the past 12 months and where PRS might be in 3 months.

Paternoster website updated shareholders page. Still currently showing 22.69% GAEA ,9.84% Ronald Rowan, 5.59% Beaufort, Mike Prentice 5.39%, Nick Lee 1.61% There is a line on that page though that says '24.30% of Paternoster Resources plc shares are not held in public hands'. ie GAEA+Nick's shares. I'm uncertain as to what is considered 'not in public hands' but I'm pretty sure this line used to include the holdings of Rowan and Prentice (I might be wrong). To me this suggests we have two further holdings RNS's to come reducing their respective holdings. I remain concerned about GAEA 'paying off' existing large holders if this turns out to be the case.

Are these not going to turn out to be Beaufort's and Ronald Rowan's shares? Always nervous when there are off-market purchases - especially if it removes all the main holders at an undisclosed price. Too many examples on AIM where it ultimately ends up with the company's cash being invested in placement shares with links to the new major shareholder. Hopefully I'm concerned unnecessarily and there is plenty of good news around the corner (... and nothing involving Far East investments). This is not meant as a deramp - I truly hope its the first of a series of positive RNSs as brought on a spike a year or so back when most of the MTR shares were sold by PRS, so I need at least another 40% from here.

I just sold out my 1/2million in 3 tranches all at .04. I just couldn't get my head around the deal in terms of potential risk v reward, and so decided to take the 50% gain I had. My concern was also the potential long timeframes eluded to in relation to receipt of expected sale proceeds. As an aside, I'm not quite sure how the trading works in Canada - the bid and ask prices seem entirely inflexible (with around a 10% margin) and it almost appears that not all the trades show in volume. Good luck all that remain. I'm definitely going to keep one eye on what the price does in the coming months.

I rarely post, but a few weeks back I did write that I had sold out of AUE because of concerns over MNG's plans. Long term clearly they want the mine to succeed, but they have a vested interest in keeping the plant closed and share price low (so long as tick-over running costs are kept under control along the way). IMO it's important remember that much of the money MNG paid into Aureus is used to pay down debt. If share price remains low, and Aureus ends up placing more shares to MNG on the basis that the �30m has been used up, then ultimately MNG end up with almost all of a debt free gold mine at minimal cost. The money MNG are paying is almost effectively a loan since it is paying down finance on an asset they'll ultimately own. Despite having sold out, I hope my logic is fuzzy as AUE has overcome a lot over recent years, and was so close to coming good. For me staying in was too much of a gamble. If it turns out I'm wrong then I'll buy back if the opportunity arises. Very best of luck to LTHs.