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Here's what I got from E&Y. I'm still confused why the directors don't appear on the statement, can anyone explain?
Interserve PLC (in Administration)
I refer to my email of 28 June.
We have obtained confirmation that none of the directors of PLC have sold any shares during 2019 and that any previous share sales were properly reflected in the requisite RNS announcement.
For Interserve PLC
here's the reply I got from E&Y
Interserve PLC (In Administration)
Thank you for your email of 25 June, the contents of which have been noted.
Please note that the statement of affairs are the directors’ statement of affairs, which are prepared and submitted by the directors of Interserve PLC (in Administration) (“PLC”) to the Joint Administrators, being myself and Mr Kelly, who are partners of Ernst & Young LLP.
In accordance with agreed practice and in the interest of the privacy and security of the individual members (i.e. shareholders) of PLC, the following was adopted in relation to the members’ schedule which was filed at Companies House:
I. the employees (including directors) who are members of PLC and not covered by a nominee, which a number are, are stated on the members’ schedule as a collective total – this is consistent with the required treatment of employees/former employees who are creditors. Within the submitted statement of affairs, there is an amount for “Employees” and there are a number of nominee amounts; and
II. the details of individual members of PLC are stated on the members’ schedule without addresses.
We are currently obtaining confirmation that none of the directors of PLC have sold any shares during 2019 and that any previous share sales were reflected in the requisite RNS announcement, and will respond when we have confirmed the position, but, as mentioned above, the employees, including the directors, are included as a composite total or within nominee balances, if relevant.
For Interserve PLC
Is there anybody you can ask about this and hope to get a reply?
The whole things smells very fishy, but we all know what will happen - eff all.
So you oversee the ruination of a business and keep your job, it's just effin unbelievable. Next it'll be Ringrose and Heywood coming back as conultants.
Love this quote, "potty deal cooked up by a management team so out of its depth they should be made to carry around inflatable armbands"
How come it would cost IRV £10's of millions if Whiteling gets the chop?
Please Coltrane let me stay, I want my bonus.
Barker has watched as IRV has died on its arse and done nothing bar pocket massive remuneration. He should be long gone. These parasites sicken me.
Can anyone explain, never mind defend the points Brutinasuit makes. How is it that the people who destroy businesses and ruin shareholders be so massively rewarded for failure and walk into equally responsible positions. And just what sort of a sense of entitlement makes them think they can pocket huge bonuses while their staff have their pay frozen.
Strikes me they have been concentrating far too much on overly convoluted financial instruments along with deliberately ambiguous, contradictory and just plain impenetrable announcements to the detriment of the nuts and bolts of getting the business back on track. Now they find themselves unable to explain where all the money is going.
In addition their communication with shareholders and staff has been truly appalling both in terms of quantity and quality.
A big change is required and none of the outgoing should receive a penny of reward for their obvious failure.
Currently holding 11,000 shares in a SIPP, bought at an average of £1.09.
What can I expect from this deleveraging, what choices will I have to make. If anyone has been through this before, do you have any advice.
I would imagine they need to sort out bonuses first.
"Excessive executive pay represents a massive corporate governance failure and is a barrier to a fairer economy," said Luke Hildyard, Director of the High Pay Centre.
"Corporate boards are too willing to spend millions on top executives without any real justification, while the wider workforce is treated as a cost to be minimised," he said.
It isn't even as though got it just a little bit wrong is it.
If RMDK is sold and/or Construction flogged off I assume the directors will see a commensurate reduction in their numbers and rewards since they will be "running" a smaller business?
BillTucker - In a Kevin Keegan stylee "I'd luv it, really luv it" if the FCA threw the book at the succession of liars, incompetents and snouts in the trough greed pigs that have brought this company to its' knees, ruining people's lives while they grow rich.
They won't though, have they ever?.
I'm told the Head of Communications has been "let go", perhaps things will improve?
I take your point, but you credit them with far more sophistication than they possess in this area.
When the vast majority of your workers are what we used to call "blue collar" and most don't even know they work for Interserve (esp. in FM) the last language you should be talking to them in is "business speak"/.