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BillTucker89- Did you see the response from E&Y posted by Whyyy on the ADVFN bulletin board about nominees and that they are making enquiries about the sale of shares in 2019 with the Execs.
I just came across the Administrators proposals for Interserve Plc on Companies House beta and in a table - Appendix A statutory information it schedules all Exec directors holdings at 15 March 2019. D White had 640,040 G Barker 93,970 and M Whiteling 30,000. In the EY Administrators statement of Affairs of Interserve Plc it lists by name and number of shares held all those shareholders that got wiped out. D White, G Barker and M Whiteling names aren’t included. So what happened to all these shares and why was there no RNS announcement. I thought shares couldn’t be traded by directors in certain periods. Can someone offer explanation.
I just came across the Administrators proposals for Interserve Plc on Companies House beta and in a table - Appendix A statutory information it schedules all Exec directors holdings at 15 March 2019. D White had 640,040 G Barker 93,970 and M Whiteling 30,000. In the EY Administrators statement of Affairs of Interserve Plc it lists by name and number of shares held all those shareholders that got wiped out. D White, G Barker and M Whiteling names aren’t included. So what happened to all these shares and why was there no RNS announcement. I thought shares couldn’t be traded by directors in certain periods. Can someone offer explanation.
BillT-
But I thought Execs couldn’t trade shares when selling a business as there was a period of inactivity imposed on them? Too much knowledge not known by others etc. Still doesn’t answer why no Regulatory News Announcement was made when Execs sold shares, so as to alert other shareholders, who then got wiped out when supporting the business. Wonder how much they sold for and when.
Mr Edwardwasahorse....
I’ve looked at the RNS announcements and can only find the ones relating to acquisition of shares. I have not seen any RNS announcements about selling shares by the BoD or those connected with them. Yes things were tricky but as far as I knew given transparency the BoD were holding, not surprising seeing as they had knowledge of results, knowledge of announcements and other things mere mortals didn’t.
DW had 481,158 shares gifted plus purchased a further 93,464. The RNS show her husband purchased 65,408 shares on 15.09.2017. So in total 640,030.
The Chairman acquired 88,300 shares between 08.03.2017 and 18.09.2017.
The CFO had 526,840 shares gifted and purchased 56,364 shares on 01.05.2018 and a further 30,000. Total 613,204.
The MD (PDMR) of Construction had shares given as an award between 11.06.2018 and 14.03.2019.
In the EY statement of affairs of Interserve Plc none of the above are shown in the 68 page document as being shareholders, the document only shows those that stuck with the business, I did as I thought the BoD were also but now feel somewhat misled. What’s the explanation for this? Why no RNS announcements? When did the BoD sell?
Is there an explanation why some Execs and pdmrs held no shares at the point of administration? Was there any RNS announcements that I missed? Did some people know more than others? Can someone offer an explanation?
Is there an explanation why some Execs and pdmrs held no shares at the point of administration? Was there any RNS announcements that I missed? Did some people know more than others? Can someone offer an explanation?
Can someone explain why the statement of affairs regarding Interserve Plc and posted by EY recently shows Exec directors DW and MW held no shares at the time of administration. I don’t recall seeing an RNS about Execs trading shares only the CEO saying that the offer price for new shares would not be taken up. What happened to all the shares given by the BoD and why no RNS? I went on the basis the CEO and FD held shares. Could see someone provide an explanation as I don’t understand what’s happened. Is this something the FCA will investigate?
Oh and just seen the Telegraph article. Can we have some investagitive insight rather that’s just words.....what really happened here....men in dark suits turned up at the meeting, some ex company directors attended (why?), empty seats etc. Is that all the Telegraph has to say! Well no wonder I personally don’t buy this newsheet. Did I say news! Can we have a real story......history, what was said in RNSs etc.....
Well I kept quite all day but one can only take so much. I just read an article that suggested IRV Construction and Middle East debt as a particular problem. That all? Ugh! I thought IRV had a Director responsible for this. Let me think is the article I just read journalism or just words.....Can we have some real investagite journalism here? How about the BBC doing a review after all they have inside knowledge on performance and what really happens on the ground with IRV. Can we have a Panorama on this?
From double digit growth, borrowing US dollars, Exec bonuses, the RNSs that continually said things were getting better, without doubt these messages influenced private investors who made deciions on what the BoD said in trading updates. Why have the FCA taken so long to investigate but come to no conclusions? Why will the government continue to back the Banks and lenders.......why will these incompetent people at Exec level keep a job? £76 million spent for what....self interest washing the slate clean, not me guv, and for future reward and now potentially an ongoing job at the expense of investors, the same investors who backed the business based on the RNSs and news eminating from Twyford Towers. Something serious wrong with this and how it’s gone. Who’s next in the sector? Anyone else involved with EfW and Middle East, Defence, Health, Probation who doesn’t have a clue what they are doing? In reading posts I see mention of Fier and Kostain being mentioned. The whole sector is suspect imo and should fear for the future. Got ant shares other than shorts well get rid ASAP. What do Unite have to say? Very quite. Rant over.
Well I kept quite all day but one can only take so much. I just read an article that suggested IRV Construction and Middle East debt as a particular problem. That all? Ugh! I thought IRV had a Director responsible for this. Let me think is the article I just read journalism or just words.....Can we have some real investagite journalism here? How about the BBC doing a review after all they have inside knowledge on performance and what really happens on the ground with IRV. Can we have a Panorama on this?
From double digit growth, borrowing US dollars, Exec bonuses, the RNSs that continually said things were getting better, without doubt these messages influenced private investors who made deciions on what the BoD said in trading updates. Why have the FCA taken so long to investigate but come to no conclusions? Why will the government continue to back the Banks and lenders.......why will these incompetent people at Exec level keep a job? £76 million spent for what....self interest washing the slate clean, not me guv, and for future reward and now potentially an ongoing job at the expense of investors, the same investors who backed the business based on the RNSs and news eminating from Twyford Towers. Something serious wrong with this and how it’s gone. Who’s next in the sector? Anyone else involved with EfW and Middle East, Defence, Health, Probation who doesn’t have a clue what they are doing? In reading posts I see mention of Fier and Kostain being mentioned. The whole sector is suspect imo and should fear for the future. Got ant shares other than shorts well get rid ASAP. What do Unite have to say? Very quite. Rant over.
Possibly many similarities. News report says the company advised the BBC to contact the accountants. Highway maintenance, building schools etc. Can’t see they did any Energy projects.
Bill - Let’s hope it’s Coltrane in the future and with their people in post this business gets sorted out. No more double digit growth and entering new markets without any in house knowledge or defined point of entry. You know one things certain in life, you get born and if lucky you get to crawl, then you walk and then perhaps you run. This is called a learning process. On the other hand you get involved with things you have no previous knowledge about, clients and the Government are eager to believe the spin, and savings on offer, and then oops! Those hardworking people you mention are left in a state of turmoil. Just look st some of the posts. Did you become a probation officer to get involved in private enterprise or to do a worthwhile professional job helping society? Well now you may be working for the Banks. The same Banks UK Plc bailed out because they previously failed. Lucky them.
Bill- do you mean the previous and current BoD when you say workforce or all those hardworking people who have been duped? And how can the Government allow this to happen when the UK Probation service and frontline MOD establishments in Cyprus, Falklands etc and major USA Air Force bases in the UK are all involved. Perhaps all these contracts get cancelled. Look at previous Financial Reports, the Defence business is one of the most profitable, not so the poorly tendered loss making USA contract. What will happen to the BBC contract all the other Government contracts and all the other local gov and PFI contracts? They will or may all go elsewhere or back in house. Confidence in the whole UK FM, and perhaps construction sector, is set to be completely undermined and we all know what confidence means where shares are concerned. This might cost the Banks and lenders much more than just IRVs debt pile. Watch the fall out from what Friday may bring, perhaps not on Monday but soon after. Got any shares elsewhere well imo consider the possibilities and sell now. IRV competitors should imo be ready for the fall out. Boom!
Met - can’t agree with your comments on Coltrane. I think they are unjustified. Lest not forget they don’t have all the necessary information and due diligence needs to take place once they have it. They have done well in my opinion. Obviously invested based on all the good news eminating from Twyford Towers from BoD. Messages that got changed again and again about position with EfW. Enyo may have a position with all of this, who knows.....find out on 15th.
To me there seems to be different views on prevpack admin. Real business rescue.co.uk say it allows a company to sell all or some of its assetts to a buyer before appointing an administrator to facilitate the sale.
Company rescue .co.uk say pre pack administration allows a company to sell its assetts before appointing an administrator.
Which of the above is accurate? Sell after administration or sell before and then once assets are sold place the Plc company into administration.
My guess is Enyo Law will know the answer.
Well I see the announcement of new shares has been made by Andy McDonald Company Secretary of Interserve Plc.
Who then is the person who wrote to shareholders on the 26th February 2019. My letter was from John McDonald. Could it be John McDonnell Shadow Chancellor of the Exchequer or someone else pretending to be the Company Secretary of IRV.
Seriously though is the letter calling for the General Meeting on the 26th March 2019 valid? Or by then perhaps it won’t matter anyway? How can you spend £76 million on advisers and get the name wrong at such a critical time when private investors are going to get wiped out? The whole thing needs investigating by the FCA and it’s individual directors that have misled investors imo.
Met - Kier are looking for a CEO? Now there’s a conundrum I wonder if they are thinking of double digit growth and point of entry into new markets and have any candidates in mind.
So the banks seem to be into FM with Kier, Serco, Mitie, Capita in a big way. Some confidence then in the market, and the Governments outsourcing strategy is required. Tell me has anyone ever compared the size of other countries companies involved in construction, specialist services etc? Is there an underlying reason why the Uks largest companies are so small in comparison. Is it due to the procurement process or are other countries just better than UK companies. Well it could be in the future we have more difficulties in the UK FM sector once IRVs future is resolved. Guess it’s up to the banks to consider this and what it may mean to them in the future, and of course shareholders of these different organisation.