Member Info for Redheadedrager

Got to wonder what’s going on. I’ve taken the opportunity here again bought another 5k into the pension plan. We do need a little bit of insight on how we plan to pay down the debt though asset disposals over the next few years. . . But that can wait for the pre-AGM update RNS :-) but overall still pretty relaxed about this drop. Short hedges will get their pound of flesh then move on. There are some serious long positions being slowly built here too. All to play for ;-)

Who do you think made the FCA aware? I think that the work currently being conducted by external consultants in reviewing the current contracts threw this anomaly up a while back. DW and BOD made FCA aware (rightly). FCA now have sufficient evidence to put the corporate entity into enforcement (as they have to - given the nature of the action undertaken by previous directors). Be under no illusions the people that should be worrying are previous CEO and other directors who have recently stepped down who had control of IRV when it made the alleged misleading updates to the market. For me this is a good thing. Shows that the current BOD are doing it right. Very happy :-)

Meta - entire sector being whipped due to Capita’s rights issue announcement. They’re off by 37% today, so comparatively - we’re flying!!! ROFL

Very positive move. DW is sinking some significant chunks of her own capital into direct share ownership alongside that ‘free’ shares that she has been granted as part of the golden hello package. For me that’s a sure fire buy signal. Some silly business being played by hedges out there today - which has provided me with an opportunity I couldn’t resist. £10k more into the pension plan for me. Sit back and cash out in 5-10 years whereby the SP should have recovered to pre-crisis levels or even above. Someone’s got to do the dirty jobs and with Carillion, Connaught and others gone, Mitie on the ropes and Capita staggering then I think that there’s some market share to be sniffled up at reasonable prices going forwards. Looking forward to the next business update - or perhaps some contract wins in the near term. That would be lovely. :-)

@Bulldog - tbh having stuck with this share on and off for the past 9 years, I think that the BOD have done very well. Successfully drilled 4 live gas wells, distributing to both thermal and power generation customers, built their own distribution network. All the key things are there to become a major if not the major player in Cameroon for on shore gas supply. Just needs to trim profitable. 2-3 years away. Good time to start building a sizeable stake - as I have done today. Predictions of doom are vastly overrated. ;-) Red

Well, well, well. If you forgive the pun. I never thought that I’d buy in to VOG at such a low price. I’ve utilised my ISA and put a small ish amount in (£5k) this morning. I think that the market has priced in all the bad news now. Potentially a lot of very positive news coming our way soon. I’ve been invested on and off in VOG for a long time (right from the first drill of LA-104). I think that this company will do very well because it’s producing, cash flow positive, has massive assets, a growing customer base and realistic growth prospects. Political stability (relatively for an African country) and decent levels of engagement with regulatory authorities too. All in all extremely pleased with this entry point ;-) Cheers! Red

lonlonuk - I’m not at all convinced that new short positions are being opened at this point. I think that several people got over excited this morning and bought in at over the top prices (MMs making more gravy). If there are, then I’d argue that they are very short term positions and likely to be closed out before the end of this month. I would not be at all surprised if the SP continues to tick up steadily over the rest of this month to the year end results being issued. Happy to hold here at least until I hear the results of the debt covenant tests - and most likely well beyond that point.

@Scarredback - I gave my opinions earlier. But you chose to ignore them. You just can’t help some people. Pearls before swine. . . .

That’s my opinion. Come on then shorting brigade - prove me wrong. I love it when things turn out right in the end ;-)

@scarredback - are you ******* kidding me? Fella you are a joke. #discredited. What a clown. PMSL....

I like that very much indeed. :-) Recovery play anyone?

I think that there’ll be A LOT of short positions being closed tomorrow . . . . Coolio!

It feels so wrong . . . After Carillion my faith in the market economy is slowly being restored. If I interpret correctly D4E optional at 4 for 5 dilution for equity holders. That’s appropriate. Happy to hold. Let’s see what the restructuring plans look like now :-)

“and lenders don't ever have the chance of getting returns the speculators on this board are (were) talking about, so why should they share an equal amount of the downside? I'm sure those that have sold on debts at 50p to the �1 won't consider themselves winners”. Utter ball-cocks. Lenders receiving anything from 7.5% to 10.25% per annum guaranteed plus their capital back risk practically free - they take no risk - the loans are secured against the assets. Over 10 years that’s effectively doubling their money. Those that have sold their debt at 50p in the £1 get what’s coming to them - that’s poor risk management by their highly paid quants. Equity should not be wiped out to keep debt holders snug in their Mayfair appartments at night. Equity holds the potential for greater returns agreed, but should not be left to bare all downside risk. Overall I want Interserve to survive, to keep employees in a job, to see the tax-payer and other private sector organisations continue to receive value for money and high quality services, that debt holders come away with their shirts and similarly equity holders - whilst potentially diluted to some extent it’s not a farce (say 2 for 3 or 3 for 4) - will come away confident in Interserves longer term ability to generate profit in a sustainable manner.

@Scarredback - I don’t think that you can claim that the equity holders are ‘coming out whole’. They’ve suffered a drop of almost 90% from heights. Utter rubbish being spouted here . . . Seems that equity holders have borne the brunt of the pain here whilst the debt holders still continue to receive their silver coins, and they complain about having to take a haircut . . . And then the market thinks that they’re entitled to take a massive equity stake through a typically abusive (of the equity holders) D4E swap. Let’s see what comes out from the refinancing discussions shall we?

A lot, a very lot. £22k in total. Almost all in my pension. That’s at least another year of working before I can retire. Fortunately I still have my job so that’s one silver lining. So, I’ve learned a hard lesson here, one which will hopefully make me a better investor going forwards. Good luck to all with future investments. Red

PwC as administrators of Carillion? Hilarious! Check out their past history with Connaught and Mitie. Not exactly covered themselves in glory with those 2 contract services organisations. . . . Let’s see what tomorrow brings. Any form of government support in terms of underwriting the bank loans will move this on quickly. Red

Insane that this is trading beneath reported NAV of 1114p post the ex-doc of the 914p . . . Totally mad - basically market is saying that management team will DESTROY value . . . Nuts. Red