The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
Of course there is the possibility that the judge will ask that the RSA is amended and resubmitted.
All contracts and proposals are subject to review, critique and change.
How fascinating.
I believe so, too. All this needs is further rumours and leaks in the press of another takeover bid. FOMO won’t just exist within private investors, institutional investors will be debating the synergies again and perhaps, unsecured creditors will be wanting to discuss alternatives too, given the tiny recovery the RSA currently proposes.
Of course we will have the boiler room gang going on and on about Patience and continuing to exhibit nervous behaviour but they will have to consider how much longer they can keep their position open and the associated charges it will take them to August.
We should see more interest and offers coming in.
If the summer slate is busy/recovers, it wholly attract more genuine interest.
Looks to be signed by the courts now.
after due deliberation and sufficient cause appearing therefor, it is HEREBY ORDERED THAT:
1. The Filing Exclusivity Period is extended through and including June 5, 2023.
2. The Solicitation Exclusivity Period is extended through and including
August 4, 2023.
Thank you, Patience for your efforts.
Maidit, good comment. The point that many pre-Covid had supported the company with the acquisition not just voting but injecting capital is a fantastic point. One to add to the engagement letter, Patience.
I remain hopeful that the judge requests the proposed RSA is amended.
Has anyone had any thought into how existing employees of Cineworld who have shares in the existing PLC will be compensated or remunerated, when the new company is spun up?
Could this also explain why the existing PLC and shares remain?
There has been no mention of a delist in the RSA. It has stated that the new company will not be publicly listed, but there was nothing explicit about old company being delisted.
Morning all.
It seems the deadline for the RSA plan and soliciting offers is extended to June now.
Will this influence bidders?
Wolf, you have let the mask slip.
Your faux outrage at others making THEIR investment decision, suggests quite clearly you do have a financial interest in the outcome of this share, as opposed to your "I'm just sitting on the side-lines learning from this debacle" mantra.
If the writing is written on the wall, let others do as they wish. You don't need to be a saviour. The RNS communications were very clear of the danger, again, AFTER the majority of investors had already taken positions - thus meaning they were trapped in the share and could not bail without taking a large loss.
It was the Cineworld BoD who failed to do their due diligence when they entered the Arrangement Agreement with Cineplex, by-passing a termination clause for Cineworld.
It was the Cineworld BoD who repeatedly calmed investors that they had a good relationship with creditors, studios and landlords.
It was the Cineworld BoD who failed to capital raise/rights issue when the share price recovered to 120p.
It was the Cineworld BoD who took full advantage of government grants and furlough schemes.
It is now the Cineworld BoD who are complicit with the Chapter 11 recovery group, who are allowing the private investors who make up a large majority of the Cineworld shares in issue to be left with nothing, should the proposed RSA be approved.
Are you really surprised there are many who are disgruntled by that and want to raise an objection?
There is nothing wrong with exploring options.
Some recovery cases even operate a no win, no fee process, on the basis that any award is split between litigators and the plaintiff group.
Wolf, there is no need to be condescending to Patience. You may not agree with his and others approach to raise an objection, however trivial you believe it to be, but nothing ventured is nothing gained. You state others have not done due diligence or ignored warnings of no equity interest but have been told repeatedly that many were invested prior to the chapter 11 restructure and have supported the company through Covid and even prior.
Good luck, Paitence.
Patience, the best thing to do is to get in touch with a firm that specialises in recovery for investors.
One that comes to mind is, Carlton Huxley Ltd.
I remain invested with a small allocation of shares, following the RSA proposal and I have shared across my details with you via email.
Are you proposing to attend the GM on 20/04 at Cineworld, HQ @ Brentford, London?
Thanks for sharing that. Such a shame to see those forecasts improving and for investors who supported the company so long, not be around to see that recovery.
The BoD of new co will be in line for the 7.5% and options. There are stories circulating that it will be the former Regal CFO but I don't believe that will happen. Mooky will stay and he will hold onto 7.5% of the company because it is his legacy. I was positive for a very long time as I wanted to wait for the RSA and when I saw it on Sunday I was very disappointed that private investors, particularly those who had remained invested since 2019 (pre-pandemic) were not awarded anything. Many will have had their pensions in Cineworld and have been treated so poorly.
I hope many didn't suffer too big of a loss and they can look to reclaim that money in other investments.
I regret not buying Rolls and IAG sooner, I fear I have missed the bus on them now.
Keep your chin up, iparsnip.
Most are in the same boat as the past few years have been incredibly volatile for a number of sectors.
Not many can say they would see further macro market conditions post covid (ukraine/russia) so don't beat yourself up.
I've just accepted the further rights issue after also seeing a loss in Cine (small holding left there of 150k shares).
Good luck and hope things pick up for you and everyone else.
All the best, Bonkers.
Leave what you are prepared to lose and move on.
Plenty of opportunities await us all to make money in other investments.
The market doesn’t have a single entry and exit.
Commendable - well done, Patience
Penta, I believe the leaks to the press with the "poor Mooky" narrative were there to merely distract critics of the outcome.
Mooky loaned out his 20% of shares to Sandgrove capital, it is likely those shares were used to short the Cineworld share price and then each party made a significant sum in the process, so when Sandgrove sees Mooky default on his 20%, both parties have made enough money in the process at the detriment of private investors and unsecured claimants.
I believe Mooky and co will still remain as management, the creditors who have taken over will want to see a recovery and then they will look to float the stock at a later date.
I am still holding on and hoping that the judge doesn't approve the plan but from the terms, it is looking increasingly like it will be voted through.
Good luck everyone and remember, there will always be an opportunity to make money elsewhere and again.
Bonkers, Ocean is what I would call a pound shop edgelord.
Like Antlev, they are likely on the spectrum so it is a waste of your precious time engaging them.
There will be plenty of opportunities for investors to make their money back.
I don't believe many should feel guilty about losing here or even selling, they supporting a struggling business which prior to Covid was returning profit, year on year.
Yes, there were warnings of growing concern but the management advised they had a good relationship with stakeholders and the recovery would come - it is coming just a lot later than anticipated.
I still hold onto some of my shares and I am keeping power dry, should the restructuring plan not be approved or some recovery for existing share holders.
Now, I am looking at getting back into IAG and RR.
Good luck with your investments and remind yourself, you did nothing wrong supporting a struggling business.
I do hope this happens but the option is too good for creditors as it reveals a large upside for them.
This is a regulatory requirement, Maidit. It has to happen irrespective of the proposed restructure or not.