Member Info for ROSH2009

http://www.guardian.co.uk/business/2011/jun/13/southern-cross-healthcare-landlords Landlords to stricken Southern Cross said on Monday they were prepared to make "significant financial concessions" to deal with the crisis at the care homes group. The landlords are understood to have agreed to put forward a proposal in which they would take on a third of the homes themselves, stopping short of administration or a takeover of the whole business. Landlords would also be able to take an equity stake in the remaining renamed business, sources indicated. A crunch meeting is expected on Wednesday where landlords will be able to make their pitch to Southern Cross and NHS representatives. A statement released late on Monday said: "The landlords have agreed in principle that they will make significant financial concessions in order to achieve a sustainable solution. Our overriding concern at this time remains minimising disruption and concern for residents and their families." The landlords have devised a framework which they hope can be used as a basis for discussion. "This is just a first step. It is not prescriptive," a source said. It is not clear whether the landlords still hope to get the government to share the financial pain by deferring income tax and VAT payments. Banks owed about £30m were also at one stage to be asked to take a "haircut". The proposals came as the chairman of Southern Cross apologised for the "uncertainty and concern" caused by difficulties in the business, but said that residents should not fear widespread home closures. "All our landlords are committed to achieving a consensual solvent outcome to this process where a restructured Southern Cross emerges," Christopher Fisher told the BBC . "Through this process paramount concern is addressed to continuity of care." He accepted that "relatively small numbers" of care homes could close, but that this would be a five-year programme during which Southern Cross would not "avoid or evade" its responsibilities. "Looking ahead, any decisions on home closures will be ultimately for the landlords of those homes," he said. Britain's biggest care homes operator, which looks after 31,000 elderly residents at 750 homes, is struggling to stay afloat because it is unable to pay an annual rent bill of £230m and has been hit by cuts in fees from local authorities. The firm has already reduced the number of nurses and carers in a bid to balance the books Fisher rejected the suggestion that the care homes were struggling because of the business decision to lease all their homes from landlords, arguing that lease structures provide better stability than bank lending. He said that no one at Southern Cross had been stripping money out of the business, and its "complete priority" was to improve the standard of care and reduce the company's borrowin

SCHE is a penny shares, since they have reached a major agreement, shares like these react in massive movements, i stand by saying these shares will open very sharply up, it just a judgment call, yes i own the shares, i brought them today, i took the risk. Please note, if the news was bad, then can easily open 100% down. PENNY SHARES ARE VERY HIGH RISK IN THESE SITUATIONS BUT AT THE SAME TIME CAN BE REWARDING.

If it opens 100%+ tomorrow

Breaking News - BBC ARE REPORTING SCHE HAVE REACHED AN AGREEMENT, I HAVE NO FURTHER DETAILS AT HAND.

To my understanding, there is a meeting going on this evening between SCHE and other parties, please correct me if I am wrong, please keep updated here should any news comes out.

http://www.rochdaleonline.co.uk/news-features/22/letter-from-parliament/57442/letter-from-parliament-jim-dobbin-mp

NOT SURE WHAT THE PROBLEM IS: Read all my posts, they are all posts researched from internet news, i have not added any thing on.

I am sure they are born with their own brain, i do not hold a remote control to their hands.

Its still a good buy, I will be buying back.

SOLD THAT, MADE PROFIT ON VIR, NOW IN SCHE

Exclusive: Southern Cross Landlords Hire Restructuring Specialist Landlords of the care homes operated by the stricken Southern Cross Healthcare Group have drafted in a leading City firm ahead of a crucial meeting today which could determine the company's future. I have learned that the landlords committee, which meets later this afternoon, has appointed AlixPartners, a restructuring specialist, to advise it on a looming overhaul which could see Southern Cross shed hundreds of homes to rival operators. I understand that a statement will be made after the meeting finishes this evening, with talks scheduled with the Department of Health and Southern Cross's lending banks later this week. The appointment of AlixPartners is significant because it underlines the extent to which Southern Cross's fate is rapidly being removed from its own hands. If the landlords do agree to a consensual restructuring, then it's conceivable that a smaller Southern Cross will emerge in the months ahead. But if that doesn't prove to be a viable scenario (and there are plenty of stakeholders who believe from a financial - if not public relations - perspective that they ought to force the company into administration) then whatever the company says, a smooth transition will be tricky manage. And that will mean that Southern Cross - and the stories of thousands of its concerned care-home residents - will continue to figure prominently on the news agenda for some time to come. Southern Cross and AlixPartners declined to comment.

SCHE WILL SURVIVE http://www.iii.co.uk/articles/15867/homes-will-remain-open-says-southern-cross At a time when most bosses would be hiding from the media, Southern Cross Healthcare (SCHE) chairman Christopher Fisher took to the airwaves on Monday. He told Radio 4's Today programme that he was sorry for the "uncertainty and concern" being caused by the company's fragile financial condition. He also stated that residents should not be concerned: "They do not need to worry about where they will be next year. These homes will continue to operate and we expect Southern Cross to continue to be responsible for the critical mass of the homes going forward." His reassurances pushed the shares back up more 10.5% in morning trading before rocketing more than 44% by midday. "All our landlords are committed to achieving a consensual solvent outcome to this process where a restructured Southern Cross emerges," Fisher told John Humphrys. "Through this process paramount concern is addressed to continuity of care." He warned that a small number of Southern Cross homes could close but that this would be part of a five year programme, during which the company would not "avoid or evade" its responsibilities. "Looking ahead, any decisions on home closures will be ultimately for the landlords of those homes," he said. Expectations remain high in ahead of a statement about the future of the business from stakeholders and the NHS, due on Wednesday. However, there was already bad feeling ahead of the meeting as the GMB union said on Monday that it had been excluded from the talks. In a letter to Southern Cross bosses, GMB leader Justin Bowden said: "Southern Cross is a people business. With 43,000 staff making up some 55% of the company's costs, they are fundamental to the delivery of service to the residents and to the future of the business. "At the meeting set for Wednesday of Government, landlords and Southern Cross, there is a conspicuous absence of the staff's voice. "GMB believes the time is now right for the company, the landlords, the Government and the union to come together. GMB believes this should be without delay."

what talk, do you have a link to these reports

usa open

Are the markets telling us, SCHE may even survive, have they got a plan?

Heavy buying going on under cover, buying is restricted for the last 1 hour,

Its increasingly likely we may be about to see a massive rally this afternoon ahead of the meeting between SCHE and land lords.

Southern Cross tries to reassure markets 8mins http://www.stockmarketwire.com/article/4163063/Southern-Cross-tries-to-reassure-its-elderly-residents.html

http://online.wsj.com/article/BT-CO-20110613-703134.html

One to watch