Member Info for TerryM1

"They deserve pay cuts rather than any prospects of pay increases. Disgrace"

Total disgrace, they should all have been sacked a long time ago, they are worse than useless, wealth destruction.

Unfortunately the rebuild cost more that it was worth.

"I perceive this to be more like a Rolls Royce"

I see it as a rusty old Morris Allegro.

"Let's be honest here..Any company that has to freeze staff wages can only mean the company is utterly desperate to save money to survive."

Well is that obvious, they are losing £100m+ per year, sold off the family silver and maxed out the credit card (£100m+ bonds issued about 6 months ago), what else can be done.

Just to add my two penneth, from II

"OPTION 1: Do Nothing (Default). You will keep your current holding if you take no action. You will be paid the Third Quarter Dividend of USD0.875 per share on 28 March 2024.

OPTION 2: Tender any or all your Shares. You will be issued with cash in GBP in exchange for each share, at a rate to be confirmed by the company. Clients who elect to tender will waive their entitlement to receive the company’s upcoming Third Quarter Dividend of USD0.875 per share on 28 March 2024 for the portion of their shareholding successfully tendered, however the Tender Price will include a premium equivalent to the amount of the waived dividend payment.

The proceeds for both options are expected to be paid less US withholding tax the same at the applicable rate."

Looks like you will get WHT with the tender offer, I guess applied to the 5% premium, also I expect HMRC to add additional dividend tax if outside tax wrapper and high rate tax payer, also 5% premium will not attract CGT, TBD.

"There's a LOT of very highly skilled technical people in Capita, believe it or not, who'd easily walk into another job."

Well that has worked so well for the company so far, if they are so good why was a simple cyber attack responsible for losing so much data caused by a low grade worker who had access to huge amounts of sensitive data. When I was working in IT only the data required by someone was available to them, why did these "highly skilled technical people" not understand this simple principle. Also not just 1 cyber attack but 2.

The only person I knew in IT who joined Capita was more or less kicked out of his previous job as he was not very good.

"others can look elsewhere and go"

A way to reduce staff without paying redundancy, a hard move but necessary, you can't go on losing money especially now nothing else to sell and difficult to borrow when company is in this state, also capital raise would obliterate SHs.

I guess the good news is AH is prepared to make difficult decisions something JL was frightened to do which got us into this state.

Or perhaps even serious.

Https://finance.yahoo.com/news/capita-freezes-pay-thousands-staff-110416373.html

Looks like AH is getting seriuos.

Unfortunately as I stated the lack of figures in the last TU was a bad sign that they were hiding something. JL either packed it in as there was nothing else to sell or knows he would have been pushed. As I have stated many times in the last few years JL and the rest of the useless BOD should be sacked. JL has been here for around 6 years way too long for any good he has done and still did not realise you have to make a profit or sooner or later you go under or was he just happy to stay on as long as possible to take his huge salary and benefits.

So it is deja vu all over again, and from baker street

Another year and then you'd be happy

Just one more year and then you'd be happy

But you're crying, you're crying now

Except add me in as well.

Our only hope is AH can take control of this mess and does not milk it for his salary like JL.

The only thing this company is good for is capital loses and with the reduction CGT allowances due to High Tax Hunt will be of some use.

Hi DavidCharles

As all my holding are in a SIPP I have not looked into other tax situations but on the surface what you say looks fine to me.

However (as I have said before) there is one elephant in the room which is the treatment of HMRC to the tender offer. As you are giving up dividends for capital in some as some sort of scheme (especially as this is past XD date) I think there is a very good chance HMRC will regard this as tax avoidance and tax the difference between market price and tender price as a dividend. There is an ongoing situation with Glencore dividends (yet to be fully resolved) where the company say they are capital returns and others which I assume include HMRC say they are ordinary dividends. I think this could easily end up in some sort of bun fight with HMRC,

GoCPI

Total agree, time has gone for jam tomorrow, one offs, we are doing really well except for Brexit, Covid, weather etc. We have had too much of these.

My concern was the lack of figures in the last TU, why? were they not good enough. This time they will have to be released.

Fingers crossed, hoping for some good news and a some good plans for the future not just AI will solve all our problems.

Alas_Smith

Also looks good me, market likes it.

https://www.londonstockexchange.com/news-article/ITRK/final-results/16361312

Https://www.londonstockexchange.com/news-article/ITRK/acquisition/16358918

Shorters are about as useful to shareholders as the weasels were to Mr Toad.

Hope1815

"Boy you lot are fun the outlook is always negative"

I assume you are not a long term shareholder as that is all we have had for the last 6 years. As is said "It’s the hope that kills you"

GoCPI

I agree with what you say but I want to add "those who do not remember the past are condemned to repeat it"

Culley01

"It seems the whole future of the company lies with how AH is going to tackle the lack of FCF"

Agreed, but this has always been the case, JL chose to ignore this and sold off the family silver just to keep going without solving the underlying problem.

Kipper9

Agreed, there are some very big questions to ask on where all the money has gone, also add in over £100m loan notes CPI issued about 6 months ago at high interest rate (more debt to service). Far more has been pumped into this company than it is worth.

We were told at the RI by 2020 CPI would make a good profit. You can blame Covid for problems after that but a lot of companies make huge amounts of money administering the many Government schemes during Covid wile they were throwing money all over the place, where was JL and CPI, too busy using Covid as an excess for poor performance to take up a golden opportunity.

JL is cleanly a liar or useless, he either lied about CPIs true state when he took over or performed a useless job spending more money than he saved. Either way he did not deserve his huge remuneration package, he should have gone years ago but would have lost his remuneration package. JL is only good for making excuses and taking huge amounts of cash while failing badly, I sure his mother thinks he is great but the long term shareholders have a different opinion.

At present this company is run for the benefit of the BOD and the staff at the expense of the owners, i.e. the shareholders, that must change or it will not end well for everyone.

Bubbles59

"For a start,he has saved Cpi from bankruptcy"

I really wish he had not, if CPI had gone bankrupt I would not have bought the rights which I had to to avoid CGT and as the current value of the my shares is far less than the money I put into the rights leaving me with a huge loss. In other words not only did JL sell off the family silver it took far more money to keep this mess going than it is worth. All of this for £1M+ per year he got from us the shareholders.

"Jonathan Lewis strongly believes it will multi-bag"

No sure this gives me any confidence after all he has done.