Cattles Share Discussion Threads

[alistair4444] 10/12/2009 09:19

Rfinance You must be hard up if thats the only thing that annoys you, get a life.

[rfinance] 09/12/2009 18:49

Alistair4444,

Why do you present this RNS information when it is readily availble on Advfn?

[alistair4444] 09/12/2009 16:31

Circular regarding the resignation of auditor

TIDMCTT

RNS Number : 8686D
Cattles PLC
09 December 2009

?
Cattles plc
9 December 2009


CATTLES PLC
Circular regarding the resignation of auditor
Pursuant to Section 520(2) of the Companies Act 2006, a circular has today been
posted to shareholders of Cattles plc ("the Company") for information only in
relation to the statutory statement received from PricewaterhouseCoopers LLP in
connection with its resignation as the Company's auditor.
The Company announces that the Board of Directors have now appointed Grant
Thornton UK LLP to fill the vacancy as auditor of the Company and its
subsidiaries.
Two copies of the circular have been forwarded to the Financial Services
Authority. A copy is also available on the Company's website
(www.cattles.co.uk). A copy of the resignation letter received from
PricewaterhouseCoopers LLP will be filed with the Registrar of Companies.
ENDS

[alistair4444] 09/12/2009 16:29

Circular regarding the resignation of auditor

TIDMCTT

RNS Number : 8686D
Cattles PLC
09 December 2009

?
Cattles plc
9 December 2009


CATTLES PLC
Circular regarding the resignation of auditor
Pursuant to Section 520(2) of the Companies Act 2006, a circular has today been
posted to shareholders of Cattles plc ("the Company") for information only in
relation to the statutory statement received from PricewaterhouseCoopers LLP in
connection with its resignation as the Company's auditor.
The Company announces that the Board of Directors have now appointed Grant
Thornton UK LLP to fill the vacancy as auditor of the Company and its
subsidiaries.
Two copies of the circular have been forwarded to the Financial Services
Authority. A copy is also available on the Company's website
(www.cattles.co.uk). A copy of the resignation letter received from
PricewaterhouseCoopers LLP will be filed with the Registrar of Companies.
ENDS

[alistair4444] 09/12/2009 01:15

London Meeting Info For All

[alistair4444] 09/12/2009 01:14

Meeting Info For All

[davidosh] 08/12/2009 12:14

Anyone going to the London EGM ?

[alistair4444] 08/12/2009 11:51

Another is Provident Financial, a sub-prime lender whose competitors have struggled. London Scottish has gone into administration and Cattles is talking to its creditors about a possible financial restructure. "Provident will continue to do well, especially if unemployment continues to increase. Its earnings have not yet peaked," he says.

[spectoacc] 08/12/2009 09:14

Only the cardiac variety.

Hoping someone on here will go to the London meeting on the 16th and ask a few tricky questions, particularly as regards taking tax losses now and not waiting 2 or 3 years.

[cpl593h] 07/12/2009 20:57

Any arrests yet?

(ooops apologies, wrong galaxy).

[grahamytrain] 05/12/2009 15:11

We can certainly write it off now I think, but not or GCT purposes unfortunately.

[killieboy] 01/12/2009 14:20

Can we now write this off against our CGT gains for this year? Edit PLEASE!!

[spectoacc] 28/11/2009 11:02

I presume you think these are coming back at 50p risk1.

Try reading the last RNS - or the (useful) analysis above. I'll save you the trouble: debt £2.4bn (& rising, due to rolled-up interest payments); assets (loans to customers): £1.9bn (& falling as defaults rise, offset to varying degrees by interest income, offset again by running costs).

Result: work it out for yourself.

[risk1] 28/11/2009 00:20

spec

u are a wally

[spectoacc] 26/11/2009 09:26

July 2011, missed that - so potentially can forget about the tax loss this year, or next year. They need an earful at that Dec meeeting.

[catmanboogie] 26/11/2009 09:19

CATTLES, the sub-prime lender, has revealed it made a £555.3m loss in 2008.

The Batley-based company, whose shares are suspended, said bad debt charges totalled £778.9m last year.

Cattles has also lost £374.4m in the nine months to the end of September this year.

In 2007, for which its results have now been restated, it made a profit of £22.7m, after earlier guidance of a £165.2m profit.

But the belagured lender said it had secured a "standstill and equalisation agreement" from its key creditors, the banks, bondholders and noteholders, who are owed around £2.7bn.

The deal will give Cattles a chance to restructure and means its creditors will not force it into administration or demand the cash they are owed until July 2011.

Cattles said the SEA meant the group would have a better chance of stabilising its financial position.

The group has been hit by accounting failures which meant bad debts were not properly accounted for.

Cattles had previously warned it would need to make a provision of up to £850m for previously unaccounted bad debts which it has now included in its accounts.

The company is also to hold a shareholder meeting on December 16 as its net assets is now less than half of its called-up share capital.

[spectoacc] 26/11/2009 08:55

Jeez if anything it's even worse than I expected. Some of those figures are jaw-dropping. Cattles reported a profit of £165.2m in 2007; actually that was a profit of only £22.7m. Far, far worse: the expected profit for 2008 is now a loss of... £555.3m.

Say what you like about "non-cash charges" etc, but net effect is co has been hugely insolvent for some time - negative shareholder funds of £197m!!

But this is clearly going to drag on for a long time yet, probably a year or two, as the debt holders look to run the co down for maximum benefit. Can't blame them, but the co should at least come clean re the shares and allow the tax losses to be taken.

Just the 1st 9 months of 2009 show a further loss of £347.4m. "Loans to customers £1.9bn, debt (less cash) £2.3bn" says it all. And that's presuming they manage to collect all the £1.9bn. So negative shareholder funds have moved from -£197m to -£400m in just a further 9 months.

Staggering.

[rampanddump] 26/11/2009 08:28

Remarkable that the results are still unaudited with the auditors now living with Cattles

[subh4n] 25/11/2009 20:04

dose any 1 knows wen it will be start treding agian plz

[mattjos] 25/11/2009 19:18

yes ..a long time ago. move on & try to make some elsewhere. the only value remaining here is in reducing your CGT liability for possibly this year but definetly next year. End of ...

[alistair4444] 25/11/2009 17:23

RNS Number : 0971D
Cattles PLC
25 November 2009

?
Cattles plc
25 November 2009


?CATTLES PLC


SIGNING OF STANDSTILL AND EQUALISATION AGREEMENT


Background


Cattles plc ("Cattles" or "the Company") announces that earlier today, following
detailed and extensive negotiations with its key financial creditors, it has now
reached an agreement with those creditors regarding a formal standstill and
equalisation agreement ("SEA"), subject to the approval of the holders of the
2014 and 2017 bonds ("Bondholders") at Bondholder meetings on 17 December 2009.
The Company has also today agreed (subject as described above) certain
modifications to the terms of its bank facilities, private placement notes and
bonds. Consent Solicitation Memoranda ("CSMs") have been sent to the Bondholders
today to call the Bondholder meetings on 17 December 2009.
The signing of the SEA and these modifications should improve the likelihood of
the Company achieving its restructuring objectives, namely:
* to stabilise the financial position of the Company and its subsidiaries ("the
Group"); and
* against this background, to continue discussions with the Company's key
financial creditors with a view to agreeing a consensual restructuring of the
Group.

Key terms of the SEA


The SEA was signed today by the Company, Welcome Financial Services Limited
("WFSL"), certain other members of the Group and, among others, lenders of
certain syndicated and bilateral facilities to the Company ("Banks"), certain
guaranteed hedging counterparties ("Guaranteed Hedging Counterparties"), certain
unguaranteed hedging counterparties ("Unguaranteed Hedging Counterparties") and
holders of certain private placement notes issued by the Company
("Noteholders").


It is anticipated that the SEA will become effective on 17 December 2009 (the
"Effective Date") when HSBC Trustee (C.I.) Limited will accede to the SEA as
trustee for the Bondholders, subject to the formal approval of the Bondholders.
The Company has received irrevocable undertakings from Bondholders representing
79.91 per cent. of the 2014 bonds (by nominal value) and 77.81 per cent. of the
2017 bonds (by nominal value) to vote in favour of the resolutions to be
proposed at the Bondholder meetings and therefore the Company expects that such
resolutions will be duly passed.


The key provisions of the SEA are summarised in the annexe to this announcement.
Those key provisions include:
* Standstill: A formal agreement by the key financial creditors to "stand still"
and therefore agree not to take enforcement action against the Company, WFSL or
other members of the Group for a limited period of time as set out further in
the Annexe below under 'Period of Standstill'.
* Cash distributions: Obligations on WFSL to distribute the majority of cash
generated by the Group to the key financial creditors, subject to the right of
WFSL to forecast and retain a provision for working capital requirements and
other contingencies. The SEA expressly provides that this forecast will be
prepared on a conservative basis to provide ongoing liquidity.
* Cash management: Obligations on the Company, WFSL and other members of the Group
to ensure that the majority of cash generated by the Group, which is currently
subject to rights of set off in favour of certain key financial creditors,
continues to be maintained in bank accounts that are subject to such rights of
set off in favour of such key financial creditors.



Key financial information


Cattles has also announced today certain information relating to its trading and
financial position including its Interim Management Statement. This information
is also included in the CSMs. The information contained in this announcement is
unaudited and therefore subject to material change. The timing of the
finalisation of the statutory accounts of Cattles and its subsidiaries for the
year ended 31 December 2008 remains uncertain. The financial information
included in this announcement has been prepared on the going concern basis and
under the historical cost convention, as modified by the accounting for
derivative financial instruments at fair value through profit or loss.


The key financial information can be summarised as follows:


* The Company's current view of the loss before tax for the year ended 31 December
2008 is GBP555.3 million and that the profit before tax for the year ended 31
December 2007 would have been restated to GBP22.7 million.
* Cattles has previously announced that it estimated that the Group would need to
make a provision of around GBP700 million in excess of that originally
anticipated with respect to the value of customer loans held as at 31 December
2008. Cattles has also reported previously that it was considering whether to
include an additional incurred but not reported provision of GBP150 million as
at 31 December 2008, consistent with accounting standard IAS39. The income
statement numbers referred to above are after including appropriate charges in
respect of these items.
* The Company considers that the Group's balance sheet at 31 December 2008 would
have been likely to show a deficiency of shareholders' funds of GBP197.0
million, with loans and advances to customers of GBP2.5 billion and gross
external borrowings of GBP2.7 billion.
* The unaudited results of the Group for the nine months ended 30 September 2009,
taken from the management accounts, show a loss before tax of GBP347.4 million.
As at 30 September 2009, loans and advances to customers amounted to GBP1.9
billion and gross external borrowings amounted to GBP2.7 billion (GBP2.3 billion
net of cash at bank).
* The Group continues to generate cash and at 1 November 2009 had cash of GBP392.0
million. Welcome Finance has collected cash (gross of collection costs) of
GBP570.4 million in the nine months ended 30 September 2009.



Serious loss of capital


On the basis of the financial information set out above, the directors of the
Company have concluded that the value of the Company's net assets is now less
than half of its called-up share capital. In such circumstances, the directors
are required by the Companies Act 2006 to convene a general meeting of
shareholders to consider whether any, and if so what, steps should be taken to
deal with the situation.


Accordingly, the directors will shortly send to shareholders a circular
convening a general meeting which is expected to be held on 16 December 2009.


ENDS