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CTT Cattles

6.88
0.00 (0.00%)
27 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Cattles LSE:CTT London Ordinary Share GB0001803666 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 6.88 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Cattles Share Discussion Threads

Showing 5501 to 5520 of 5550 messages
Chat Pages: 222  221  220  219  218  217  216  215  214  213  212  211  Older
DateSubjectAuthorDiscuss
29/11/2010
15:48
Results are out too - frig me, they're bad, worse than even I expected. Yet more provisions etc, and basically lost 160p/share yr before last, 130p/share last year. Have £1.4bn in loans outstanding (no chance of recovering that full amount) whilst having debt of £2.4bn (not sure if that includes accumulated interest to bondholders).

No intention to relist the shares pre-1p, very wise..

spectoacc
29/11/2010
15:16
At least we an now write this lot off against CGT allowance this year (hopefully).
killieboy
29/11/2010
15:07
ST wins, looks like 1p/share in about March 2011.

RNS Number : 9860W

Cattles PLC

29 November 2010

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

29 November 2010 FOR IMMEDIATE RELEASE

Cattles plc

Launch of restructuring

The Board of Cattles plc ("Cattles") announces that it has received sufficient support from its key financial creditors to enable it to launch a restructuring of the Cattles group (the "Group").

The highlights of the restructuring proposal are as follows:

-- Cattles and Welcome Financial Services Limited ("WFSL") each intend to propose a scheme of arrangement to certain of their respective creditors;

-- Cattles, WFSL and certain other members of the Group intend to enter into bilateral agreements with the pension trustee of the Cattles Staff Pension Fund which will compromise the claims of the fund;

-- a payment is proposed to be made by WFSL to the Financial Services Compensation Scheme (the "FSCS") in connection with the liabilities of WFSL in respect of certain regulated products sold by WFSL; and

-- Cattles intends to propose a scheme of arrangement to its shareholders, pursuant to which Cattles shareholders will receive 1p in cash for each Cattles share held by them.

Commenting on the proposed restructuring, the Executive Chairman of Cattles, Margaret Young said:

"Today's announcement is the culmination of long and complex discussions and, given the Group's very serious financial difficulties, we believe that the proposed restructuring represents the best possible outcome for the Group's creditors and shareholders. It will also provide a stable platform to collect out the Welcome Finance loan book and to continue to develop the businesses of Shopacheck and The Lewis Group. Since the beginning of 2009, we have collected over GBP1.1 billion from the Welcome Finance loan book and returned Shopacheck and The Lewis Group to profitability.

Cattles and WFSL have received sufficient support from their respective key financial creditors to enable us to launch this restructuring. The proposed schemes of arrangement will be put before separate creditor and shareholder meetings for their approval, early in the New Year. If those approvals are for any reason not forthcoming, the Board of Cattles expects that it would be necessary to place Cattles into administration."

Introduction

The Board of Cattles announces that it has received sufficient support from its key financial creditors to enable it to launch a restructuring of the Group.

On 25 November 2009, Cattles announced that it had agreed a Standstill and Equalisation Agreement ("SEA") with its key financial creditors, and that this should improve the likelihood of achieving its restructuring objectives. Since that date, Cattles has continued to engage in discussions with representatives of its key financial creditors in order to progress proposals for a solvent restructuring.

Cattles, WFSL and certain other members of the Group have today entered into an agreement with certain of their respective key financial creditors to support a solvent restructuring (the "Restructuring and Lock-Up Agreement"). Cattles and WFSL have now notified the other parties to the Restructuring and Lock-Up Agreement that they have resolved to launch a solvent restructuring of the Group as described below.

Key features of the restructuring

- Cattles intends to propose a scheme of arrangement under Part 26 of the Companies Act 2006 to its shareholders, pursuant to which the shares in Cattles will be acquired by Bovess Limited ("Bovess"). Bovess is a newly incorporated company, established at the request of Cattles by an independent corporate services provider for the purposes of implementing the restructuring. Bovess will be managed by the independent corporate services provider and ultimately owned by a charitable trust. Under the terms of the Cattles shareholder scheme, Cattles shareholders will receive 1p in cash for each Cattles share held by them. The formal Rule 2.5 announcement, as required by the City Code on Takeovers and Mergers, will be issued shortly.

- Cattles and WFSL also each intend to propose a scheme of arrangement to certain of their respective creditors. Pursuant to those schemes, the claims of those creditors will be compromised in order to facilitate a solvent restructuring of Cattles and WFSL and maximise recoveries for their respective creditors.

- Another member of the Group, Ewbanks Mail Order Limited, intends to propose a scheme of arrangement to certain of its creditors, pursuant to which its guarantee obligations (and those of certain other members of the Group) will be compromised in order to facilitate a solvent restructuring of those entities.

- Further, Cattles, WFSL and certain other members of the Group intend to enter into bilateral agreements with certain other creditors including the pension trustee of the Cattles Staff Pension Fund which will compromise the claims of the fund in order to facilitate the solvent restructuring. In addition, a payment of GBP90 million (subject to certain adjustments) is proposed to be made by WFSL to the FSCS in connection with the liabilities of WFSL in respect of certain regulated products sold by WFSL.

- Each scheme and bilateral agreement, including the shareholders' scheme, will be subject to the satisfaction of certain conditions.

- Subject to the satisfaction of those conditions, under the terms of the WFSL scheme of arrangement, Cattles will compromise its subordinated intercompany claims against WFSL and other subsidiaries in the Group in return for a payment by WFSL of GBP49 million to Cattles.

As a condition of that payment of GBP49 million, WFSL and Cattles will enter into a protocol for the sharing of information relating to any claims either may have against third parties. For joint claims against third parties by both WFSL and Cattles, in the event of a proposed settlement or appeal, WFSL would be able to decide whether or not to proceed subject to it indemnifying Cattles for any losses it might suffer as a result.

Having stabilised the Group and launched the restructuring, Margaret Young, David Haxby, Frank Dee and Alan McWalter have advised the Board of their intention to resign as directors of Cattles, at an appropriate time, shortly after the restructuring has been completed. Robert East and Paul Felton-Smith will remain as Managing Director and Finance Director, respectively.

Position of Cattles

If the Cattles creditor scheme and/or the Cattles shareholder scheme do not become effective, the Board of Cattles expects that it will be necessary to place Cattles into administration and that all of its subsidiaries (other than Cattles Staff Pension Fund Limited) will be sold to Bovess for a nominal payment to Cattles (with no offer to Cattles' shareholders). Pursuant to the Restructuring and Lock-Up Agreement, certain of the key financial creditors of Cattles and WFSL have confirmed their support for the Cattles Board to place Cattles into administration in such circumstances.

In that scenario, under the terms of the WFSL creditor scheme, Cattles will agree to compromise its subordinated intercompany claims against WFSL and other subsidiaries in the Group for an amount which is not less than GBP30 million and which may increase, at the option of Cattles, either to: (i) GBP33 million; or (ii) subject to a ratchet mechanism, an amount which may not exceed GBP39 million. This reflects the lower amount WFSL is prepared to pay to compromise its intercompany debt in circumstances where Cattles is in administration.

Therefore, the assets available for distribution to the creditors of Cattles under the restructuring will comprise:

(a) either: (i) up to GBP39 million; or (ii) GBP49 million paid by WFSL, as summarised above;

(b) approximately GBP5 million projected to be received from the intended future disposal of a property owned by Cattles Properties (Ruddington) Limited, which is currently occupied by WFSL;

(c) approximately GBP2 million in cash held by Cattles; and

(d) the proceeds of any successful claims that Cattles may have against third parties,

in each case subject to related costs incurred.

Expected timetable

Documentation relating to the Cattles shareholder scheme and the creditor schemes described above is expected to be made available in December 2010 to the shareholders of Cattles and the relevant creditors of Cattles and WFSL, respectively. This documentation will include details of the timetable for the schemes, including the proposed dates for meetings in 2011 at which those shareholders or creditors (as applicable) will be able to attend and vote in respect of the schemes.

Subject to the satisfaction of the conditions to be set out in the creditor schemes, the Cattles shareholder scheme and the bilateral agreements, it is presently expected that this restructuring process will be concluded by late February 2011.

Cattles will make further announcements in connection with the matters set out above, as appropriate.

spectoacc
29/11/2010
13:34
Now it's the Sunday Times's turn to say this week is the critical week, that talks are still in the balance, and that it's administration this week if they can't agree.

De ja vu all over again, as the mighty Yogi Berra once said.

spectoacc
10/11/2010
15:49
Nope. Total silence on the "1p or not 1p" again too.
spectoacc
10/11/2010
15:36
Can we write this bloody lot off against CGT yet?
killieboy
23/10/2010
11:27
There is still the outside chance of the 1p offer, something which I never thought even remotely possible - shareholders are last in the queue of creditors & I said CTT would be short of paying those ranking ahead by about a billion quid.

Yorkshire Post article today suggests it'll be more like a £1.4bn shortfall. But I underestimated the importance to the banks of keeping Cattles's corpse twitching, hence the chance of 1p/share. Mind you: they've managed to keep it going for a few years already without anything to shareholders, even denying anyone the capital loss so far.

Be nice to see an end to the whole sorry saga.

spectoacc
23/10/2010
09:47
The only benefit shareholders are likely to get is to use it as a tax loss for any investor who has a C.Gain over the allowance.
w.bramley
22/10/2010
08:06
Interm Management Statement out; they must have been reading my posts! Confirmed £1bn net negative shareholder funds. Still a chance of the 1p offer but doesn't look imminent.
spectoacc
23/9/2010
09:05
CTT without the historical bad debts/£1bn of negative worth would be a good co, as it once was many years back.
spectoacc
23/9/2010
08:57
Seems odd that a new company doing what CTT does, is or has been set up in the Midlands,(BBC Ceefax) which appears similar to CTT, when CTT is in such Dior straights.
w.bramley
22/9/2010
08:40
Again, thanks. Though that article might as well be 22 September 2009! Ridiculous that it can drag on so long, in limbo.

Seems 75% debtholder vote is needed for a 1p offer, but seems Cattles will try to force it through by threatening Admin/greater losses instead.

spectoacc
20/9/2010
08:23
Thanks; I'd agree with that latest one, talks ongoing per the RNS, but admin if they fail. Though that would make the ST article incorrect in saying that 75% bondholder approval is required.
spectoacc
19/9/2010
08:43
Hm actually the ST agree with the Express - page 3 of Business today, says Admin is imminent.
spectoacc
16/9/2010
09:10
Express totally ignored that last para in yest's RNS: the talks are still on, just with only 2/3rds of remaining debt holders.

Personally I think it'll drag out for years more, & it's at best 50:50 on the 1p "bid".

spectoacc
15/9/2010
08:01
"15 September 2010

Cattles plc

Update on possible offer for Cattles plc ("Cattles") As has previously been announced, Cattles has been in discussions for some time with representatives of its key financial creditors concerning a consensual restructuring of its liabilities.

On 2 June 2010 Cattles announced that one of the options being discussed with those representatives included a proposal under which a newly incorporated company would make an offer, at a nominal value of up to 1p per share, to acquire the entire issued share capital of Cattles (to be effected by a shareholder scheme of arrangement).

Cattles has been informed by the advisers to the steering committees of the bondholder creditors of Cattles (which Cattles understands hold approximately one third of the nominal value of the outstanding bonds) that such steering committees and their advisers have ceased and do not intend to re-instigate negotiations with Cattles' other key financial creditors in respect of any solvent restructuring of Cattles.

Notwithstanding the above, Cattles believes that it remains in the interests of all parties to reach an agreement. Therefore, Cattles and its advisers continue to engage in ongoing constructive discussions with representatives of certain of its key financial creditors still with a view to achieving a consensual restructuring of Cattles' liabilities, including an offer to acquire the share capital of Cattles at up to 1p per share. "

spectoacc
06/8/2010
11:59
Before the board put shareholers out of the misery, shareholders should have kicked out this board out of their luxurious life with cattles. I have no idea who is keeping this board going even though they clearly said shareholders will not get anything back.
badhshah
06/8/2010
10:36
From the link posted by killieboy - "Any settlement that arises is likely to see former shareholders left considerably out of pocket, however. Cattles' main creditor at the time of its demise last year was Royal Bank of Scotland.

Sources close to the company last week said that its main doorstep lending business, Shopacheck, and its Lewis Group debt collection unit were still trading profitably.

No decision has been taken on what will happen to the two businesses, but they are likely to be put up for sale to help raise money for creditors."


They should just put shareholders out of their misery!

snax0
26/7/2010
17:55
You couldnt make it up...............
killieboy
07/7/2010
15:47
SpectoAcc - Yes but with a "no win , no fee" that eventually will not happen.
rfinance
Chat Pages: 222  221  220  219  218  217  216  215  214  213  212  211  Older

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