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Interserve Share Discussion Threads
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|Re: Rights Issue, there's no point refilling the bath until you're sure the plug is in.|
|Correction: economical with the truth.|
|A rights issue could be the answer...I'd support that. In return for no increase in directors remuneration as they've failed and lied.|
|Interserve plc (LON:IRV) was upgraded by analysts at Peel Hunt to a "hold" rating. They now have a £2.50 ($3.11) price target on the stock, down previously from £3.20 ($3.99).
Interserve plc (LON:IRV) was downgraded by analysts at J P Morgan Chase & Co to a "neutral" rating. They now have a £2.53 ($3.15) price target on the stock, down previously from £5.18 ($6.4)
Work that out.|
|Salpara, I think the market agrees. If that £160m was the end of it, IRV would still be worth somewhere around £3 or so.
As far as the SWOT analysis goes, I think they must have got bored after the first three quarters of it... :-(|
|I am still wondering where their due diligence was on this EfW Project. Was there no SWOT analysis, who were their risk managers/advisers? Not seen anyone from either Finance or Construction departing in the wake of this debacle and that alone erodes my last vestiges of confidence because we can hardly be expected to believe that those Senior Management who bid these contracts are the ones who will now sort it all out. Poor shareholders and employees who will suffer the most. The Management no doubt got their pat on the back and their mega-bonuses at the time of Contract wins, and I don't see them handing them back. This is more than a minor error of judgement, this is a monumental catastrophe for stakeholders.|
|Article in the ft today analysts saying they doubt that the updated provision is sufficient and that irv faces a whole range of trading challenges. Page 18|
|I wonder if we get a sharp reversal up from today's low?|
|Dead kitty now, but might slam into reverse!|
|Could fall sub 200p today imo.|
|I thought there might have been a dead kitty bounce at the open after yesterdays dramatic drop but apparently not.|
|ganthorpe:> Thanks for your info above. PNN market cap some £3.5 billion - Their legal teams should have drawn up watertight (pun!) contracts and be able to eat IVR for breakfast, lunch and tea. makes me even more inclined to stay out .|
|Yeah, just one week to announcements and they call for a special teleconference. Hmmmm!|
|I got out of IRV and CLLN some years ago when the good news and the share price told different stories.
I hold Pennon (PNN) which owns Viridor who contracted IRV to commission Glasgow recycling plant( energy recapture to give it's Sunday name) for Glasgow Corporation.
So here is what PNN say about the contract.
Looking at PNN announcements , all seemed well with Glasgow project till on September 1st 2016 the CEO of Viridor suddenly left with immediate effect (no reason given) . Later in September a PNN trading update referred to delays in commissioning and stated that PNN had remedies and would receive compensation for the delays.
On 2 February they announced that they had terminated the contract and another contractor would be completing the job and again referred to compensation .
It doesn't spell out the full horror but it makes the departure of the CEO look ominous as he probably hired IRV. I am wondering if PNN will be fully comensated.
Just a bit of background|
|They will not be in a position to buy this week, they will be privy to the year end results by now, so will have to wait until the release, I'm surprised they flagged this today, I assume they knew for a while about today's statement, most likely forced to rather than hold on to next weeek!|
|Goodbye dividend. I bought for the Divi but I would be extremely surprised if the Divi Wasn't cut for the next 18 months. Listening to the teleconference call this morning I didn't hear any hints of more positive news about the rest of the business. The management team confined the news specifically to EfW issues. Let's see if they buy in the next few days after today's pumelling. If they don't then I see more bad news next week.|
|My guess is they will reduce the dividend to about 5ppa saving them approx£30m pa but we will know next Monday|
|Sell and keep selling.|
|What an horrendous day!|
|Come back at 150p !!
You need know when to run and to cut the loser.|
big bear billy
|Dividend will be halved or cut altogether, you have seen a massive rise in debt, further cash outflows this year, and add in the uncertainty and you have a very dark and clouded outlook!|
|I was at a loss to explain the share price recovery as previously mentioned,
it looked a very sanguine take.
Some probably did nicely buying the last dip and exiting before today.|
|Dividend should be halved, more or less (probably a bit more), in my opinion. This would allow the paying down of debt without causing a massive run for the exit from dividend investors.
At the current price, the existing business is on the face of it good value. The issue is the time-related value (negative) of the requirement for reducing the debt over the next 4/5 years, and the risk of a downturn in fortunes elsewhere in the business.
I understand people's concern with the "technically insolvent" balance sheet, but that ignores the value of the current contracts and the considerable (intangible) value of the existing business, most of which has been run very well. The company is still worth somewhere over £2 in my estimation, but where is hard to work out... and to an extent dependent on your investing timeframe.|
|Hoping for 265p close !!|
big bull billy