Share Name Share Symbol Market Type Share ISIN Share Description
Southern Cross Healthcare Grp LSE:SCHE London Ordinary Share GB00B14RYC39 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 6.25p 0.00p 0.00p - - - 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Health Care Equipment & Services 958.6 -47.4 -19.5 - 11.75

Southern Cross Healthcare Share Discussion Threads

Showing 8526 to 8545 of 8550 messages
Chat Pages: 342  341  340  339  338  337  336  335  334  333  332  331  Older
DateSubjectAuthorDiscuss
28/10/2011
19:10
http://www.telegraph.co.uk/finance/newsbysector/supportservices/8689556/Southern-Cross-chief-executive-Jamie-Buchan-could-collect-500000.html Nice to see Mr Buchan has done OK out of this scam.......maybe one day soon he will tell me why he ripped me off!!!
aspers
02/10/2011
21:38
From my HBOS Share dealing account.....The Board has announced that as part of it's restructuring proposals, it is intending to effect a disposal of the Company's assets and to place the Company into a Solvent Liquidation. The United Kingdom Listing Authority has granted the Company a waiver in respect of the requirement to prepare a circular and obtain shareholder approval for the restructuring and the Board has been advised that in light of the serious financial position of the Company ,there would be no value left for distribution to the Company's Shareholders. Therefore it is expected that no distributions will be made. It has not yet been confirmed who will be appointed as the Liquidators of the Company, or on what date they will be appointed. The Board do however hope to have completed all disposals by early November 2011 and expects all such disposals will have been completed by the end of 2011. We will update you on receipt of any further information from the Company or its Liquidators. Should you wish to find more information about the Liquidation, please visit the Southern Cross website, http://investors.schealthcare.co.uk/. WELL MR BUCHAN LETS JUST SAY THIS.....A BIG THANK_YOU FROM THE SHARE HOLDERS THAT TRUSTED IN YOU.......REMEMBER AN ELEPHANT NEVER FORGETS....SPEND YOU PROFITS WISELY AND ENJOY!!!!!!
aspers
28/9/2011
08:35
complete and utter disgrace for once i agree with Ed Milliband in highlighting this company as not the way to run a business in the UK should all be put in prison including the original carve up by the Private Equity group, thats where all the potential share holder money went to line the pockets of Blackrock, and Directors wages who must have knowingly ran a company into the ground?
warwick69
27/9/2011
11:01
"the Directors believe that they are acting in the best interests of the Company." This should read "the Directors believe they are acting in the best interest's of themselves!!!" I hope they all rot in hell as that's what they deserve!!!!!
aspers
27/9/2011
09:23
So,..sadly, nothing for shareholders.
mavverick
27/9/2011
08:59
DJ Southern Cross Healthcare Grp PLC Restructure Update TIDMSCHE RNS Number : 9912O Southern Cross Healthcare Grp PLC 27 September 2011 27 September 2011 Southern Cross Healthcare Group PLC ("Southern Cross", "the Company" or "the Group") Announcement of Final Form of Restructuring - Implementation of Restructuring Underway - The Board of Southern Cross announces that it has reached agreement with its principal landlords and lenders on the final form of the restructuring of the Group (the "Restructuring") and that the process of transferring its homes to new operators is now being initiated on a basis which provides for the continuity of care for residents. The Restructuring, which is described below, involves the assignment of the Group's operating leases of care homes to its landlords and the transfer of the related business and assets for the care operations of those homes (including back office support) to its landlords or alternative care providers. Such arrangements are intended to facilitate an orderly wind-down of the Group's operations on a basis which ensures continuity of care at the home level is maintained. The Restructuring relies on the continuing support of the Group's landlords and lenders. The United Kingdom Listing Authority (the "UKLA") has granted a waiver pursuant to Listing Rule 10.8 in respect of the requirement to prepare a circular and obtain shareholder approval for the Restructuring, available only to companies in severe financial difficulty. In connection with that waiver, the Board confirms, as it has confirmed to the UKLA, that in respect of the Restructuring: -- This was the only form of restructuring to which its landlords would agree; -- It has not been possible to make the Restructuring conditional upon shareholder approval; -- All alternative methods of financing its immediate working capital needs have been exhausted and the only solvent option remaining to the Company is to implement the Restructuring; and -- By taking the decision to implement the Restructuring, the Directors believe that they are acting in the best interests of the Company. In the event that the Restructuring cannot be progressed, the loss of support of creditors would mean the Company and a number of its subsidiaries will be unable to continue to trade resulting in the appointment of receivers, liquidators or administrators. Background and current position As highlighted in the Company's interim results for the six months ended 31 March 2011 which were published on 19 May 2011, the Company has been facing serious financial challenges for some time. The Group's financial situation is such that it is unable to meet its full rental obligations to the landlords from whom it leases the care homes that it operates and, currently, is only able to continue its operations as a result of the continued temporary deferral of rental obligations from its landlords and the continued temporary provision of credit lines from its lenders, Barclays Bank PLC and Lloyds TSB Bank PLC (the "Lenders"). As previously announced on 14 March 2011, the Board has been in discussions with its advisers, its landlords and the Lenders regarding options for a restructuring of the Group. On 23 September 2011, landlords representing over 80% (by number) of the Group's homes confirmed that they would not agree to their acquisitions from the Group being conditional upon receipt of shareholder approval. The Lenders' continued support is conditional on the landlords' support of the Group, which is in turn conditional on the grant of an exemption pursuant to Listing Rule 10.8 in respect of the Restructuring. Without the landlords' and the Lenders' continued support it would not be possible to implement the Restructuring. In the event that the Restructuring cannot be progressed, the loss of support of creditors will mean the Company and a number of its subsidiaries will be unable to continue to trade resulting in the appointment of receivers, liquidators or administrators. In such circumstances, there would be no value left for distribution to the Company's shareholders. The Restructuring The Board has been advised that in light of the serious financial position of the Company, it should have primary regard to the interests of creditors. Two courses of actions were identified by the Board: (i) to implement an appropriate insolvency procedure; or (ii) to attempt a restructuring of the Group on terms agreeable to major creditors. Under both courses there would be no value left for distribution to the Company's shareholders. The Board has concluded that the Restructuring of the Group is clearly the preferable route as it will ensure maintenance of continuity of care for residents. The Restructuring, which is driven by a restructuring agreement between the Company, its Lenders and landlords which will become effective on its execution by landlords in respect of 75% (by number) of the Group's care homes, may be summarised as follows: -- The Group's operating leases will be assigned to its landlords and the related business for the care operations of those leased homes together with the employees working in those homes, will be transferred or "transitioned" to its landlords or their chosen alternative care providers. -- In order to ensure that continuity of care is maintained, the Group will transfer to HC-One, a company formed for the purpose of operating care homes owned by NHP, that part of its operations which provide "back office" support and HC-One/NHP will continue to provide such support to some landlords and alternative care providers for a period of time following completion of the transfer of homes. The Lenders require all parties to have signed documentation relating to these arrangements prior to the Lenders entering into the restructuring agreement. -- In return for the orderly transition of homes and the Lenders' support, landlords will continue to provide additional working capital support to the Group by forbearing from exercising their existing rights against the Group, and by providing a full deferral of the rent due to them during September 2011. -- The Lenders will continue to make the Group's revolving credit facility available during the transition period. -- The 11 leasehold properties identified by the Group as having a material positive realisable assignment value (which are the subject of security in favour of the Lenders) will be sold to new operators in return for a payment of GBP1,025,000, of which GBP1,000,000 will flow to one of the Lenders, Barclays Bank PLC. Conditional agreements in respect of 8 of these homes have been entered into already, resulting in a payment of GBP925,000 to Barclays Bank PLC. -- The Group's 19 freehold properties, which are subject to fixed charge security, will be sold to third parties. -- The Board hopes to have completed the disposals by early November 2011, and in any event expects that all such disposals will have been completed by the end of 2011. -- There will be an orderly wind down of the Group's residual operations. -- Following completion of the disposals and expiry of the transition period the Board is intending to put the Company into a solvent liquidation. HC-One's obligations under its Business Purchase Agreement with the Company are conditional on NHP receiving the consent of Capita Asset Services (UK) Limited ("Capita") in its capacity as servicer and special servicer in respect of NHP's senior GBP1,172,000,000 debt facility (the "NHP Facility"). The care homes the subject of that agreement represent approximately 33% (by number) of the care homes operated by the Southern Cross Group. Capita and its advisers have been fully involved in the negotiation of the Restructuring. Capita has confirmed to the Company, (i) that it is strongly supportive of the agreed basis for NHP's participation in the Restructuring and believes that to be in the best interests of its stakeholders, being the lenders under the NHP Facility, (ii) it considers the entering into and implementation of NHP's participation in the Restructuring to be in accordance with the servicing standard to which Capita must adhere and (iii) assuming that the transition of the NHP-owned homes remains in compliance with the servicing standard Capita's Special Servicing Committee will be convened to agree on final consent to NHP's participation in the Restructuring promptly following, (a) finalising the documentation with NHP's operator, the commercial terms of which are substantially agreed and which is expected to be finalised on or about 30 September, and (b) the release of this announcement. The Company has been informed that the obligations of London & Regional, Citrus, Loyd and PHF with respect to their Business Purchase Agreements are subject, in each case, to consent from institutions which are providers of debt finance to them. Taken together the care homes subject to these Business Purchase Agreements represent approximately 27% (by number) of the care homes operated by the Southern Cross Group. London & Regional has confirmed that all of its lenders have been fully involved in the negotiations of the Restructuring and that it has been advised to enter into their Business Purchase Agreement and the Restructuring Agreement. London & Regional expect to receive consent from their lenders not later than 30 September 2011. Citrus has confirmed to the Company that it expects to receive the required consent of its lenders within seven days of the release of this announcement. Loyd has confirmed to the Company, (i) that four of its seven lenders have given consent to its entering into its Business Purchase Agreement and that Grant Thornton has advised that Loyd should enter into its Business Purchase Agreement, and (ii) that it expects to receive the required consent from the final three of its seven lenders within seven days of the release of this announcement. Other landlords will also need to address lender or other consent issues before their respective participations in the Restructuring become unconditionally effective. (MORE TO FOLLOW) Dow Jones Newswires 27-09-11 0858GMT
topinfo
16/9/2011
21:57
i remind you all......... this was on the cards for a long long time four seasons - how many?
jettyboy
15/9/2011
16:42
And another trade showing today as well...
selkirk69
15/9/2011
09:27
'...which is expected to include a longer term banking agreement'
mavverick
14/9/2011
16:05
Two trades today showing on ADVFN, what's all that about
selkirk69
09/9/2011
13:06
is sche still suspended or what?
bridge2far
09/9/2011
11:09
Come on guys keep up....I am sure HC-One is a re-work of SCHE, next we will hear that Mr Buchan is the MD.......I dont mind losing money in a fair and square way but I have lost near £50K in this dodgy deal and I will not rest till Mr Buchan's dodgy dealings are exposed to the rest of the world!!!!
aspers
09/9/2011
10:48
They could have sold out - there was 'more than one interested party' a while back.
selkirk69
09/9/2011
10:33
i dont understand if there was any intrinsic wealth why didnt shareholders get a say?
bridge2far
09/9/2011
10:31
the longer sc remain the operator, surely the more losses, and the less chance of any return to shareholders. A bit surprised that sc did not make seemingly any effort to retain some of the higher occupancy care homes/bid against other operators. How/Will the new operators trade any better than sc and make a profit? Transfer is a good process for residents and back office/front office staff but maybe not the best for shareholders.
mavverick
08/9/2011
11:50
RNS out This whole thing absolutely stinks, looks like one big shafting for investors.
selkirk69
01/9/2011
19:32
So what happens when all of the properties have been taken back by the landlords - Administration?
clarendon
01/9/2011
17:02
the rent concessions by Landlords who have deferred rent payments due in September Why dont they just cancel the agreements to pay any rent, that way there may be a possibility of a small profit at the end, and encouragement for the landlords to bring this scenario to an end. Just defering the rents due does nothing for shareholders. OK failure to pay the rent or occupying the homes with no agreement would lead to the possibility of eviction but that would be on the heads of the landlords. Surely continuing to trade whilst there is certainty of never being able to pay the bills (deferred rent) is against the law ???? p.s QED who own 7 of the homes have a AGM on Monday pps Southern Cross Healthcare Group own 15 homes is that wholly own by SCHE ?
rbcrbc
01/9/2011
13:35
"Jamie Buchan's decision not to take compensation when he steps down as Chief Executive later in the restructuring process is entirely consistent with the tireless and selfless approach he has adopted while leading the management team at Southern Cross." ...........Aye bloody right!!!!NOT.....shame he cared little about the share holders he has shafted, I really hope the FSA start to take a serious interest in the behind the scene dealing that hase gone on at SCHE.....I am pretty sure at the end of the day Mr Buchan will walk away with bulging pockets!!! Watch this space!!
aspers
23/8/2011
11:15
The situation seems ridiculous to me. It would appear that a lot of these smaller LLs have told SCHE that they will no longer be using them, but it looks like they haven't got a clue who they want to run them instead. If you ask me, LLs resentful of SCHE's rent cuts are cutting off their noses to spite their face. To me it seems absurd that a group specialising in the provision of care for the elderly and infirm should cease to exist. But WTFDIK.
boffster
Chat Pages: 342  341  340  339  338  337  336  335  334  333  332  331  Older
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