Cattles Share Discussion Threads

[alistair4444] 02/9/2009 07:50

RNS Number : 3668Y
Cattles PLC
02 September 2009




2 September 2009

Cattles plc

Potential Staff Reductions at Welcome Financial Services


The Board of Cattles plc ('Cattles') today announces proposed changes in the organisation of its subsidiary Welcome Financial Services Limited ('Welcome').


As part of an ongoing comprehensive review of the Welcome business, Cattles proposes the closure of 30 branches where leases have expired or are due to expire and a reduction in the number of its sales and support teams.


Cattles' new management team believes that the proposed measures better align the network with reduced levels of lending and will deliver efficiencies in line with Cattles' commitment to manage the business through cost-efficient operations and improved cash collection processes.


Cattles will now enter into a consultation process with staff affected by the proposals, of whom approximately 510 will today receive notice that they are at risk of redundancy.


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

'These proposed changes are central to Cattles achieving a more cost efficient business model which mirrors current levels of lending activity.


Cattles is still in constructive discussions with its key financial creditors to obtain a standstill agreement.'


- END -

[alistair4444] 02/9/2009 07:49

RNS Number : 3668Y
Cattles PLC
02 September 2009




2 September 2009

Cattles plc

Potential Staff Reductions at Welcome Financial Services


The Board of Cattles plc ('Cattles') today announces proposed changes in the organisation of its subsidiary Welcome Financial Services Limited ('Welcome').


As part of an ongoing comprehensive review of the Welcome business, Cattles proposes the closure of 30 branches where leases have expired or are due to expire and a reduction in the number of its sales and support teams.


Cattles' new management team believes that the proposed measures better align the network with reduced levels of lending and will deliver efficiencies in line with Cattles' commitment to manage the business through cost-efficient operations and improved cash collection processes.


Cattles will now enter into a consultation process with staff affected by the proposals, of whom approximately 510 will today receive notice that they are at risk of redundancy.


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

'These proposed changes are central to Cattles achieving a more cost efficient business model which mirrors current levels of lending activity.


Cattles is still in constructive discussions with its key financial creditors to obtain a standstill agreement.'


- END -

[squire007] 02/9/2009 00:29

cant see this being the end !!!! why go thru all this pain if its just a liquidation at the end ......... must be some plan other than getting money back to the banks,

we can but hope ........

[clarendon] 27/8/2009 20:06

Informal liquidation its called!

[alistair4444] 27/8/2009 12:10

CATTLES PLC


GENERAL MEETING 27th August 2009


At the General Meeting of Cattles plc held today at 10.30 am at Congress Centre,
28 Great Russell Street, London, WC1B 3LS the following resolution was passed on
a show of hands as an ordinary resolution:


Ordinary Resolution


That the proposed disposal of the entire issued share capital of Cattles Invoice
Finance Limited, as described in the circular to Shareholders dated 11 August
2009 (the "Circular"), of which this notice forms part, on the terms and subject
to the conditions of the Disposal Agreement (as defined in the Circular), and
the ancillary actions and arrangements described in the Circular, be approved
subject to such modifications, variations, amendments, revisions or waivers
(being not of a material nature) to their terms and conditions as the Directors
(or any duly authorised committee of the Directors) shall in their absolute
discretion think fit and that the Directors (or any such committee) be
authorised to do all such things as they or it may consider to be necessary or
expedient to implement such sale or in connection with it.


The proxy votes lodged with the Registrars before the General Meeting were as
follows:



| Number of | Votes For |Discretionary |Votes Against


| 79,579,405 | 76,602,480 | 1,579,745 | 1,116,670

[alistair4444] 27/8/2009 12:08

CATTLES PLC


GENERAL MEETING


At the General Meeting of Cattles plc held today at 10.30 am at Congress Centre,
28 Great Russell Street, London, WC1B 3LS the following resolution was passed on
a show of hands as an ordinary resolution:


Ordinary Resolution


That the proposed disposal of the entire issued share capital of Cattles Invoice
Finance Limited, as described in the circular to Shareholders dated 11 August
2009 (the "Circular"), of which this notice forms part, on the terms and subject
to the conditions of the Disposal Agreement (as defined in the Circular), and
the ancillary actions and arrangements described in the Circular, be approved
subject to such modifications, variations, amendments, revisions or waivers
(being not of a material nature) to their terms and conditions as the Directors
(or any duly authorised committee of the Directors) shall in their absolute
discretion think fit and that the Directors (or any such committee) be
authorised to do all such things as they or it may consider to be necessary or
expedient to implement such sale or in connection with it.


The proxy votes lodged with the Registrars before the General Meeting were as
follows:




+---------------+---------------+---------------+---------------+---------------+
| Number of | Votes For |Discretionary |Votes Against | Votes |
| shares in | | Votes | | Withheld |
| respect of | | | | |
|which proxies | | | | |
| were validly | | | | |
| appointed | | | | |
| | | | | |
+---------------+---------------+---------------+---------------+---------------+
| 79,579,405 | 76,602,480 | 1,579,745 | 1,116,670 | 280,510 |
| | | | | |

[alistair4444] 25/8/2009 16:02

Cattles plc
25 August 2009

CATTLES PLC
Statement on Interim Results
Cattles plc ("Cattles") announced on April 23rd 2009 that, in view of the
continuing negotiations with its debt providers to seek a restructuring of its
finances, it was not in a position to publish its report and accounts for the
year ended December 31st 2008, as required by Disclosure and Transparency Rule
(DTR) 4.1.3. As a result, the Company requested a suspension of trading in its
securities pending that publication.

Cattles remains in constructive discussions with its key financial creditors
towards achieving a formal standstill which would permit restructuring
discussions to commence. However, these complex negotiations are not expected to
be concluded for some time.

Cattles will therefore not be in a position to publish its half-yearly financial
report for the six months ended 30 June 2009 by 31 August 2009 as is required by
Disclosure and Transparency Rule (DTR) 4.2.2.
A further announcement will be made when appropriate.
Enquiries:
Margaret Young, Executive Chairman, Cattles plc
Paul Marriott / Georgina Turner, Financial Dynamics
Tel: [phone]

[snowy42] 24/8/2009 13:12

Don,t you mean 1.00p

[alistair4444] 24/8/2009 09:48

The BBC web site has Cattles shares at 100p this morning ( Dont think it will last long )

[thehearse] 21/8/2009 16:47

This is what I like to see....

LONDON -(Dow Jones)- Gresham House PLC (GHE.LN), an investment trust, said Friday The Royal Bank of Scotland PLC (RBS.LN) has agreed to extend its GBP17.9 million bank loan portfolio on both Curtis Road, Dorking and Sugarich, and Knowsley for a further 2 years and also provide an additional facility to replace the previous Morgan Stanley loan for a period of 3 years.

Q Easing at its best! Chance for CTT?

[theresearcher] 18/8/2009 13:35

off topic stock tips.highly undervalued and ready too list.niche group/ngp new acquisition ely property group/student accommodation ready for move into europe.mkt cap 600k.

[clarendon] 18/8/2009 13:30

They are liquidating the company without a formal insolvency process!

[badhshah] 16/8/2009 12:28

I'll say they will get back without any dilution.

They are slimming down company by 30% percent. It will take about a year of cash collection before reaching to the required size. Be patient.

[tom111] 15/8/2009 10:55

Really,how can u be so sure?

[badhshah] 14/8/2009 21:31

These will get back.

[tom111] 14/8/2009 20:32

Dosnt look good.

[snowy42] 14/8/2009 11:04

Will these shares EVER come back?...............

[badhshah] 12/8/2009 12:55

I don't think so. I believe cattles is still operating profitably and that there would be a little difference of the operating profit between this year and last year.

They collected £405m during first half, what would be the operating costs during that period? Cattles never had to use £200m raised during the rights issue. That's how I think anyway.

[badhshah] 12/8/2009 08:57

Its on their website.

They said that the banks through their advisers offered them written support even after the bondholders' ' acceleration notice.'
They also made it clear that if compay fails to get standstill deal then it will appoint receivers or administrators.

They also mentioned the rules and regulations of rights issue which took place last April, and that if those investors who invested in the rights issue believe that if the company has broken any of the rules then they can sue it for the violation of the rules of the rights issue.


So I believe £200m which were raised for the purpose of banking licence are kept aside just for that reason and when the company is back to secure footing, it is going to apply for the banking licence again. I can see the company's future towards this direction.

[spectoacc] 12/8/2009 07:31

Missed that, was it in yest's RNS? Banks must be pleased with the recoveries so far; but none of the money getting lent out to new customers and none gone to bondholders.

Still think CTT will survive in slimmed-down form; just don't see s/holders owning it.

[badhshah] 12/8/2009 01:59

trading statement for the first 6 months:

Current trading and prospects of the Continuing Group
As noted above, the Group has suspended lending to new customers in Welcome Finance. This
suspension became effective on 23 February 2009 and remains in place as at the date of this
document. The Group gave an update for the first quarter of 2009 in its Interim Management
Statement on 19 May 2009. The key developments since that date are:
• Welcome Finance cash collections of £402.7 million in the first six months of 2009;
• debt purchases by The Lewis Group of £27.3 million in the first six months of 2009; and
• collections at The Lewis Group up 2.2 per cent. to £46.0 million in the first six months of
2009.
As announced on 22 June 2009, the Continuing Group is still in discussions with Cattles' debt
providers with a view to obtaining a formal standstill agreement and to sustain their support for the
Continuing Group's programme of action to stabilise its financial position, preserve liquidity and
reshape significantly the Continuing Group. The Disposal is one of the steps to reshape the
Continuing Group and stabilise the financial position.

[demark] 11/8/2009 10:49

i am puzzled with the timing of today's rns.

ctt applied with the agreement of its key financial creditors the high court to seek determination on the 31st july, and informed the market on the 11th aug 09.

dyor