Cattles Share Discussion Threads

[spectoacc] 06/7/2010 08:09

Sadly, I suspect many shareholders will throw good money after bad as the lawyers dangle the carrot of revenge - seen it many times before. Just Group (JUS) is my all-time favourite: an action group was set up to find what the original Action Group had done with the money it raised, and eventually a 3rd Action Group was set up to find out what the 2nd Action Group had done.

Couldn't make it up.

[spectoacc] 05/7/2010 07:20

Just make sure it's no win, no fee.

[rfinance] 03/7/2010 15:20

Message from Edwin Coe regarding legal action against Cattles.


Dear Shareholder

We are hosting at 2 Stone Buildings Lincoln's Inn London WC2A 3TH on Friday 9th July commencing at 2.30 p.m. a meeting of shareholders in Cattles plc who have registered on our web site.

The intention is to determine a way forward for shareholders to maximise returns and consider establishing claims against those responsible for the losses shareholders have suffered. It is important that you attend if you can.

At the AGM earlier this week the company made it clear that the shareholders will receive nothing in relation to their shares other than any payment that other creditors might be prepared to pay to avoid the company going into administration.

It appears likely that the Company may propose a scheme of arrangement in the very near future. A scheme of arrangement could remove from shareholders their rights in relation to their shareholding and any losses incurred on that shareholding. Clearly until such a scheme comes into being it is very difficult to know for certain what it will contain but shareholders will wish to prepare for it.

We would like to gauge numbers attending and would be grateful if you could confirm your attendance to Tuly Ahmed at [e-mail]

Regards



David Greene
Partner
For Edwin Coe LLP
[e-mail]
Tel [phone]
Fax [phone]

[paul119] 18/6/2010 23:40

you got to be kidding me!!! This guy needs to be packing 'magic dust' to get ctt out of this. Total disarray - and to think that we where so naive to invest here. Lost good money here - lesson learnt, need to do my research better in the future, so I shall regard this as 'an investment in education' rather than a loss!! At least I am not Fabio Capello!!!!

[badhshah] 11/6/2010 08:26

The Company is also appointing Paul Felton-Smith to the Board, with immediate effect, as Chief Financial Officer. Paul is an experienced turnaround specialist and, in various finance director/chief restructuring officer roles, has over 25 years of financial and management expertise in a variety of sectors and internationally.




Paul has been Chief Financial Officer at Metronet Rail since 2007, overseeing the successful transfer of the company from administration into TfL. Prior to that he served as Finance Director at a number of companies, including Highbury House Communications plc, Regent Inns PLC and Asprey & Garrard.

He is a restructuring guys, not neccessorily puts compaies into administration.

[jarbie] 10/6/2010 11:49

what should one vote for
to maximise return
as a relatively small holder
not following the discussion ?
should we back the board ?
advice would be much appreciated

[spectoacc] 08/6/2010 07:42

Agreed re ISA answer.

If you want to see why any offer around 1p (& having read the AGM pack, it sounds like it's at best 50:50 chance of happening) would be voted down, read the last 15 or so posts on iii board - they seem to think there's £700m left on the balance sheet that belongs to shareholders!

There's a huge cut-off-nose-to-spite-face operation going on.

[deanforester] 07/6/2010 22:56

ISAs are outside the scope of CGT.

The answer is no, you can't.

[bigman786] 07/6/2010 20:54

if these were in an ISA, can the loss still be off-set against CGT ?? Thanks in anticipation ...

[grahamburn] 07/6/2010 14:07

Let's be positive Rampanddump. The RNS stated:

"Given the existing deficit in shareholders' funds and the significant losses
Cattles' financial creditors will incur, Cattles would not expect any payment to shareholders to exceed 1p per share."

which is why I said "1p (or thereabouts)". Could well be less, but might just be 1p!!

[rampanddump] 07/6/2010 14:02

A charitable trust is unlikely to be making the investment? Surely the banks just finding a way to take control and buying the rump of the company into a vehicle that sits off their balance sheets in order to secure the cash flows? Also, I thought the comment was less than 1p?

[w.bramley] 07/6/2010 13:12

Agree - one doesn't invest to make a loss, but if a loss is made then it can offset any Capital Gains Tax (that is if in these markets anyone make a C.Gain)plus if as speculation suggests, the CG Tax may increase from he present 18% to 40+% then it can help if one crosses the £10,100 threshold.

[grahamburn] 07/6/2010 12:47

SpectoAcc. You beat me to it - accurate summary of the situation, well done, except for one point. I don't think an offer of 1p (or thereabouts) will necessarily get voted down, except possibly by the small shareholders who frequent this bb, as the majority of sensible large shareholders will see the strength of your (and my) argument; namely the certainty of some immediate albeit modest cash return and the establishment of tax losses. The alternative is zero cash return and a lengthy limbo period.

Don't expect much support on here though!

[smurfy2001] 07/6/2010 10:08

No he's not right.

The 1bn is impairments, that does not mean the 1bn is not recoverable, it is being recovered.

So he's no exactly right, conclusion is we can't believe what you write!



grahamburn - 2 Jun'10 - 20:28 - 1233 of 1239

Cannot believe some of the comments today. SpectoAcc is exactly right.

[jeffian] 03/6/2010 14:17

I wonder what happened to old HardAsNails? He was a spectacular 'contrary indicator'.

[alistair4444] 03/6/2010 01:32

Badhshah - Have read your posts over the past year, while I sometimes might not agree with you I just would like to thank you for your time taken here and on iii board. ( enjoy your positive stance looking forward )

[badhshah] 03/6/2010 01:11

Shareholders will reject this offer outright. There is no doubt about that. If someone is willing to pay 1p and is prepare to take all liabilities and has intentions to turn it round then why not this board can achieve same feat for the current shareholders who have supported this company through thick and thin in the past.

At the agm, this board will have some harsh questions to answer.

[rfinance] 02/6/2010 22:05

SpectoAcc

Thank you for your comments.

If you look at the situation in a pure sense it does not take a megabrain to realise that the company that was is NOT the present one - banks may be a bit more careful to lend but afterall it is their raison d'être. If the company is viable enough to metamorphoses into a "charity" then there is something working there. I don't know what the legal position is in this case but know that there are functional remnants otherwise Margaret Young would not be able to claim that something can be salvaged.

Quite simple really.