Cineworld Share Discussion Threads

[pwhite73] 15/6/2023 17:02

That CINE attempts to implement the C11 process in the UK was known since September 2022 when they entered C11. Indeed it was part of the DIP terms and conditions. So when that RNS appears saying 'Temporarily Suspended' I don't want any of you dunderheads screaming "I told you so.".

Its what happens from hereon that counts. This is interesting:-

"In addition, since Cineworld Group plc will not have any employees, the administration order will not affect the status or rights of any of the Group’s employees"

If Cineworld Group plc will not have any employees then who are the staff working for?

[loglorry1] 15/6/2023 16:43

Most of the CINE longs are just naive. There are a few that are promoting it trying to get a squeeze going but not many.

[cambridge130] 15/6/2023 16:37

I'm with hpcg. The cesspit of shareholders in CINE will soon be gone.

[jaknife] 15/6/2023 11:57

The Cineworld Telegram group have got really excited that an exhibit list has been added to the docket list:



This is a list of the evidence that the shareholders intend to rely upon in a hearing that's now scheduled for 10am Texas time tomorrow, which is 4pm BST.

One of the items on the exhibit list is docket number 19:

Declaration re: Declaration of Israel Greidinger, Deputy Chief Executive Officer of Cineworld Group plc, in Support of the Debtors' Chapter 11 Petitions and First Day Motions


I've not read this before but it's interesting in terms of the background. In particular it's the first time that I've seen written confirmation that Cineworld was going to breach the covenants on its RCF as at 30 June 2022 - see paragraph 26.

[jaknife] 15/6/2023 10:49

Blackhorse23,

"Jak HARL won contracts worth 1 billion so far & pipeline contracts 3.6 billion"

Did you think that I didn't know this? Of what relevance do you think that this has to my original comment? Let me post again:

========================
HARL is a short, not a long. The balance sheet is a total mess and they need to raise substantial funds to restore the equity buffer. Note how they haven't published their accounts this year, which normally would have been published in May. They have until 30 June to publish those accounts and (like so many other companies this year) they will need to raise before they publish those accounts because they are not otherwise a going concern.

I used to think that they might raise at 10p to 12p but markets are so bad and they need to raise so much that it could easily be lower.
========================

We don't need to discuss it now, you have your position and I have mine and I know that nothing that I write will change your mind. For me I want to see the next accounts (that are now overdue by historical standards) before I make further decision. It's a slam dunk given that the balance sheet for those accounts will be horrendous. How they solve that problem is what I'm interested in.

JakNife

[monte1] 15/6/2023 09:36

I find that Blackhorse buying tends to be a very reliable leading indicator of big trouble ahead.

[williamcooper104] 15/6/2023 09:12

Rapid expansion with a weak balance sheet is a leading cause of insolvency

[blackhorse23] 15/6/2023 08:24

Jak HARL won contracts worth 1 billion so far & pipeline contracts 3.6 billion

[werethereisawill] 14/6/2023 13:21

The Flash has opened today at the cinema
Plus you get the chance to watch The Great Lebowski 25 th Anniversary tonight !

[werethereisawill] 14/6/2023 13:16

Hpcg
But did you know that many employees ARE also shareholders of cine ?

[hpcg] 14/6/2023 12:39

I celebrate the losses of all the shareholders complaining now. They are a poison to commerce investing with their nonsensical legal claims and shouts of conspiracy which put others off the stock market. Fortunately they are a self eviscerating class and individually soon enough disappear, keeping the cesspool to a limited size.

And we know they are just after a fast buck. I'm sure the real long term investors sold out through the pandemic and certainly after the Regal ruling. The register has been turned over many times since it became obvious shareholders would end up with nothing.

I will also leave some opprobrium for the company. Admin should have happened many months ago, which would have been much the best solution for creditors and employees.

[werethereisawill] 14/6/2023 11:46

Oh well we might as well throw in the towel hey ?!

[blackhorse23] 14/6/2023 08:46

Added Harl

[eastusk] 14/6/2023 08:31

This is coincidental...I suggest we all sign this petition rights for beneficial shareholders!

At 10,000 signatures...

At 10,000 signatures, government will respond to this petition.

At 100,000 signatures...

At 100,000 signatures, this petition will be considered for debate in Parliament.

When I signed it was 3,663 signatures.

Petition

Give all shareholders a voice by bringing Company Law into the 21st Century

Help more investors engage with UK plcs by modernising the Companies Act: Give beneficial shareholders the right to direct info on plcs they invest in & plcs the right to visibility of who their shareholders are, make email a requirement to shareholding registration, & recognise digital AGMs.

More details

Outdated legislation stops shareholder voices being heard. Almost half of individual shareholders can’t directly engage with the company they invest in, as they invest via platforms, the rest are constrained by a paper-based system. At the same time, companies are losing sight of who their investors are. Digital first reform will be better for shareholders, better for business and ultimately, better for Britain – making the UK a more attractive place to invest and to list.



Petition is really well administered, here it is rendered as a UK map by constituency.

[thomstar] 14/6/2023 08:10

Ah finally. Surprised it'd been kept going this long

[williamcooper104] 14/6/2023 08:08

Yep Plus I've seen the opposite, banks conducting quick and dirty marketing exercises to get indicative bids at levels higher than assets were worth to limit their write downs They don't screw down values to increase their losses

[williamcooper104] 14/6/2023 08:05

No more borrow for me alas

[loglorry1] 14/6/2023 08:02

Don't be daft PWhite it won't get stopped in UK courts because just like all the administrations before it - its clear the liabilities are far in excess of assets and there is no prospect or raising any extra cash to plug the gap.

Please don't reply that the valuations and marketing exercise that was carried out was false because that just black=white nonsense.

[blackhorse23] 14/6/2023 06:58

They are filling bankruptcy in UK