Coca-cola Hbc Share Discussion Threads

[lionelh] 07/9/2015 14:28

I'm still receiving the annual report as well. Though I wrote it off as an investment ages ago I still think there is a glimmer of hope you will get something back if any case goes the company's way as appears more than possible from company Counsel's opinion. Original debt was paid in November 2007 as posted above. It seems pretty vindinctive to me for a bank to be doing this to a small company which is still trading profitably, with a positive EPS and increasing turnover and a good NAV still in its shares. It is crippling. You would hope a court would see it like that. It feels like a case of pools and sharks - does somebody want to take all the value out of this company? I do fear share holders might lose out if there is an administration if it cannot continue - you know how it goes, knocked down to the highest bidder who make s killing on it and just about everything else eaten up in liquidation fees. How many time have I seen that? As someone with a fair bit of legal knowledge, what surprises me is how long this has dragged on - two years shy of a decade is ridiculous!!!The remedy I would have thought centres around what the bank considers as a breach of a term of the lending contact (loaning for long/medium term by CCH instead of short term, as per contract, was it?). If the bank had sued in contract it would have gone to court years ago surely? There is a statute of limitation for suing for breach of contract (from memory I think it is three years from the actual breach of contract, though might be six)? What on earth is going on? Could not CCH(now Oiax)force the issue by seeking a declaration from a court that they are not in breach of contract. They've got the resources. Why on earth not! The business is in effect crippled as stated above. Any more legal people out there got a view on that?

[mister md] 04/9/2015 18:50

yes, I'm also still getting sent the report, 7 years on from suspension isnt it now - Oiax Limited, always have to think back to what it relates to, ie CCH. Wonder if we will ever see a return ?

[soggy] 04/9/2015 14:41

Any CCHers left on here? The accounts and annual report to 30th June 2014 arrived today. Haven't studied them in detail but it looks to me like the situation is just the same, waiting for this court case to be resolved. We still have £6m in assets and £1m cash, there was even revenue of £380k (4.8p per share) nearly £1 spent, big hike from last year, mostly on legal fees. Wages & salaries (Mr. Fosset, presumably as the only director??) up from £100k to £150k. If anyone wants a copy I've scanned it into a pdf. [e-mail] Here's the sorry saga as contained in the notes. 16 Contingent liabilities Group and Company On 16 August 2007, trading in the Company's shares on AIM was suspended following an announcement that the Company was in discussions regarding certain of its funding lines. These discussions were necessitated as a result of one of the Company's principal funding banks (the "Bank") indicating that it intended to terminate agreements with the Company and CCH Europe GmbH ("GmbH") following a review by the Bank which revealed that approximately US$340 million of lending advanced through Gmbl I had not been applied to short term receivables but to longer term commitments. The Bank demanded immediate repayment of all funds (amounting to approximately US$500 million) advanced under those agreements by the Bank on its own behalf and on behalf of a second bank for which it was acting as agent. In view of the threat of disruption and uncertainty caused to the Group's business by these developments, the Board decided to request suspension of trading in its shares and entered into negotiations with the Bank. On 19 August 2007 the Company and GmbH concluded a restructuring agreement with the Bank (the "Agreement"). As part of the Agreement, the Company sought to limit its liabilities. Accordingly the Company agreed to transfer GmbH to Eren Nil who, amongst others, is also a guarantor under the Agreement and who, together with GmbH, has been independently advised in relation to the Agreement. Under the Agreement, the Company acknowledged that, save in the event of a default situation under the Agreement, the sum of US$50 million was due and payable by the Company to the Bank as a primary obligation in respect of the advances made by the Bank to the Company. The Company also guaranteed the repayment of a total amount up to a maximum of US$100 million (including the US$50 million primary obligation). The amount of this guarantee was to be reduced by any amounts paid to the Bank by the Company and/or GmbH from the proceeds of the receivables. On 7 November 2007 the Company discharged its primary obligation to the Bank in full. The Company, however. remained liable under the Agreement for the amount guaranteed less amounts repaid by the Company and/or by or on behalf of GmbH. As of the date of these financial statements, certain repayment obligations under the Agreement have not been met. Accordingly the Bank has notified the Company that it believes that the Company's liability under the guarantee has crystallised. If successfully called, the amount of the Company's remaining guarantee would be approximately US$40 million. Following the entering into of the Agreement, the Board considered a number of alternative strategies and concluded that shareholders' interests would best be served by seeking to conserve the Company's funds and if possible to make a distribution to shareholders as soon as possible. To this end the Company sought to negotiate a release from the Agreement from the Bank so that the Company would not have any liability under that agreement (contingent or otherwise) thus enabling a distribution to ordinary shareholders to be made. The Company has sought to persuade the Bank of the merits of such a release on the basis of a number of reasons including the fact that the Company had repaid its primary obligation of US$50 million to the Bank, and it was in all parties' interests to ensure that independent minority shareholders' interests were considered. In June 2008, the Bank publicly announced that it had seized various real estate assets in the UAC that were provided as collateral under the Agreement, and in October 2008, the Bank stated that it expected to recover the full amount of the loan in question from the seizure of those assets. The Board was encouraged by this development, particularly given the apparent public confirmation by the Bank that the real estate assets were sufficient to cover the Bank's exposure. The Board has continued to negotiate with the Bank in an effort to reach an agreement between the parties and secure a release for the Company. In the meantime the Bank has obtained judgment against the principal debtors under the Agreement for the full indebtedness to the Bank. The Bank also commenced proceedings against the Company in the Commercial Court in London, claiming US $100 million pursuant to the Guarantee. The Board has become aware of facts and matters pertaining to the circumstances surrounding the negotiation and signature of the Agreement (which contains the Guarantee). The Board has taken the advice of counsel which indicates that the Company may have good defences to the claim by the Bank under the Guarantee and that the Agreement may be unenforceable by the Bank against the Company. The ability of the bank to enforce the Agreement and Guarantee against the Company will depend on the full facts, which the Bank will be obliged to disclose if it continues to pursue its claim.

[jeffcranbounre] 20/1/2015 18:12

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[soggy] 03/9/2014 15:08

5 grand for me - which at the time was a heck of a lot of my pot!

[moormoney] 03/9/2014 11:35

Sympathies sparky, me too.

[sparky333] 03/9/2014 11:30

Very frustrating I have £10k tied up in this debacle :(

[soggy] 26/8/2014 14:28

And yet there is value in the company - but without a listing we can't unlock it. Presumably neither can our dear and glorious leader...

[moormoney] 26/8/2014 12:58

I have given up hope of ever seeing this one trading again!

[sparky333] 26/8/2014 11:57

How many years has been dragging in now ? 7 ish ?

[hem007] 11/7/2014 10:57

Is it ex div today?

[2ngh] 09/7/2014 10:50

Bang on again. Sub 1300.

[sanks] 09/7/2014 09:33

I'm gonna add some to my shaggers collection at £7.25

[2ngh] 06/7/2014 11:36

Looks like sub 1300 coming. Capitulation shortly, could see 1250.

[sanks] 02/6/2014 11:41

Sheila was right...she now has increased her price target to £22.25 She's informed JP Morgan, Cantor and some of the other more astute brokers who do not have level 4 guidance like Sheila does. Hope this helps other nobblers make some easy money before it hits £22.25 Sanksalot

[sanks] 26/5/2014 16:38

I know..its cos when i asked Sheila last night..she said if you buy in titty batches, you won't go far wrong. So i'm looking at £21.57 as an initial level 4 shaggers target Let me know if this makes sense Sanksalot

[stpalm] 23/5/2014 11:46

did sheila tell you? sounds like your bullish on this one then sanks, thats unusual!

[sanks] 21/5/2014 16:44

Its been there now...next stop could be £21.57

[2ngh] 17/5/2014 13:54

1350 looks like the new next stop.

[soggy] 30/4/2014 16:02

Anyone else received the 2013 accounts? I got them in the post today. If anyone wants a copy email me: [e-mail] Doesn't look to me like there's any change - apart from the one director still paying himself what looks to me a handsome salary. But I've only glanced at them and don't know my way around corporate accounts to begin with. Note 15 tells the whole sorry tale and seems to be the same as before. If anyone else has a copy and has actually read them, perhaps they would be kind enough to post any germane info. (that is if anyone is still following this dead thread....with the spooky experience of seeing a live chart at the top when you open it!)

[shugsy] 24/2/2014 15:21

Heading for 1450 by the looks of it.

[karam] 23/9/2013 16:59

First day in f100 not a good one

[exbroker] 11/9/2013 20:15

Going into the 100 Index on the close Friday 20 happy days!!

[exbroker] 29/8/2013 14:54

Tried to at the lower levels, missed it.MSCI change tomorrow may see sellers at the close.