Conviviality Share Discussion Threads

[value viper] 28/3/2018 18:34

Moron I meant

[value viper] 28/3/2018 18:33

How much was Moran on for his brief incompetent deceptive period of employment ?

[york investor] 28/3/2018 18:27

Sounds like pre pack already lined up banks will get there money back and suppliers will probably get a decent p in £ hope staff get paid and keep their jobs.

[d1nga] 28/3/2018 18:25

Oh well , glad I have my health
Apart from a swift kick in the bollix that is

[typo56] 28/3/2018 18:18

Have to pity the directors who paid several hundred thousand pounds for shares just before all this happened

My assumption is they're not that stupid, but bought in order to appear stupid!

£50k worth in the case of Diana Hunter
£130k worth in the case of Mark Moran

No small change, but then you seen their annual remuneration?

[fillipe] 28/3/2018 18:12

The RNS.....



f

[electrick] 28/3/2018 18:11

Presume Matthew Clark will be of interest Bibendum not so much.. maybe will do better as a specialist wholesaler rather than part of mass market. Don’t know about the retail? What happens to the hundreds of Bargain Booze franchisees??? Supply is critical I would have thought?

What chance Wetherspoons taking a stake??

Tough for anyone holding. Feeling fortunate. Was looking for an entry price but was suspended before I could buy. If this was the inevitable then suspension appreciated. Of course has stopped holders getting any return at all.

Bet there are a few pubs around the country with gaps on their shelves and in their cellars.

Have to pity the directors who paid several hundred thousand pounds for shares just before all this happened ( cough )

The. Again it wouldn’t surprise if they all sold before suspended and “forgot” to disclose.

[york investor] 28/3/2018 18:10

Yeah in hindsight I was crazy doubled exposure on the tuesday after bod purchases to average down to £1.20 expensive lesson learnt!

[cxs1] 28/3/2018 18:08

I dunno ..upon what basis did that last relatively reasuring RNS go out before they found the £30m tax bill during the same afternoon. Surely this is fraudulent behaviour and PWC may have dug some horrors up to prevent their involvement with trading it further.

[tradejunkie2] 28/3/2018 18:04

york investor, you must have been crackers to put £22k into an AIM stock, it's a pure punters market. But one is sorry to read this and one hopes you make it back!

[cxs1] 28/3/2018 17:57

.. believe that shareholders in the Company will receive little-to-nil value

[tradejunkie2] 28/3/2018 17:54

PricewaterhouseCoopers must have uncovered a right stench why else would funding not be possible? Plus the size of the funding was disgusting. One minute £30m tax bill next minute £125m these guys were pulling figures left right and centre.

[value viper] 28/3/2018 17:50

Disgrace, scam, hoax, scandal, deception : directors can't get away with this one.

[tradejunkie2] 28/3/2018 17:43

Someone is going to get sued.... AIM for yer folks.

Things must be much worse.

[castleford tiger] 28/3/2018 17:09

Suprised!!
But ouch

[york investor] 28/3/2018 17:05

looks like admin so disappointing £22K down for me!

[typo56] 28/3/2018 16:49

I notice STCK rose 8% today and rallied towards close. Coincidence? Probably.

[electrick] 28/3/2018 16:40

Looks like inability to service and supply has added the nail in the coffin.

The company doesn’t have any stock left...although no comment from the company officially, this article looks to be accurate based on the mood out of Hengrove, Whitchurch Lane.

[rich1980p] 28/3/2018 16:30

Sky is reporting close to administration

[masurenguy] 28/3/2018 16:29

Conviviality, whose shares were suspended this month, is likely to fall into administration.
Mark Kleinman, City Editor, Sky News, 16:22, Wednesday 28 March 2018

More than 2,500 jobs are at risk as the owner of Bargain Booze heads for administration after failing to raise £135m from an emergency cash call. Sky News has learnt that Conviviality, which stunned investors earlier this month when it revealed a £30m tax bill, is expected to announce later on Wednesday that it has been unable to secure sufficient new funds. The development is likely to lead to PricewaterhouseCoopers being appointed as administrator on Thursday, according to insiders.

It comes just days after Conviviality confirmed the departure of Diana Hunter, its chief executive, and said it would seek to raise £125m from investors through a placing of new shares. A number of suppliers are understood to have deserted the company, which supplies drinks to thousands of pubs, undermining Investec's efforts to raise the new funding.

Conviviality's shares were suspended after the tax bill was disclosed to the stock market, leaving it with a market value of just £185m. The company, which also owns the Wine Rack chain and the drinks wholesaler Matthew Clark, is a big player in the UK's beverages industry. It supplies more than 700 off licences and 23,000 pubs and restaurants across the country, and employs more than 2,600 people.
Administration will mean the company becomes the latest retail sector failure following the collapse of Toys R Us UK and Maplin. Conviviality declined to comment.

[typo56] 28/3/2018 16:22

Looks like it's administration then. Ah well!

So much for a business, "throwing off cash" !