Eros Media 26 Discussion Threads

[mokhan2] 28/8/2024 22:07

They seem to be using the upfront cash consideration element of the offer to appease holders for the lack of coupon payments and at the same time absolving themselves of the obligation of any further coupon payments up until(or if) the main cash consideration is made.

[maisieme] 28/8/2024 03:37

But realistically we aren’t going to see that anyway. Eros have been in default on the bond for years now but the trustees haven’t acted. The regulators have fined Eros but none of that money found its way back to the cheated investors. Not sure what Eros are up to with this latest “offer” but wouldn’t trust Eros or the Indian financial regulator system as far as I could throw them. Lesson learnt.

[nicktheglobe] 27/8/2024 17:53

No it does not, most irregular.

[nrpeplow] 27/8/2024 08:11

Does the current offer include outstanding interest?

[my retirement fund] 24/8/2024 14:03

I think the issue is, with the UK arm having been dissolved after bankruptcy and various assets having been disposed of or changing hands several times, it's just a game of smoke and mirrors now.

[my retirement fund] 24/8/2024 14:01

It's hard to believe, but what choice do you have. The market price says a firm No.

[maisieme] 24/8/2024 12:07

Any thoughts on the latest offer which I saw yesterday. Anyone believe they will honour it given their history of difficulty understanding truth, honour and integrity?

[ciaranfairmichael] 02/3/2024 11:49

It's the same tender as last year. Eros sneakily used the fact that the expected completion date wasn't set in stone and pushed the deadline to next month. After some pondering, most brokers allowed people to untender their bonds with the option to retender nearer the amended deadline (which is now). Whether it makes sense to tender is of course up to you - the bonds are in default again, so there is a risk the tender won't complete and any tendered bonds might end up stuck in limbo again. But if it does complete, you will get 60p for a portion of your bonds when they are currently worth a fraction of this...

Given the previous defaults, a bondholder's action group has been set up that you'd be welcome to join. We represent over 20% of the bonds (so have the representation needed to instruct the trustees to take action if required). The group is being coordinated by Alex Dunkley of 365 Investment Management and 365 are in the process of getting legal advice (at their own cost thus far). There is also a more active chat group (link in a previous post), but like all public chat groups, some posts are more helpful than others. 365's communications with the action group are via email.

[grahamg8] 01/3/2024 17:06

HL messaged me today to say there is a new 60p tender offer. Have they jumped the gun as there has been no RNS. Or are they talking about last years which never seemed to happen? Some of my shares are still shown as untradeable as a result. Not amused to say the least.

[my retirement fund] 21/1/2024 21:37

What's happen here?

[maisieme] 01/11/2023 04:16

Yes you’re right although they never pay the extra interest due from the late payment. Annoying that they treat us with such disrespect There will come a time though I expect where they will just abandon their responsibility to the bond investors. The financial columnists and brokers who encouraged investment with zeros are keeping very quiet about what has now been uncovered with this shambolic family.

[grahamg8] 31/10/2023 17:58

I agree it is the same old story. But so far the interest did eventually get paid. October 2022 paid on 9 February 2023 and April 2023 paid on 26 May; dates approximate.

[ciaranfairmichael] 31/10/2023 10:17

If any bondholders have not joined the action group, as detailed on the discord chat group linked below, I would urge you to do so. In order to instruct the bond's trustees to act in bondholders best interests, representation from 20% of the issued bonds is needed. Over 20% had been identified, but only 16% have so far completed the necessary statement to allow the group, led by 365 Investment Management, to act on their behalf.

Note that allowing 365 to act on your behalf does not change your ownership or ability to sell the bonds.

[maisieme] 30/10/2023 17:23

Same old story. In default again with Octobers interest payment. What a bunch of liars.

[mashala1] 24/8/2023 09:46

I revoked my instruction to sell back to Eros. The shares are now unblocked and I have sold them, although I didn't receive the accrued interest. Glad to wash my hands of them!

[zouppy] 01/8/2023 08:10

Looking at my account Barclays finally 'found' the interest and paid it - 2 months late. No notification, no explanation, no apology for the delay or the time I have spent chasing. Certainly does not relieve them of the need to justify their dismal performance to the the financial ombudsman.

[stan12c] 29/7/2023 11:26

Eros interest credited to my Barclays account 28/07/23 hopefully everybody been waiting got theirs also

[seasider6] 25/7/2023 19:03

Anyone with Barclays who has still not had their interest should contact Alex Dunkley at 365 Investment Management. He is about to write to the FCA. His email is [e-mail] (assuming this is allowed on here).

[stan12c] 25/7/2023 14:37

​Hi Zouppy
I have sent an email to the FSA re Barclays nonpayment of the eros bond coupon. Their reply yesterday to me was to take it up with the Financial Ombudsman Services I have asked Barclays for hard copy of complaint rejection. I assume you are still waiting for coupon payment.

[maisieme] 18/7/2023 20:34

So we’re back to where we started-unlikely to get our capital back and expecting delays in interest payments. Shame the Indian authorities don’t take action and start imprisoning those responsible for this shameful company.

[ciaranfairmichael] 15/7/2023 10:34

On the plus side, a group representing over 24% of bondholders has come together via the discord chat group (link in a previous post) and some hard work by 365 Investment Management (365IM.co.uk). This meets the threshold to instruct the trustees to protect bondholders interests in events such as potential default. If any bondholders have not already done so, I'd urge you to check out the discord message board and/or get in touch with Alex from 365IM. We'd like as many bondholders as possible in the group. 365 have also been sending out regular email updates on their communication with the trustees (beyond what is in the chat group - as an authorised firm, they are limited in the use of chat boards...)

[ciaranfairmichael] 15/7/2023 10:33

Another astonishing RNS on Monday about the bond repurchase. Plus one from Xfinite on Tuesday saying they acquired ErosNow at the end of last month.

[ciaranfairmichael] 15/7/2023 10:22

Deleted (duplicate post) - for some reason the original post only appeared in the thread view but not the normal share-chat view

[zouppy] 15/7/2023 08:13

I am with Barclays and have been arguing with them for a month about the non payment of interest. They claim they have not received it although as far as I can tell all the other brokers have. I have complained formally to them and they cannot explain what steps they have taken to receive the £s. Having 'investigated' my complaint it has been rejected so I have lodged a formal complaint with the FCA. Based on previous experience I strongly suspect incompetence/indifference at Barclays.

[mashala1] 14/7/2023 21:05

Had both interest and consent fee from HL, as have others - read further down the thread