Interserve Share Discussion Threads

[sbs] 19/12/2018 19:49

Fed raises rates and signals "some" more next year. IRV drops. Maybe related.

[skyblue5] 19/12/2018 19:32

The Government has got its act together with taking over Carrillions prison contracts. So be no problem pick up probation and MOD contracts. BBC should be looking at plan B. The bonus tap has been turned off, at the expense of you share holders and some hard working employees.

[blueball] 19/12/2018 16:16

Here it comes here comes 5p.

[buywell3] 19/12/2018 16:15

buywell3- 11 Dec '18 - 01:59 - 11333 of 11484 Edit

IRV are heavily exposed to Government PFI's

When Labour get in these companies that are ... will get well and truly rogered

Till they all fall down

[tonysss13] 19/12/2018 15:44

or some more bad news coming someone has wind of

[cc2014] 19/12/2018 15:35

Reality is setting in

[ebomber] 19/12/2018 13:58

CC2014

Spot on....... this is very much happening RIGHT NOW.

I believe 5-6 pence target price before end of year.

".......3 weeks ago showed IRV had enough cash to meet the Feb £50m debt payment but this must now be a problem as cash must be being diverted to keep the supply chain going as contractors and suppliers demand improved payment terms. There's also the issue that contractors/suppliers will be putting their prices up to cover the risk".

IRV worth £19 million at time of writing. With debt and any proposal to convert then I expect 80-90% dilution in Q1 2019. IMHO desperate times and needs solution(s) to save company.

Even a few "fire" disposals won't significantly help the current situation

[cc2014] 19/12/2018 10:44

It will be interesting to see what happens.

The D4E should have been done in April but the lenders got greedy/underestimated just how bad things were operationally at IRV.

As far as I can tell from a distance operationally things haven't got much better:
1. EfW still not fully commissioned (not one plant)
2. Another problem job at Premier Inn London
3. Missed the debt target by £50m

My previous analysis showed from about 3 weeks ago showed IRV had enough cash to meet the Feb £50m debt payment but this must now be a problem as cash must be being diverted to keep the supply chain going as contractors and suppliers demand improved payment terms. There's also the issue that contractors/suppliers will be putting their prices up to cover the risk.

So, I assume the debt holders are looking at RMDK not because they particularly want it or it was ever part of their plan but because it's the only thing of value they can realistically take at short notice to cover the debt repayment due in Feb.

And then we come to the rights issue. Who is going to underwrite this with EfW unresolved? (and FCA too).

I still don't think this will end well for shareholders. I am not entirely convinced it will end well for all the employees too. The solution is to close construction but that would simply take too much money in redundancies and run down costs.

[tonysss13] 19/12/2018 10:41

wallywoo I'd say that's a best case scenario

[whyyy] 19/12/2018 10:36

..and for that grim scenario the board will vote themselves massive bonuses no doubt.

[redsquirrel3] 19/12/2018 10:00

Seems very cheap but likely to lose at least 90% soon.

[tonysss13] 19/12/2018 09:42

some reality setting in

[the juggler] 19/12/2018 09:25

I hear that Citizen Services is no more and another MD leaving this month. Apparently the remaining CS business is being taken over by Support Services.

[skyblue5] 18/12/2018 19:57

Are you all blind. How can a company trade when they cannot get credit on supplies or consumables. We could not even order £250 off toilet rolls without SMT approval.
The only winner is the dodgy bonus winners

[tonysss13] 18/12/2018 15:16

some decent sell volume coming in now

[this_time_its_different] 18/12/2018 14:43

STRONG BUY, stock is holding up, the longer this goes on, the more buyers will come in.

[wbecki] 18/12/2018 13:27

"Is there really any need for companies to have these hugely labyrinthine structures - is it all about monkey business?"

Tax mitigation, avoidance or whatever you want to call it.
Or taking advantage of transfer pricing etc etc

[whyyy] 18/12/2018 12:28

Is there really any need for companies to have these hugely labyrinthine structures - is it all about monkey business?

[patience a virtue] 18/12/2018 11:08

fenners, you are neither long nor short as you claimed, why are you here anyway?

[fenners66] 18/12/2018 09:19

Lots of Foreign subsidiaries listed in the accounts - maybe they are not all under the RMD Holding co.

[cc2014] 18/12/2018 09:10

RMD Kwikform Ltd's turnover is £42m so it can't be that one either.

I noted RMD Kwikform controlling party at year end was Kwikform Holdings Ltd so I went to look at that one. Regrettably when I look at that one IRV only show the performance of the company (which does not move from year to year) and uses exemptions not to show the accounts of the group of Kwikform Holdings.

So, I give up. Not worth the time and effort.

[fenners66] 18/12/2018 08:36

RMD Kwikform Ltd

2017 results - £14.8m pre-tax
Net assets £83.3m

[pundit1] 18/12/2018 07:46

Cc2014- I also looked and agree with comment on RMD Kwikform Holdings. It’s documented Interserve Holdings own 75% of this company. £22m debt? What’s that all mean to disposal value?