Interserve Share Discussion Threads

[pundit1] 14/3/2019 16:45

Warrants- all part of the plan laid weeks ago and now implemented. How this all sits with impartiality and shareholders interests at heart is rather bemusing. Still the FCA will continue their laborious investigation....

[fenners66] 14/3/2019 16:30

So now we know why the warrants were issued - just protecting the debt holders future position - as well as at the time giving away 20% of the company for next to nothing - maybe they exercised them and then sold them in the market at 15p?

Still not a lot to be earned so arguably the votes were worth more.

[fenners66] 14/3/2019 16:28

Found the original RNS

"In addition, the Company will be issuing warrants to the providers of the new cash and bonding facilities with the right to subscribe for new shares at 10 pence per share (the nominal price of each share). If exercised this would provide the warrant holders with an interest of up to 20% of the post-issue share capital. "

[fenners66] 14/3/2019 16:26

You would have thought that RNS would state the cash raised by those

"no warrants have been exercised on a cashless basis and 15,560,008 warrants have been exercised in cash. "

So why not state what the cash raised was ?

[pejaten] 14/3/2019 16:09

Needs 50%.

[bouleversee] 14/3/2019 15:55

cgod - and so have we but who cares since there's so little left anyway.

[boffster] 14/3/2019 15:55

Warrants being converted into shares (held by existing lenders) presumably diluting Coltrane's stake and will presumably be used to vote for any deal.

Administration, in my opinion won't happen, its not in the interests of any stakeholders. I think we may see a last minute sweetener which will be enough for Coltrane to fall into line.

I could be wrong though. I have been in the past. Particularly where this company is concerned!

[sbs] 14/3/2019 15:21

I didn't realise it was his own money.

[cgod] 14/3/2019 14:53

If he does, he has lost his money.

[sbs] 14/3/2019 13:56

Presumably a dilutative issue needs a 75% majority, so Coltrane can block it.

[ramprasad] 14/3/2019 12:46

yessir3, re- 11925, I f buy at 10p in the market and the company goes into administration, I lose the money altogether.If I buy in the offer, I won't
lose if the company goes bust now.

[412069] 14/3/2019 12:10

Construction company Dawnus 'in administration'

The sign of things to come.

[bouleversee] 14/3/2019 12:03

At least we have the satisfaction of knowing the useless directors will lose their jobs - or will they?

[eodfire] 14/3/2019 12:02

You might not get a reply from leaders - you could well be on the filter list. But then again - you have no position here...

[fenners66] 14/3/2019 11:38

leaders the pathetic ones are the directors responsible for years of failure - no one makes money shorting successful companies.

[fenners66] 14/3/2019 11:37

Thanks Yessir3 seems Coltrane and I are of the same mind.

[leadersoffice] 14/3/2019 11:14

Suppose some of these sados will be moving on to there next culprit perhaps Kier.... pathetic shorting scum. Gladly many of them are on filter

[yessir3] 14/3/2019 10:51

Fenners
www.cityam.com/274546/interserves-top-shareholder-warns-administrator-against

[fenners66] 14/3/2019 10:31

I think it must be obvious the shareholders will not take up their 19:1 "rights" at 15p they would be mad to
That leaves massive dilution as a minimum and the lenders get almost all the company.....
Or administration..

So either way the shareholders get burned - just like we said 18 months ago...

[fenners66] 14/3/2019 10:27

Pre-pack admin for Monday is supposed to be an option .

That is where I have a massive problem with the insolvency system.
A pre-pack means that the administrator agrees almost in advance the outcome - but they are supposed to get the best outcome.
What if Coltrane has a better bid for the business ?

How can any lender necessarily have the best bid - before the market has been tested ?
Are they allowed to bid the value of their debt as payment for the business ?
That would be circular as the ownership via the administrator of the funds needed to repay the debt goes back to themselves ?
However there are a number of lenders - so do they form a concert party and tip in the value of all their loans and say - beat that ?

[fenners66] 14/3/2019 10:20

"In its annual results published at the end of last month, the firm admitted there was a possibility the firm could be thrown off the job but added: “Given the stage of completion of the project the Directors do not believe this would be a desirable outcome for all parties.”


LOL - of course Not ALL parties would see that as a desirable outcome.... It would cost IRV another fortune...

[eodfire] 14/3/2019 08:41

You must have been worried during the last spike.

[yessir3] 14/3/2019 07:25

www.building.co.uk/news/client-on-derby-waste-scheme-threatens-to-kick-interserve-off-job-/5098369.article

[yessir3] 14/3/2019 07:24

www.building.co.uk/communities/interserves-vote--teetering-on-the-edge/5098374.article