Interserve Share Discussion Threads

[fenners66] 15/3/2019 13:07

Thanks riviera - some will still not believe I have never had any interest in the shares - just an interest in the story and a chance to put the alternative point of view - I hope it has saved some, some money.

[pally12] 15/3/2019 13:03

Company making an application for administration and, if the order is grantedOrder should not be granted

[cc2014] 15/3/2019 13:02

I doubt Coltrane have voted for Xmas. I'm be betting they want to buy part of it out of administration (which will mess up the pre-pack). The administrators will have a duty to consider it.

Or Coltrane hope to recover more money than their shares were worth through legal action.

[escapetohome] 15/3/2019 13:01

Toast.

Con struction.

[pally12] 15/3/2019 13:01

Surely there should be some authority to stop this practice deliberately going into administration to avoid paying debt if they did this save o a tax bill government would soon be on it like tonne off bricks

[tomboyb] 15/3/2019 13:00

i expect quite a few small business to go under with this announcement -

It is brutal but that is the way things work -

[swiss paul] 15/3/2019 12:59

BOOM 15 March 2019

Interserve Plc

Results of General Meeting and Suspension of Shares

Further to the announcement made on 27 February 2019 in respect of the Deleveraging Plan, Interserve Plc (the "Company") announces that, at the General Meeting held earlier today, the resolution set out in the Notice of General Meeting was not passed.

The board of directors of the Company is convening an urgent board meeting to consider its options. In the absence of any viable alternative, it expects to implement an alternative deleveraging transaction, which is likely to involve the Company making an application for administration and, if the order is granted, the immediate sale of the Company's business and assets (i.e. the entire Group) to a newly-incorporated company, to be owned by the existing lenders. This transaction would achieve substantially the same balance sheet and liquidity outcomes for the Group as the Deleveraging Plan.

The alternative transaction will be implemented very quickly and via a carefully-managed process and the administration and sale is expected to be completed this evening, ensuring that the business will continue to operate as normal for customers and suppliers. It will provide the Group with a strong financial position, allowing it to grow and develop the business, to deliver on its long-term strategy and protect the Group's employees (including the beneficiaries of the Group's pension schemes).

As a result, the Company confirms that its ordinary shares will be suspended from trading on the main market for listed securities of the London Stock Exchange plc immediately.

IOTS

[pugg1ey] 15/3/2019 12:57

the RNS said the shares were suspended immediately so I doubt it

[apfindley] 15/3/2019 12:55

Please don't tell me anyone even bought after reading that rns.It clearly stated suspension and sale of business to the lenders, TONIGHT.

[pugg1ey] 15/3/2019 12:54

I assume there are lots of small/medium sized business owed money by IRV that are going to go under because of this?

[boffster] 15/3/2019 12:54

Surely Coltrane knew this would be the outcome of voting against. Has the turkey really just voted for Christmas?

[fenners66] 15/3/2019 12:52

Of course they have ignored Coltranes' alternative proposal and want to rush through a pre-pack I guess without time for an alternative buyer so this has played nicely into the hands of the debtors.

Would they now have any reason to sack the current board ?

[fenners66] 15/3/2019 12:50

"ensuring that the business will continue to operate as normal for customers and suppliers"

And presumably more importantly operating as normal for Directors !

I was disgusted with the directors' performance at CLLN but giving yourself a 125% bonus for writing the death warrant for shareholders last year takes the biscuit !

[csmwssk12hu] 15/3/2019 12:49

Farce it’s just criminal, not even in this but it’s just wrong

[tomboyb] 15/3/2019 12:46

Cityam gave heads up 40mins before rns -

Not verified however they were right -

[fenners66] 15/3/2019 12:44

So for solving all the companies financial problems last time directors got 125% bonus
How much will they get this time ?

[tomboyb] 15/3/2019 12:44

hxxp://www.cityam.com/274745/interserve-brink-outsourcer-set-collapse-after-shareholders

Friday 15 March 2019 11:40am
Interserve on the brink: Outsourcer could fall into administration after shareholders vote on rescue deal

See time and date -

[fenners66] 15/3/2019 12:43

" The alternative transaction will be implemented very quickly and via a carefully-managed process and the administration and sale is expected to be completed this evening, ensuring that the business will continue to operate as normal for customers and suppliers. It will provide the Group with a strong financial position, allowing it to grow and develop the business, to deliver on its long-term strategy and protect the Group's employees (including the beneficiaries of the Group's pension schemes).

As a result, the Company confirms that its ordinary shares will be suspended from trading on the main market for listed securities of the London Stock Exchange plc immediately. "


Boom !

" restoring shareholder value "

[bouleversee] 15/3/2019 12:42

Tomboy -

That link took me to an article dated last Nov.

[tomboyb] 15/3/2019 12:41

Seems to be happening -

Creditors are fast falling down the wayside -

Mike Ashley is a big fan -

[bckttsim] 15/3/2019 12:38

This shouldn't be allowed, go bust and start up again with no debt

[tomboyb] 15/3/2019 12:36

Cityam were correct -

They gave investors 50minutes to get out -