Interserve Share Discussion Threads

[y1phr1] 19/3/2019 12:08

Well there you go.

[this_time_its_different] 19/3/2019 11:32

You didn't answer my second question. I actually sold out at 325p, yes that is 3 pound 25 pence not 3.25 pence. Never expected to see this stock at 0p.

[bouleversee] 19/3/2019 11:12

thistimeitsdifferent - 12096

Yes, it's a fantastic buy right now. Would you like to buy mine?

[this_time_its_different] 19/3/2019 10:54

When are the directors going to jail?

[this_time_its_different] 19/3/2019 10:54

Is this a strong buy right now?

[losses] 18/3/2019 05:55

Https://uk.news.yahoo.com/mitie-targets-interserve-lenders-support-132900362.html

[t2 pgs] 18/3/2019 02:53

Thanks Ken really insiteful

[aztec786] 18/3/2019 00:38

https://www.theguardian.com/business/2019/mar/18/interserve-given-public-contracts-worth-660m-in-run-up-to-collapse?CMP=Share_iOSApp_Other

[losses] 17/3/2019 23:53

Mitie group wanting to buy interserve support services..

[ken chung] 17/3/2019 22:59

Worthless junk.

[fenners66] 17/3/2019 21:37

PWhite 73

If you had been reading this thread about 6 months ago I said it would be the February payment (or lack of it ) that would be the catalyst - the timing if you like for IRV's demise.

Demise as far as shareholders were concerned.

If Debbie had pulled her finger out and sold off some decent business - it would probably still have happened for the reasons you state - just later.

[pwhite73] 17/3/2019 14:07

Ken Chung17 - "So basically shareholders have lost everything."

When they put the plan to shareholders to dilute their holdings to just 2.3% you could have argued shareholders have lost everything. Under the completed deleveraging plan approved by the High Court ordinary shareholders like yourself do not exist to have lost anything. The administration and deleveraging plan is a High Court decision not a decision of the directors who should be jailed over the demise of Interserve.

[pally12] 17/3/2019 13:35

Doesn't really bother the government they pay through robbing you will all form off tax they would not do it if they had to pay out off thier own pockets

[billtucker] 17/3/2019 12:25

Do we know what will happen with the FCA investigation below?



Has it died with IRV, or does it still stand and therefore some hope of investor compensation?

[ken chung] 17/3/2019 11:47

So basically shareholders have lost everything.

That is you money that just evaporated into nothing.

Twas a fine short though.

[bouleversee] 17/3/2019 10:14

Thanks Fenners. Will read all that later. Garden beckons while the weather is fine enough to catch up on that.

[pwhite73] 17/3/2019 09:36

fenners66

The disposals that did not materialise have nothing to do with the demise of Interserve. It is the entire UK constructions industry business model that is no longer fit for purpose in the new millennia. Directors pay, staffing levels, unskilled staff, advisers fees, legal fees, over budgeted private sector contracts, open ended public sector contracts. The list is endless. Take a look at the link below to see what's really going on.

[fenners66] 17/3/2019 08:54

One thing it goes on about it the £50m which becomes a £66m payment that was due in February.

About 6 months ago I referred to it on this board , having read through some of the details in the accounts.
It was obvious at the time that , disposals which were supposed to fund it , were not going to happen in time and that all the rampers on here that were going to make a fortune, had not read it so did not know that the clock was ticking.

It became the noose around IRV's neck - but was put there by the Directors when they agreed it along with borrowing more funds last April.

They had said for months and months that disposals were going to get them out of the debt crisis.
But nothing has happened.
Now Sky are saying that within a day of administration bidders are circling.

So how incompetent are the directors that made it crucial and in nearly 18m failed to sell off any major business?

[fenners66] 17/3/2019 08:48

bouleversee

If you look at the IRV specific news list (below, or above)



27/02/2019 09:05 UK Regulatory (RNS & others) Interserve PLC Deleveraging Plan details and launch


Its within the details around their "plan"
I have not read much of it so far.... I guess there are more gems in there

[bouleversee] 17/3/2019 08:38

fenners - 12078

Could you please tell me where you read that and perhaps supply a link. I want to write to my MP though as I am already in touch with her about other matters and with the Brexit crisis reaching a peak, I hesitate to do so. I urge others, especially those a lot more knowledgeable about this subject than I could claim to be, to write to their MPs as well. There is something very wrong in all this. Do you know how much the directors have lost and how much of that they actually paid for as opposed to having it handed to them on a plate by us shareholders who paid for our own? Auditors seem to be useless, govt. hands out contracts giving the impression that everything is hunky dory, directors make encouraging statements which aren't true and the advisors get £30m for trying to push through a deal which leaves the shareholders with practically nothing. Cloud cuckoo land!

[buywell2] 17/3/2019 07:01

There is a moral to this tale

Most pundits castigate AIM

In this company and the outcome of it's debt binge and flawed strategy we see that in actual fact AIM investments are now on par with FTSE 100 , 200 and 300 stocks.

It is as I have said before

Down to how good the CEO is

[fenners66] 17/3/2019 00:40

"Since 31 December 2018, the Group's indebtedness has increased, partly in line with expected seasonality, but also as a consequence of payments of approximately GBP15 million to advisers associated with the deleveraging transaction (expected to total approximately GBP33 million)"

Another £33m FFS !!

[fenners66] 17/3/2019 00:23

"Withdrawals of credit insurance over the Group, which began in 2017, worsened through 2018, and this, combined with press speculation and the liquidation of Carillion, forced the Group to trade with suppliers with significantly lower credit limits or in some instances on a cash in advance basis. This significantly weakened the working capital position of the Group."

Cited as a reason why they could not win new business or operate in accordance with plan and requiring shareholder destruction - from the proposal

However despite this threads speculation that this was happening - the RNS's from the company made no mention.

Indeed the infamous start to 2018 RNS said everything was going so well.....

A case to answer there ?

[dexdringle] 16/3/2019 21:20

Am still trying to understand why shareholders thought they were better off with their shares being valueless than they would have been with a 5% or 7.5% share of the continuing equity.

It simply makes no sense.