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IRV Interserve

0.00 (0.00%)
19 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Interserve LSE:IRV London Ordinary Share GB0001528156 ORD 0.1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 6.30 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
5.795 6.30
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 6.30 GBX

Interserve (IRV) Latest News

Real-Time news about Interserve (London Stock Exchange): 0 recent articles

Interserve (IRV) Discussions and Chat

Interserve Forums and Chat

Date Time Title Posts
27/10/201923:26Interserve - Still Awaiting a Recovery!105
12/4/201905:51Chancellor's Spring Statement 13 March 20199
27/3/201911:51Interserve - Awaiting A Recovery12,102
28/1/201813:01Fake news1
17/1/201818:54Fake news1

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Interserve (IRV) Most Recent Trades

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Interserve (IRV) Top Chat Posts

Top Posts
Posted at 23/10/2019 09:23 by cc2014
I remain amazed at this company. They still haven't finished the Premier Inn in London either yet they continue to win plenty of work. All UK tax-payer projects of course. Very few are for the private sector.
Posted at 25/4/2019 12:57 by cc2014
So, is the finance director responsible for the failure of operations to hand over EfW or responsible for getting new work or restoring margins? Should finance directors be shot out the door for the non-performance of their colleagues? or because the comms director hadn't got a scooby.

As far as I could tell from a distance the only directors trying to sort out IRV were Debbie White and Mark Whiteling and were severely let down by their operational colleagues who couldn't get jobs handed over.

Here's another job that's in a mess:

Derby still isn't handed over...

I assume he's been encouraged to go. You don't need a heavyweight FD if your shareholders are your lenders as there is no negotiation to be done. Again if you aren't reporting to the stock market it's the same.

The FCA are after IRV too and now the banks are the owners there is someone to pay the fine (rofl).

I'm not sure anyone would want the grief at IRV for any money. It's the sort of role that will ruin your career forever.

I really do wish Debbie the best of luck but I don't know why she's bothering either. Until operations learn how to get every job finished on time to a decent quality it's an impossible situation.
Posted at 16/3/2019 20:57 by csmwssk12hu
Nothing going to change now as a share it’s gone, but interesting to read on sky news that the lenders increased offer to Coltrane of 7.5% but they wanted 15%, I wonder why they never put 7.5% to a vote, may have changed the dynamics, for those struggling with what the percentages mean, basically 95% of the company would have went to clear £375m of the debt, so 375 divided by 95 x 5 equals what the shares would be worth £19.7m or a tad over 13p per share, at 7.5% that would have been around 20p per share, then the likely hood of increasing the share price as the threat of administration would have lifted, all in all it made no financial sense for any shareholder to vote against the deal, most companies go to the wall without the option, the only reasons you would vote against is stupidity, cut your nose off to spite your face or you made more money sending them into administration because you had either shorted it or you had interest in it’s bonds.
Posted at 15/3/2019 17:53 by bouleversee
ducati -

So what happens in this case? Was the brief increase in the share price a few days ago due to the shorters buying back shares to return to whoever they borrowed them from? What would happen if the company went bust before they did so?

There was a petition set up recently to ban shorting of AIM shares. I personally think the ban should be on shorting full stop, as in Germany. Too easy to manipulate the prices.

Are you saying Coltrane shorted IRV as well?
Posted at 11/3/2019 12:21 by cc2014
Your analysis re buying now vs buying in the open offer is correct. If you buy now you run a risk your shares are completely wiped out in a few days, whereas if the deleveraging plan is not approved the open offer will not go ahead.

However, the share price post deleveraging could go down as well as up. Don't forget some of the bondholders will be able to trade their new shares on market to crystallise their cash. If you are RBS who are not in the habit of owing businesses this may be attractive. Even selling their shares at a 20% discount to 15.3p may seem attractive. I'm not saying this is going to happen but it is something worth thinking about.

Finally I have to ask. If you currently have a balanced portfolio where IRV is no more than 5% of your portfolio, your portfolio would be £100k of which 5k is IRV. If you go for the OO, you have to invest 95k, taking your total portfolio to £195k at which point IRV is over 50%. Or you have no more capital you have to sell all your other investments which will make IRV 100% of your portfolio.
Posted at 28/2/2019 14:36 by cc2014
The point is rather than it is not a requirement to take up the full 1 for 19. They can take up any proportion they like so them not taking up any is telling you something.

I believe this is the reason. I suggest it's worthy of a very careful read. It says if there is a low take up of the offer the company is likely to go private, so you'll be sitting on your shares with no market to sell them into.

Following completion of the Placing and Open Offer, to the extent Qualifying Shareholders do not take up their right to subscribe for New Ordinary Shares pursuant to the Open Offer, the Senior Cash Facility Lenders will hold up to 95 per cent. of the ordinary share capital of Interserve as enlarged by the Placing and Open Offer. Following the completion of the Placing and Open Offer, there is likely to be a high degree of share price volatility and the share price may decline below the Issue Price. In addition, it is expected that the Company's free float will fall below 25 per cent. and the Company will need to formally apply to the FCA for a temporary modification of the requirement to maintain a free float of at least 25 per cent. Whilst the FCA has indicated that it would be minded to grant such a temporary modification to the Company for a period of twelve months from the date of completion of the Placing and Open Offer (even if there is no or a limited take up in the Open Offer), such modification will be subject to the Company being able to demonstrate that the market in the Ordinary Shares will operate properly and that there will be sufficient liquidity. Such matters are outside of the control of the Company and there can be no assurance that the Company will be able to satisfy those requirements.

If the Company were to be unable to satisfy the requirements imposed by the FCA, or to restore the free float within such period as the FCA may allow, it is possible that the Ordinary Shares would be suspended and/or that the Company would have to be de-listed, such that the Ordinary Shares would cease to trade on the London Stock Exchange. In these circumstances, Shareholders would lose the protection afforded by the Listing Rules and the liquidity and marketability of the Ordinary Shares would be significantly reduced, which could have a material adverse effect on the value of the Ordinary Shares.

Further, if there is no take-up or only a limited take-up by Qualifying Shareholders under the Open Offer, the Company believes that it is likely that one or more of the Lenders may requisition a Shareholders' meeting to vote on whether to cancel the Company's listing. Whilst all Shareholders would be entitled to vote on any such resolution, if more than 75 per cent of Shareholders voted in favour of such a resolution, the resolution would be passed and the Ordinary Shares would be de-listed. A cancellation of the Company's listing would mean that Shareholders would lose the protection afforded by the Listing Rules and the liquidity and marketability of the Ordinary Shares would be significantly reduced, which could have a material adverse effect on the value of the Ordinary Shares.
Posted at 28/2/2019 09:02 by fenners66
"EY has been lined up to manage a pre-pack administration if the lenders lose the vote, which requires approval from investors holding 50% of the company to pass.

Coltrane and fellow shareholder Farringdon are thought to wield enough voting power between them to thwart the plan."

I wonder if the %'s arranged for and against the vote are the real reason for the share price rise in the last few days.
Essentially the share price is a reflection of supply and demand on any given day - not necessarily the intrinsic value of the company and if some wanted to improve their chances of winning the vote - then picking up shares in the market makes sense.
Posted at 11/2/2019 22:13 by fenners66
It adds perspective when the share price is down from £'s to few pennies and whilst that share price destruction has been achieved those that professed restoring shareholder value have given themselves 125% bonus.
Posted at 06/2/2019 09:44 by cc2014
JakNife. thank you for your analysis. I think you are in the right ballpark.

I have to go out today so won't be posting further but a couple of things strike me
1. RMDK are going to shoulder the remaining debt. The calcs in my head suggest they are going to struggle to do so if the interest rate remains at 10%. I suggest maybe 3 years down the line they will default and the bondholders get RMDK for free. Maybe they won't. It looks tight to me.
2. Looking at L2 there seems to be one maybe two players buying most of the stock in the last hour. At a share price of 15p= market cap of £20m I wonder whether someone is acquiring shares either to help the deal through or disrupt it because as your analysis suggests the share price should not be 15p
3. Finally they are being given another £75m of "overdraft" to keep them going. If it's not yet drawn because it's not yet available is it in the debt figures/covenant ratios.
Posted at 17/12/2018 09:47 by cc2014
I have to say I'm completely puzzled by the price action. I don't understand why anyone would buy it here. If I want to construct a case it goes:

RMDK sold to debtholders for say £200m but they agree to wipe out £100m debt at the same time, so debt reduces by £300m overall (it's kind of fair to shareholders as this way they would get the maximum £300m but they get the cash now).

Leaves £350m debt, which would cost say £35-40m in interest. RMDK contributes £37m EBITDA so would leave the remaining IRV with £55m EBITDA. £55m would just about cover the interest payments given CAPEX of £15m.

Now, if after this you can get a rights issue away for £150m, that would get the debt down to £200m and IRV is in a much better place. So, I assume buyers are buying in the knowledge they will have to take part in a rights issue.

However, and this is the downside, this assumes IRV has no further cashflow detriment from EfW, the other problem jobs and the Viridor settlement. This number comes to somewhere between say £50m and £200m depending on how you look at it.

I wouldn't be investing unless I understood these liabilities. Maybe others do understand them. What I do know is out of the 5 Efw, Viridor claim remains unresolved and not one of the other 4 have been handed over as fully commissioned. And it's 17th December now.

So, I remain puzzled as to why the share price isn't 5p. But it's not a day or two's aberration. It's definitely settled here. Strangely we don't have any RNS either buying or substantial changes in shorts. The shorts aren't closing and there isn't one party scooping up all the shares (unless it's a protected trade). And none of the long term holders sitting on huge losses are selling either.

So, the shorts still think it's going to say 5p, the longs still think it's worth more than the share price and none of the churn in volume is resulting in anything notify-able.

All a mystery to me.
Interserve share price data is direct from the London Stock Exchange

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