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
  +0.00p +0.00% 6.30p 0 01:00:00
Bid Price Offer Price High Price Low Price Open Price
5.795p 6.30p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 3,250.80 -244.40 -176.00 9.4

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Date Time Title Posts
12/6/201912:26Interserve - Still Awaiting a Recovery!73
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) Top Chat Posts

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.
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.
jaknife: Surprised that the share price is so strong here this am. The existing shares are worth 2.5% (one-fortieth) of the total company. There are 149.7m shares in issue at this point in time and so the total business is valued at an EV of : 149.7m * 15p * 40 + $275m = £1,173m ie equity of £898m!!! The announcement doesn't explain how much debt is being swapped for equity but looking at the last update, it stated: "Year-end net debt expected in the range of £625m-£650m" See: Https:// And today's RNS states "The Deleveraging Plan is expected to result in Interserve Group's pro forma net debt reducing to c.£275 million achieved through issuing c.£480 million of new Interserve equity;" See: Https:// So ballpark £375m of debt is being swapped for 4,800m new shares .... and the market thinks that those 4,800 shares are worth £720m???? I had pencilled in a share price of 7.5p when I did my quick figures this am. I appreciate that the open offer may slightly swing the numbers but has anyone done any numbers to justify a 15p price? JakNife
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.
cc2014: Aendjo, My sympathies over the position you are in. It cannot be easy. I don't usually ramble like this but A few observations a) go take a look at the Kier situation. Share price collapsing on debt fears even after a successful 33 for 50 rights issue b) then take a look at Galliford which did a successful rights issue a year ago. It's down but not nearly so much. At the time the market thought the company didn't need to do the rights issue or not for the size it did. Now we see the directors had a reason c) think about why Capita did the rights issue for a crazy large amount of money What you see is that these companies knew the government was going to tighten up on the late payment practices. They have all signed up the government code on this many years ago. They knew this was coming so did something about it. Why are the government tightening up? Because the voluntary code wasn't been followed by those signing up to it. Many were simply ignoring it. d) now take a look at Balfour Beatty. Announced repayment of half it's gross debt today. Share price is down over the last month but in comparison not very much. They have another £120m of debt for repayment in June 2020. They will repay this too or refinance it. Either way they win though as they are currently paying 10.75% on it. Now take a look at some construction companies with cash. First CTO. They have no debt and £12m net cash at last year end. More this year end. Share price has gone up in the last month and are trading at P/E of 5. Another NMD. No debt and £17m net cash last year. More this year end I'm guessing. P/E about the same and share price going up. Interesting remember the South West Water contract that runs for another 18 months or so and some has a discussion over whether they had lost it or failed to retain it but they would still get the work until the end of the contract. Well that's not the case. NMD already have it. A nice £56m order which South West Water have clearly been holding on to as they didn't want to give it IRV even though they were the sitting contractor. So, I'm starting to ramble but my point is if the government require companies to pay on reasonable timescales from the Autumn or be removed from government contracts where is IRV going to find the money to drag it's payments forward 30 days? how it is going to stop paying 80% of it's invoices late? I'll start again though in another way: when the new management arrived and put together the refinancing plan in April what was their biggest priority? a) get the EfW sorted. But they haven't have they? Maybe they nearly have but out of all the things they had to do, they haven't got it sorted. not yet. Of course they say it's nearly sorted. Maybe it is. But it's all about management credibility and they've failed to deliver this b) second priority. Get the EBITDA up. Which seems to compromise reducing the size of the workforce. This they have done. Lots of redundancy costs. c) get the debt down. Disposals. 2 done out of 14. I'd say not delivered as promised. So, if management can't deliver (even if it's not their fault as they've inherited a truly awful pile of poo) this is where we end up. Um, finally that range you have for the TOP is wrong. £100-£150m. For 2018 market expectations are £92m. £150m would be a average margin of 5% and given construction will make a small loss that means rest of business would have to make more than 7.5%. I'm not sure why you have any faith in Coltrane or Standard Life etc. Coltrane have lost tens or hundreds of millions on this trade. Standard Life have lost a third in a week (glad I don't have my pension with them). They don't appear to be very switched. Standard Life's stake is worth £2.5m. Peanuts to them. Where next for the share price? Who knows? But until they get priority one, EFW commissioning sorted the market will be unforgiving. The longer it goes on the bigger the pile of poo becomes. It's a mess. A big mess and the share price reflects it. Might as well toss a coin about where it's going next.
oliversanvil: The Price to book ratio is the current share price of a company divided by the book value per share. The Price to Book ratio for Interserve Plc LSE:IRV is 1.362996. A lower price to book ratio indicates that the stock might be undervalued. Similarly, Price to cash flow ratio is another helpful ratio in determining a company’s value. The Price to Cash Flow for Interserve Plc (LSE:IRV) is -0.248133. This ratio is calculated by dividing the market value of a company by cash from operating activities. Additionally, the price to earnings ratio is another popular way for analysts and investors to determine a company’s profitability. The price to earnings ratio for Interserve Plc (LSE:IRV) is -0.164277. This ratio is found by taking the current share price and dividing by earnings per share.
fenners66: It is a shame , I will not make a penny , did not short it, but the thing about the stockmarket I have learned , is that share opportunities are like buses there will be another one along in a minute. Just as long as you find a method that works for you. So you can learn as much about the method by researching companies , charts , tea-leaves or whatever as you can with or without betting on it. There is not much that has changed since that March post , time has ticked by and regardless of today's falls the share price is down. There are other shares that are down a lot today - but I do think that the share price fall here in the last few days looks like a smoking gun. In many instances the share price itself does not unduly affect the underlying business so it goes up it goes down so what ? You want the directors to concentrate on running the business. However since DW has already said that the measures planned (not yet delivered) are not enough to shore up the balance sheet - the share price fall has a material effect on the efficacy of a rights issue. So hold off for even longer or get jittery and dump on the shareholders ? She should have announced it with the re-financing after all no-one would know then that they would fail to sell a business before now and the share price was over £1. Instead they were probably discussing recruiting some more directors or a basis for the next bonus ... there are only so many hours in a day after all.... Some said back then she was a great appointment ..... and now ?
fenners66: They cannot be factored into the price. Until the rights issue details are known it is all guesswork. By way of a (perhaps) more relevant example look at Capita. New CEO announced a rights issue was needed to shore up the balance sheet and the share price halved. Announced that they had a fully underwritten issue and the price and the share price halved again. That issue was taken up - balance sheet strengthened and the company is making real profit - not "underlying " after ignoring all the losses and still the share price is struggling. Here they are making real losses - the need for a rights issue has been around for over a year - but they have not been able to move forward with it. They know they need to make large disposals but again no progress in a long time - if I can work out they are becoming a desperate seller I am sure any potential buyer can do the same. All the while without a reduction in the debt I believe the interest rate rises - with the annual run rate now up to £100million So you can guess its in the price - but how about say a 5:1 at 10p each how would that affect the share price ?
aendjo: From evidence (11/6/2018) public accounts committee: Chris Evans: I was looking at the weekend, Ms White, at Interserve and especially investor tips, and a number are betting on Interserve’s share price going down. Also, the same people—I think it’s Marshall Wace—hold a large short position on your company at the moment. How concerned are you by the market at the moment, with that sort of news? Debbie White: The Interserve investor portfolio is split roughly into three components. We have Coltrane Asset Management, who have been a long-term shareholder and have added to their shares over this period of time; they own about 27% of the company. We have Farringdon Asset Management, a Dutch-based organisation. It split into two funds recently, and they together own roughly 10%. The remaining 63% is held by retail investors. That is not an investor dynamic that you would want to see in the longer term, because the share price is dependent on very small changes in mood. The share blogs say x, y and z—there is a lot of speculation on the share blogs—and that tends to drive the share price. It is certainly not being driven by our larger investors, or by any new investors coming in. Part of the recovery plan is actually about talking to new investors—the funds you would expect to see owning parts of a UK plc—about joining the shareholder base. I am not that concerned about it, actually. That might sound a bit flippant, but I am not being flippant. The variation is principally driven by retail investors. Our plan is very robust. We announced the first of our disposal sales in the last two weeks, which has brought in a significant amount of cash, and we are on track with the things that we are doing. We have to deliver our recovery plan, and I think the share price will respond accordingly.
aendjo: Morning everyone. It looks like we’ll have to wait just a little bit longer for the announcement. The shares will continue to trade sideways in the meantime and I would not try to read too much in it. I suspect many holders underestimate the potential upside for the share price if 1) refinancing is agreed and it is not extremely dilutive and 2) if results are in line with trading updates. In my opinion, if Interserve finds a robust financial footing and it becomes clear it is not going bust, it will go back to being traded on fundamentals. A very conservative P/E of 8 takes the share price above 220p (based on market cap = 8 * [41m, projected headline profit]). Projected total operating profit for 2017 is 76m, so if you used that the share price would be in the high 300s. Clearly 300p may seem like a “crazy” upside from the current share price, but I would urge holders to consider the actual value of what they own, so that they can identify the right time to sell (if they buy into the recovery story, clearly). To give you a sense of perspective, the share price was 240p in March 2017, in March 2016 it was 415p... 3 years ago, March 2015, Interserve shares traded at 600p. Three years is a blink of an eye in the life of a global company with a workforce of 80,000. I feel I was extremely lucky to be able to buy a considerable chunk of this at the premium price of 129p. I’m not joking when I say I’m going to sell at no less than 300p.
Interserve share price data is direct from the London Stock Exchange
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