Jarvis Share Discussion Threads

[mallorca 90] 04/4/2010 18:46

It is 99% certain this share will never be relisted.
I say just move on

[stepin1] 04/4/2010 15:50

After reading this article sounds about right

[muckshifter] 04/4/2010 13:41

This seems to be following the exact path I predicted on the day of the announcement. It looks like the FM contracts have mostly been taken back into the possession of the company which holds the equity in the PFI - as predicted, ie, they are lost to us because of clauses within the contractual agreement. When these PFI contracts were originally awarded we were part of the company owning the equity, but that part ownership went during the previous near bankruptcy.

I believe I actually suggested that the receiver would sell the facilities management for £1 million, so the £2m rumoured by the paper sounds in the right field.

The tax losses are, I suspect, lost. The reasons for this are as I explained before many times, so I won't bore you with the explanation.

I notice that the same day that someone complained about poor responses from Toni the PR girl (announcement day I beleive), and I responded that she would have been out of the door within an hour of the receiver landing, someone else posted later that she had gone.

It all fits the pattern that I expected, sadly.
Regards.

[jarjar] 04/4/2010 13:35

It has been suggested that funds could have been raised from shareholders
I believe that this was not a practical solution because the share price
was too low to progress this at any sort of discount that would have been
necessary for this approach to succeed

[stepin1] 04/4/2010 13:20

700 POSTS MIGHT BE SAVED AT JARVIS

Accountant Deloitte, administrator to collapsed rail maintenance and services company Jarvis, is confident that it can save 700 jobs. Deloitte believes it can sell Jarvis's accommodation services division, which has 24 contracts to help run schools, hospitals and bases at the British Antarctic Survey. The division had operating profits of 1.4 million pounds last year and a turnover of 42 million pounds.

[pwhite73] 04/4/2010 10:07

stepin1

I'll be very brief for I'm pushed for time.

1. There has been no official announcements of the rail contracts going anywhere. There is nothing about this subject on the Jarvis or Deloitte website.
One of the arguments supposedly put forward by Network Rail for not confirming contracts in advance is that they have to go through a tendering process. So I don't see how they can say that to Jarvis then hand out Jarvis's rail contracts to any other rail infrastructure operator without a tendering process.

2. The sale of the FM for £2m is just another press speculative story. £2m won't even cover the fees for Deloittes' gang of four let alone appease the creditors.

3. Jarvis is in administration and the rail business is under interim receivership so they cannot take on any further contracts without funding and a 'going concern' bill of health from Deloittes. So NR are quite right to drop them from their list of track renewal contractors.

4. As previously stated it is against UK and European law for publicly funded bodies to award large contracts without going through a tendering process that is open to all European companies.

5. Deloitte did not say Jarvis Rail and Fastline have no work what they said was that there was a 'funding gap'. Meaning the work they have cannot be carried out without immediate funding.

6. Interim Receivers are appointed if there is a bankruptcy petition or a proposal from the debtor is about to be put forward.

Jarvis's predicament is purely a problem of funding not lack of work. If they can find immediate funding they can survive if not then its curtains.

[pwhite73] 03/4/2010 23:02

stepin1

I am still here and carefully watching events. The administrators cannot and do not hang about. There job is to move matters forward as fast as possible to return monies owed to the creditors and of course to collect their fees.

The redundancies have come as no surprise but I do not believe they will be permanent. As has already been pointed out Jarvis simply lacks funding at the moment that's all. This is not a case of orders drying up or having been deferred or cancelled. There is simply no money at the moment to complete the contracts.

It is important to note that Deloittes's have only been appointed as Interim Receivers and Managers of Jarvis Rail and Fastline Limited. On Jarvis's website below the announcement regarding the appointment of Interim Receivers they are still adamant they are:-

"a leading provider of high quality rail, plant, freight and facilities management services"



I still believe funding will arrive from one of several sources. We are only talking about a £15 - 20 million bridging loan.

[risk1] 03/4/2010 19:07

oh dear what a disaster

[stepin1] 03/4/2010 12:56

Asset stripping

What is asset stripping?

Asset stripping is taking company funds or assets of value while leaving behind the debts.

Company directors transfer only the assets of one company to another and not the liabilities. The result is a dormant company with large liabilities that cannot be met and it has to be put into liquidation

Stripping of company assets is normally done for two main reasons:

* The fraudsters deliberately target a company or companies to take ownership, move the assets and then put the stripped entity into liquidation
* "Phoenixing" - directors move assets from one limited company to another to 'secure' the benefits of their business and avoid the liabilities. Most or all the directors will usually be the same in both companies. This usually arises as a way of 'rescuing' the assets of a failing business rather than targeting a company

Where can I get more information?

Suspected phoenix firms and asset stripping are investigated: by the

* Financial Services Authority
* Companies Investigation Branch, (part of the regulatory arm of the Department for Business, Innovation and Skills).

Should I report to the SFO?

We only conduct investigations into asset stripping where the seriousness and complexity meets our acceptance criteria. If you have information, then please submit as much information as possible at: [e-mail] or contact us directly through our information hotline on 0207 239 7388

[stepin1] 03/4/2010 11:52

anyone been able to close out on CFD position ..

where has PWhite73 gone to ?

[dafrog] 03/4/2010 10:42

Yes volsung, but don't think the labour party would like you refering to them as crooks and swindlers. But I agree with you. At least we managed to keep Carlisle/Settle open, build a new line from St Pancras to the tunnel, rebuild St P. Build a new line to Felixstowe, build the Heathrow Express,open a few new stations. Re open all the closed station toilets (NR are re-closing them though). All will change under nationalisation, it's at the bottom of the pecking order when it comes to funding. The reason the railways wer good in the post war years were that they survived on what pre-nationalisation had provided. Since then, a big zero until they were given freedom.

[thecrownsucks] 03/4/2010 10:19

PLEASE DO THE SAME

[thecrownsucks] 03/4/2010 10:18

i've emailed the SERIOUS FRAUD SQUAD...I DID IT REGARDS TOREX RETAIL AND THE DIRECTORS WERE ARRESTED SO WE MIGHT GET SOME ACTION WITH JARVIS

[volsung] 03/4/2010 09:55

The whole rail system should have remained in public hands. Now a band of crooks and swindlers have swiped the lot

[gcom2] 03/4/2010 01:21

imo an enquiry into criminal shenanigans could happen here
something really isn't right
all imho etc

[mitch101] 03/4/2010 00:15

where's stepin1?

[srpactive] 02/4/2010 20:52

Maybe they were lining up a rights issue as
rolo mentioned, that is why we had the
company equiti (was it) asking for our holding
details, Mike you have been the third person
that has mentioned we could have some money back.
But we sahll see, I should have sold in September
but I thought the nationalisation story had finished.

What did deloitte say in their letter.

dyor

regards

active

[srpactive] 02/4/2010 19:19

mitch

just enough now.

The company was in a far better position than a few
yrs ago and improving, £19m is all it would take,
small change for the likes of the duke of westminster
building his pfi's or richard branson and his interest
in railways.

I mentioned a number of times that the pfi division
should have been sold off including the tax losses
and used to wipe off debt, and we would not be here
now.

No debt and chiltern, sounds good does it not, prat.

In every recent annual and interim report, the
pfi division was not mention as its main interest
so why the heck was it not sold last yr, why doesn't
the government just take the railside inc contracts,
equipment premises and jobs etc and leave the pfi.

Do jrvs own the headquarters or other buildings?

active