Jarvis Share Discussion Threads

[srpactive] 10/4/2010 19:58

Jarvis fm foc, we have six bidders, a business
with £50m turnover and profitable, give over.

Bam Nuttall would be better off funding us, selling
the pfi and just carrying on.

dyor

regards

active

[sat69] 10/4/2010 17:53

2 weeks and no further news.

[stepin1] 10/4/2010 01:15

calamity its clear in the RNS

"it has today become clear that sufficient support will not be extended "

Deloittes have told me this is not the same as saying we are withdrawing working capital

nor does the RNS say the banks have withdrawn working capital

what is obvious is jarvis needed money to pay HMRC which they didnt have and the banks wouldnt lend them this under the arrangements of working capital...
hence the rug was pulled from under their feet...as HMRC was going to bankrupt the company so it went we couldnt trade as a going concern....

[calamity] 10/4/2010 00:03

Yeh...Alchemy and Moulton...historic names for me of about 10 years ago...remember Cedar...they were involved there...nothing for shareholders...again...and probably never will be in cases like this...but what rankles with me is all the hype that went on within the RNS's about contracts won and working capital until January 2011...and the rest...feel very hoodwinked as most other holders probably do...It was all coming together and within reach after the rather lean time of the past 12 months...and NWR within a few days of admin. giving out the work...you couldn't make it up could you...it would seem like fiction...but is in fact...fact...

[yuka] 09/4/2010 21:32

FFS Active stop dreaming of being saved. Readers Digest may have survived as a company but shareholders were wiped out. Ownership passed to the debt holders who then cut a deal with Moulton. More to the point Readers Digest went into Chapter 11 because debt was too high but the business continued (that is the point of Chapter 11.) Jarvis' main business and the majority of its workforce have gone.

[srpactive] 09/4/2010 21:26

Mr Moulton did raise £142m in December.

[srpactive] 09/4/2010 21:17

quite ironic on the other thread set up yrs ago,
is titled only worth 9p on fundamentals and we close
at 9.4p on the last day.

[srpactive] 09/4/2010 21:15

Surely mr laird is trying to do something as
he was the man who turned the pfi business
around, there must be private equity out there
to back him to turn the whole of jrvs around.

dyor

[srpactive] 09/4/2010 21:07

And as the last rns states very clearly indeed
the word temporarily.

[srpactive] 09/4/2010 21:01

Readers d went into administration in Feb, so
two months on and a saviour, we went in end March
so a chance I suppose for a couple of mths.

Do not forget the profitable and still trading
pfi business has revenues of £50m.

dyor

regards

active

[srpactive] 09/4/2010 20:59

Do you have a contact number, no harm I suppose.

[stepin1] 09/4/2010 20:53

why dont you try and contact him

[srpactive] 09/4/2010 20:49

Well if thye can raise and pay £13m for readers
digest I am sure Jon Moulton can muster some
for jrvs, especially as he tried to take on Rover
a big project.

I am still hoping, can anyone contact Mr Moulton.

dyor

regards

active

------------


Reader's Digest UK bought out of administration
A Reader's Digest on sale
Reader's Digest has been published in the UK since 1938

Reader's Digest in the UK has been bought out of administration by Better Capital, well-known private equity veteran Jon Moulton's investment firm.

The 72-year-old British edition went into administration in February after its US parent was unable to support it following a pension fund crisis.

Better Capital said it had backed a management buy-out in a £13m deal.

It said the deal secures the future of the business and the jobs of the 100 people who work for the company.

Some employees had already been made redundant since the company went into administration, while others had been transferred to the US parent group, the administrator Philip Sykes told the BBC.

The US parent has agreed to let the company publish using the Reader's Digest brand under licence.

"It's rare to have an opportunity to back a dynamic management team to run a business with the heritage and brand strength of Reader's Digest," said Mark Aldridge, chief executive of Better Capital.

He said the new management team envisaged no "fundamental changes" to the business.

"With greater investment and expansion through the internet," he said, the magazine could reach a much wider audience.

Bankruptcy protection

Reader's Digest was first published in the UK in 1938 and has suffered from a dramatic fall in readership in recent years.

Despite attempts to modernise, including launching an online edition, its readership has fallen from about two million in the 1990s to under 600,000.

The US parent group, Reader's Digest Association filed for Chapter 11 bankruptcy protection last year after struggling with interest payments on a $2.2bn (£1.4bn) debt, before emerging earlier this year.

Mr Moulton is one of the UK's most high profile private equity investors.

He set up Alchemy Partners in 1997, the company that almost bought MG Rover from BMW in 2000.

[stepin1] 09/4/2010 19:51

Deloitte....have an obligation to report on directors. but because they were advisors ro burdale then got their pockets lined by the directors having appointed them as administrators. ill doubt anything will come ....

[diku] 09/4/2010 19:40

This departure is very fishy indeed!!...

With reference to Listing Rule 9.6.11 R (4), Jarvis plc confirms that as
previously announced on 01/10/09, Graham Denton is to be appointed to the
position of Group Finance Director and will join the Board as an executive
director and John O'Kane, currently Group Finance Director, is to leave the
Group and cease to be a director. However, in order to facilitate holiday
arrangements the appointment of Graham Denton, the departure of John O'Kane and
the Board changes will now take effect on 20/10/09.

[stepin1] 09/4/2010 19:06

i thought Elvis was dead

[yuka] 09/4/2010 18:29

Slim chance? Yes there is a slim chance of bumping into Elvis in Tesco's tomorrow as well.

[stepin1] 09/4/2010 17:05

Srpactive PWhite73 only writes in such a way it feels like we are in a dreamworld..

yes of course their is a slim chance... but if the shares could trade today

id bet they would be at 0p

the fact is we owed in total 40m... this will now balloon as administration costs and disstressed asset sale could very easily take us to 60m in debt.. of which after redundacy payments if unsecured creditor get 10m they are lucky and for us.. we can take home jarvis plc t shirts that were left behind...

[yuka] 09/4/2010 16:29

Little hope for who Active? Looks like a little hope for employees but no hope whatsoever for shareholders.