Thursday 14 December 2017 | ShareProphets: The one stop source for breaking news, expert analysis, and podcasts on fast-moving AIM and LSE listed shares
The November 2017 edition of the UK Investor Magazine is now live: confronting the new takeover code, five buy share tips (and three sells), plus what are they drinking in Scotland?
Safestyle UK – third profit warning in less than 5 months, though still reckons “modest growth” for 2018. Hmmm…
Fully listed Interserve plc (IRV) has announced the departure of its support services managing director, Mr Bruce Melizan. He has stepped down from the Board and will stick around until the end of January to effect a handover. A second announcement describes the severance package….I wish I had one of those!
Shares in main market-listed Interserve (IRV) have been falling today, last seen down a thumping 8.2% - quite a drop for a £106 million company when there has been no news. One wonders why.
Yesterday revelations on Sky and a company statement made clear that all is not well at Interserve (IRV), for all the positive noises about constructive discussions with its lenders, Sky revealed that a syndicate of lenders including Royal Bank of Scotland and HSBC had called in Ernst and Young amid fears about the balance sheet. Noting also that the balance sheet is painfully thin, as per its recent interims statement, and the calamitous profit warning last month suggesting that the company had no idea of the eventual magnitude of the provision needed associated with its exit from its energy-from-waste business, as well as questions over current trading and you already have pretty good reasons to get out.
A little bit more of a look at main market listed Interserve (IRV) simply serves to underline my comment earlier that it is a sell.
Main market listed Interserve (IRV) has followed up its profit warning of 14 September with a statement today that it is in constructive and ongoing discussions with its lenders. The word constructive may sound positive, but I fancy it is anything but: the 14 September warning said that the Board continues to believe that the group will be able to operate within its banking covenants. Oh, and the CFO stepped down on 30 September 2017, as announced on 30 June – except that it looks like that was after a nudge.
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