546 days ago
Last year it was a case of sack-cloth and ashes as my tips had been Minoan (MIN) and less of a disastrous foray with Bowleven (BLVN). Both are worth holding onto at the moment, in my view, but as tips for 2018 they were pretty horrible. Fortunately my 2019 picks did much better, as I plumped with Ariana (AAU) on the long side and Interserve (IRV) as a short.
741 days ago
Not so long ago Neil Woodford was telling his investors that fully-listed Kier Group (KIE) was just the perfect investment. Then came the rights issue which flopped and fell to the underwriters. And then came the admission that it had mis-stated its debt position. And then a new CEO who immediately launched a strategic review. And then a profit warning. And yesterday The Times reported that Kier was looking at off-loading its house building arm as its suppliers were being refused insurance on Kier’s bills. But of course Neil knew best: as the shares collapsed from well over £8 a pop ahead of the rights issue fiasco to close yesterday at a new low point of 130.8p, until his Equity Income Fund was gated, Neil was keenly buying up ever more of Kier’s shares,, taking his stake to 20% at the peak.
831 days ago
I start with a recount of what is my longest training walk yet as I build up to the 33 mile Rogue Bloggers for Woodlarks stroll on May 25. As you think of me wading through mud and dog pooh, gosh I loathe selfish dog owners, please make a donation to this great cause HERE. Then I look at Interserve (IRV) and dumb bleaters and at Metals Exploration (MTL), Tim Blackstone's fave hound, and why its latest bombshell surely calls for a change in the AIM casino rules when it comes to Nomad Resignations.
833 days ago
I first warned about Interserve at about £1 back in October 2016, warned about it all the way down ever since and made it my sell tip for 2019. Today at an EGM, shareholders – as I had expected – voted down a debt-for-equity swap in which they would have retained 5% of the company. The shares were suspended immediately and at 2pm it was announced that the board will apply to the High Court for the company to be put into administration. In short, it is a 100% wipe-out for shareholders – and time for an Ouzo at Deputy Sheriff Towers.
834 days ago
I make no apology for saying sell and keep away from fully-listed Interserve (IRV) as we run up to tomorrow’s make-or-break shareholder vote. With rebel investor Coltrane holding just under 28% and planning to vote against, the risk to other shareholders is an immediate pre-pack administration which hands the whole outfit to lenders and shareholders get nothing.
839 days ago
Next Friday shareholders in fully-listed Interserve (IRV) will vote on the proposed financial restructuring which will see them reduced to 5% of the resulting equity, with creditors getting new shares at 15.3p in return for £435 million of debt. Interserve’s largest shareholder, Coltrane Asset Management with 27%, opposes the deal and if it is not passed a pre-pack administration beckons whereby shareholders will get nothing. The stakes are high.
843 days ago
Last night Coltrane Asset Management, the biggest shareholder of fully-listed Interserve (IRV) came back with a revised rescue offer in reply to the revised debt-for-equity offer already on the table as the battle between Interserve’s lenders and shareholders intensified further. Coltrane says its deal is better but Interserve says the D4E on the table is the only deal or bust. Should I change my mind that Interserve is a sell?
845 days ago
One has to take one’s hat off to Coltrane Asset Management, the holder of about 28% of fully-listed Interserve (IRV). Seemingly from a stunningly weak hand, concessions have been forced out of the management and lenders to offer a doubled interest of 5% to current equity holders in the event that the proposed restructuring goes through. But it seems that Coltrane still wants more, even though the company has now published its full proposals and called the general meeting.
853 days ago
Fully-listed Interserve (IRV) saw gyrations in its share price yesterday as news leaked out on several fronts in the battle to restructure the company’s finances. The shares started at 10.26p, fell as low as 9.5p and then rallied hard to close at 15.6p, having been up to 16.6p. So what was going on and have shareholder prospects changed from 8p or 0p?
856 days ago
A little RNS popped up from fully-listed Interserve (IRV) at 9.56am today telling us that Goldman Sachs has been dumping stock like there is no tomorrow. In this case of course there may indeed be no tomorrow (as discussed HERE), as Coltrane Asset Management tries to block the D4E deal and risk a pre-pack insolvency which would wipe out all shareholders. But who bought the Goldman stake?
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