Results

Interserve – down to the wire as shareholders vote tomorrow: still a sell

Published 67 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.

Interserve – I’m still steering well clear

Published 76 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?

Interserve – slips again on FT comment and still a slam-dunk sell, now a very plausible zero

Published 93 days ago

Shares in my Christmas (sell) tip, fully-listed Interserve (IRV), slipped again yesterday after an article in the FT (see HERE) pointed to the stand-off between the company and its largest shareholder, which wants to derail the debt-for-equity swap proposed by the company’s management. The problem is that the company owes £66 million of overdue payments to the banks, which could force the company into liquidation.

Interserve – still an outright sell: consider the creditors!

Published 99 days ago

We still await full details of the debt-for-equity swap at fully listed Interserve (IRV). But on what the company has told us so far, it is clear that the shares, at about 11.6p, are a stonking sell. Here is why.

Advanced Oncotherapy – more on that Blackfinch secured loan: is it pre-pack ahoy?

Published 760 days ago

As shares in AIM-listed Advanced Oncotherapy (AVO) again sit below that all-important 27.5p mark which, if continued for 10 trading days, will trigger a EGM to reduce the nominal value of the company’s shares, a quick trip to the Companies House website reveals the debenture paperwork (HERE) related to the company’s recently announced loan deal (with spoof 100p conversion terms) with Blackfinch as announced on 27 March (HERE). Most of it is legalese, but on page 36 we get some cracking tit-bits. Such as the planned expenditure on the Harley Street premises (some £19.14 million) as against potential resale values of between £9.44 million and £10.71 million – and that is just for the kit and fitting, not for the value of the property itself. As security (including the property) for a £3 million loan (with an option for a further £2 million) it is quite something!

Day 1 of the 2016 Trading Year, Kill No 1 for the Sheriff of AIM - Touchstone Gold

Published 1232 days ago

Readers of this website were repeatedly warned that AIM Casino listed Touchstone Gold (TGL) was a POS ahead of its July 1 2015 suspension. Today the company has been formally booted off the casino in a statement which shows what a total shambles this enterprise was. The curst of Steve Berry lasted well after his "departure"

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