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Interserve – another cash headache?

By Nigel Somerville | Wednesday 28 March 2018

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

One minute everyone is celebrating the rescue deal to save fully listed Interserve (IRV) and the share rally strongly to peak at over 110p. Now all of a sudden, we are back to 82p. Perhaps it is the 25% dilution at 10p to come which has sunk in – or perhaps it has something to do with a story yesterday in the most excellent Construction News which tells of a horror story at an Energy from Waste project in Glasgow – from which Interserve was sacked in 2016. According to the report, Interserve could be on the hook for £95 million. The silence form Interserve if deafening.

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