forwardloop
27 Feb 2018
crisis grows as debt talks stumble Sun Telegraph[link]
Hardcore Uproar
25 Feb 2018
Re: FT comment This one looks a bit daffy ducked, too. I mean Jesus, how can you lose so much just doing a bit of cleaning? A market valuation of 91m GBP with debts forecasted at 600m, I wouldn´t fancy many peoples chances of success with this one.I have a feeling there are many more of these type of companies out there.
Ripley94
25 Feb 2018
Re: Daily Telegraph Nigel Somerville on share Prophets blogs avoid.He quotes Warren Buffet Two rules (1) Don't lose money ( 2 ) Don't forget rule one .But i recall he bought Tesco a few years back so don't get how you do that ?Like Carilion and capita, IRV i read ..... were / are paying out more in dividends then they generate from operations i do not understand how that's a good idea ?Why ?
SS18 ICBM
23 Feb 2018
Re: FT comment Interserve cleans the London Underground? Looks like it's being taken to the cleaners itself.
nk1999
10 Feb 2018
FT comment Extract:"Interserve, the British outsourcing company, has presented a rescue plan to banks in an attempt to secure fresh funding, with fears over its future raised by the demise of rival contractor Carillion.Interserve, which cleans the London Underground and manages the Ministry of Defence’s estate in the UK, has already warned on profits and delayed a test on its banking debt covenants until the end of March. It has secured £180m of additional short-term funding until then.On Thursday, the company met with eight banks including Barclays, Lloyds Banking Group, RBS, MUFG, Sabadell and HSBC to present a revised business plan and request fresh funding for the company. The proposals are under consideration but no decision has yet been reached. Interserve declined to comment................."
Uncle Doug
08 Feb 2018
déjà vu Another Carillion? Looks like these are toast.
onewayticket
07 Feb 2018
Re: Capita on a rebound A few ups and downs but I see Capita did reclaim some ground back to near 200p.Interserve has gone 120p to 76p off the last Capita profit warning but has barely recovered anything.Most of the price fall I suspect is short positions which disproportionately affect the price.Positive news though normally does the same in reverse with a "short squeeze" as they exit and have to buy stock to cover their position and exit.Own due diligence
onewayticket
02 Feb 2018
Re: Capita on a rebound And back down with Capita.Wholly unjustified though if its off the back of Capita's own problems.Its just about as irrational as Dignity's recent trading pattern.Own d. d.
onewayticket
02 Feb 2018
Re: Capita on a rebound 31st March is our next sit down with the banks, that we know so until then we have a good few months for the CEO to be working her magic with identifying cost savings, reviewing the business and with implementing her "Fit for Growth" strategy. In one sense its a shame that markets overreact and tar all with the same brush when they are all individual companies. Carillion collapses = stay the same. Capita warn - lets chop it 25%.That said tarring all with the same brush presents opportunity and not only that it means future pricing contracts will increase. Just my views. Own due diligence.
onewayticket
02 Feb 2018
Capita on a rebound Well when Carillion actually "collapsed" Interserve held its ground really and sat in the 115 to 123p range for a good few days and that's despite having had its own mark downs for its own problems already.Then Capita completely different company came out with its own profit warning in the last few days and guess what "kick the can" Interserve gets hit more price reduction. Did it deserve it this time - probably not at all.Whats more and at the time of writing Capita is up nearly 9.25% this morning. Lets see if common sense prevails and we get back to where we were. Own due diligence
numberbiter
01 Feb 2018
Re: 120p Finish I am all for the concept that you must speculate to accumulate, but it is pointless speculating in what are essentially worthless companies. Interserve's latest Balance Sheet shows net assets of £347.2 million, but goodwill of £434.6 million. Excluding goodwill (that doesn't have a tangible value) it means that liabilities exceeds assets. On top of this net debt stood at (£390.9 million).It always amuses me when investors are taken in by directors' positive statements; that is their job to talk their company up. So positive noises from Kier Group doesn't impress me as this is another negative company. Net assets excluding goodwill is negative at (£9 million and net debt stands at (£118.6 million). The last accounts showed a loss of (£21.4 million). These figures are not good, even if they are not as awful as some of their competitors, but the shares at over 1,000p are hopelessly over-valued.
farmerdave
31 Jan 2018
Re: Extra debt Capita rights issue ? IRV needs to get in before most peoples cash used up in other RIsFD
schwee
26 Jan 2018
Re: Too much debt IRV needs to get on with its RI. And they don't want to be shy either. Better to raise too much than too little, as then you are in a stronger position with the lenders, and buyers for parts of the business IRV want to exit.This was the strategy RSA successfully followed a few years back when they were almost down and out.
onewayticket
26 Jan 2018
Re: 120p Finish You know you want to.it was nice to see Kiers reassuring update yesterday.Own dd
cashflowjoe
25 Jan 2018
Too much debt The $350 million of private placement notes that were sold to US investors in 2014 are now changing hands at about 45 cents on the dollar. It is difficult to get a quotation on them because of their nature. However, holders are willing to sell at 45 cents on the dollar implying that is all they hope to get back. I guess in 2014 IRV was going great guns but in reality was borrowing too much and over reaching.Debt restructuring is the key and equity holders can not expect note holders to lose half their investment without some pain from them also. Debs is going to paint a rosy picture because she needs the price over 100p ideally 120p to 140p for a rights issue. She needs them to think things are ok because that is the only way to get a RI off the ground. I think the banks will insist on it and she would already know this. But to raise a few hundred million will really hit existing share holders even at these levels. Otherwise it will be debt for equity. Shareholders need to be very careful at this point.
