acsatix
13 Jan 2018
How about this "Coincidentally or not, Carillion recently changed the wording of its pay policy so bosses’ bonuses are protected in circumstances of corporate failure."Read more: [link]
acsatix
13 Jan 2018
Re: Injection of equity? "Afterwards the full weight of the law should be used to prosecute those responsible for the corporate collapse."Why afterwards? my take is that the moment this is bust or even before the people in charge should be arrested as there is material risk they may flee.... we are talking of criminal is it not?
Meanbugger
13 Jan 2018
Re: Injection of equity? My view is the shares will be suspended before the open on Monday morning. The Stock Exchange cannot allow a share to trade where there is so much uncertainty over current trading and the financial position of the company. I think the best outcome would be a 'soft' administration supported by interim finance of £300-£500 million from the government to allow trading to continue and disposals to take place. Carillion needs to shed loss-making overseas contracts as quickly as possible. Then valuable businesses such as the Canadian business need to be sold for fair value.I think there will be nothing left for CLLN shareholders but the Government needs to ensure a smooth transfer of PFI work to other contractors or take it in house. Secured creditors will be first in the pecking order but the government also needs to protect subcontractors and trade creditors from massive losses because of the extent they have relied on CLLN's government contracts. An outcome where unsecured creditors get 60-70p in the pound would be ideal - sharing in the pain but not likely to cause a systemic problem for the building industry.Afterwards the full weight of the law should be used to prosecute those responsible for the corporate collapse.
Bison722
13 Jan 2018
Re: Injection of equity? JakNife.......why is it you only post on companies that are about to go bust or do nothing but post negativity? You’re like a vulture always circling and looking out for that next corporate corpse then swooping down and squawking at any who dare be positive or merely trying to vent a bit of frustration about their losses, it’s human nature, but there is no empthathy in you what so ever, only snide vindictive comments What a joyful life you must lead and a top guy to be around
FRTEB
13 Jan 2018
Re: Injection of equity? "This is not a case of bog standard misfortune. Lies were told to the market, for years. The auditors appear to have swallowed whatever tosh they were fed by the management. " Exactly, LifeinPlastic. It's precisely because of the lies that I and many others were duped into investing in CLLN in the first place and continued to hold. Then things quickly got so bad that the share price crashed and there wasn't much point selling only to crystallise the loss - better to hold on and hope for a recovery. But it's been lies, damn lies and more lies all the way. What has happened is nothing short of criminal. Carillion was a FTSE250 company, not some kind of Nigerian scam. If we can't rely on the accounts of a major UK company then god help all of us.
SS18 ICBM
13 Jan 2018
Possible share price on Monday..... .....0p.
Kenj2
13 Jan 2018
Re: Not promising news unless HMG backs Cari... If that article is correct, I wonder if we will see a Pre-Pack Administration.Prices are low in a fire sale, and administrators charges are very high, so a normal administration is unlikely to pay off the loans. The banks could instead buy the company's assets and business at no cost, then form a new company to run the business. That way the banks stand a chance of recovering their money should the company later recover.And before anyone tells me that I don't know what I am talking about, that is exactly what happened to Mouchell. The company recovered and is no doubt now making money for the banks. The shareholders got nothing.
Kenj2
13 Jan 2018
Re: Injection of equity? I looked up the Phoenix Four. Directors were banned for almost twenty years.They pillaged and destroyed MG Rover and never faced any criminal charges.[link] directors are novices compared to the Phoenix 4 crooks!
stutes
13 Jan 2018
Not promising news unless HMG backs Carillion [link]
Kenj2
13 Jan 2018
Re: Injection of equity? Proving the directors lied rather than just being totally incompetent is no easy matter. Even when directors are brought to task, the punishments handed out are usually pathetic.Remember the Phoenix Four, who brought down car maker MG Rover, barred from being directors for a year or two if I remember right.
LifeInPlastic
13 Jan 2018
Re: Injection of equity? of course nobody forced people to invest.This is not a case of bog standard misfortune. Lies were told to the market, for years. The auditors appear to have swallowed whatever tosh they were fed by the management.
JakNife
13 Jan 2018
Re: Injection of equity? "Compensated by who?" You should be compensated by whomever held the gun against your head and forced you to buy the shares against your wishes.Nobody did that? You made the choice of your own free will? Oh dear ....
Ripley94
13 Jan 2018
Re: Injection of equity? Cashman.It must of been thought a call to investors would not be successful , there might of been a chance when thy won contracts after the massive fall then bounce .This to me does fell like lomin ( i think the South African government came in there , massive dilution and a rights ) That appears to have worked and it now has a takeover offer.Brewin Dolphin , Standad life & Kitearn Partners appear to hold 5% each.Have they been selling down ?Its on radio news every 10 mins or so
FRTEB
13 Jan 2018
Re: Injection of equity? "Compensated by who?" The FSCS presumably. This covers up to £50,000 for non-cash investments but I understood it covered nominee share account providers, for example, going into administration rather than directors lying, which is the case here. At the very least I would like to see the directors spending several years in prison, not that that would compensate me for my losses, which would not have occurred if the directors hadn't lied about the real financial position of company and/or if the accountants had done their job properly. You really couldn't make it up.If the FCA happen to read this then feel free to beat the directors of Carillion with a very big stick to set an example to the rest of the corporate world. I look forward to the court case.
trader jack
13 Jan 2018
Re: Injection of equity? Interesting,Certainly if Carillion are declared bankrupt then shareholders come way down the list of those who will be seeking recompense. As Kenj2 says, Tesco are at least a viable company and should therefore be able to dip into their profits to compensate us former small shareholders.Now, if the past and present directorship and management committees were to be made to pay back any bonuses received over the last 5 years or so and additionally fined for fraud and deception in addition the few pennies gathered to pay us poorer former shareholders some compensation would be a small but welcome piece of justice.TJ
