djark
26 Apr 2018
Share Price up 15% today Results due on Monday...What have I missed?
schwee
28 Mar 2018
Re: Bought in today 83p Maybe they are confident, but without the 2017 financials let alone an update for this year, you are very brave.To my mind the Board have been poorly advised for no doubt fantastic fees by the usual crop of City bloodsuckers: lawyers, accountants, investment bankers etc. To coin a phrase the Board should take back control.
fewdollersmore
27 Mar 2018
Bought in today 83p Do some work for this company. Management are confident of turn around this year.Worth a punt at this price, decided to buy today.
nk1999
24 Mar 2018
Peel Hunt From Citywire 23/03:"Opportunity in Interserve debt deal, says Peel HuntSupport services company Interserve (IRV) has arranged new banking facilities meaning it can go ahead with its recovery plans and a possible debt-to-equity transfer, says Peel Hunt.Analyst Andrew Nussey retained his ‘buy’ recommendation and target price of 140p on the stock after it announced an ‘agreement in principle’ on new banking facilities of £834 million to September 2021, which he said provided ‘comfortable headroom’. The shares rallied 13% to 99.3p yesterday on the news. ‘Although expensive, it provides Interserve with an opportunity to execute its recovery plans such that all stakeholder interests can be maximised,’ he said. ‘Our revised estimates - full year 2019 earnings per share reduced by 50% to 24p - reflect the arrangement and full warrant dilution. However, the implied 3.7x 2018 price/earnings is attractive given the potential self-help earnings per share recovery trajectory’.He added there was ‘the potential for a material debt-to-equity transfer given the free cashflow and disposal opportunities’. "
gallant02
22 Mar 2018
Re: News today I think this deal is better than many feared and represents a reasonable vote of confidence in the directors. I see reasonable scope for upside once the news sinks in albeit this will remain a volatile share for some time.
farmerdave
22 Mar 2018
Re: News today Debt up to £834m and finance expense £56m pa........Interesting restructure - main equity holders obviously would not go for a rights issue and debt holders did not want to just inject equity - they wanted to keep it on the IV drip in the hope that their debt could still come goodI would assume bits of the business will be sold off in the next year to try and repay the debt pile. Interesting daysFD
schwee
22 Mar 2018
Re: News today Surprised IRV did not at the same time publish their annual 2017 results, albeit unaudited, and give a year to date trading update.
nk1999
21 Mar 2018
News today Refinancing apparently agreed, with 20% of company shares being given away at 10p, and some increase in funding costs:RNS========== ========== ========== ========== ========== =="UPDATE ON REFINANCING Interserve announces that discussions with lenders and other financial stakeholders have continued to progress well, with agreement in principle on major commercial terms now reached. These commercial terms remain subject to credit approval from all providers before the new facilities are finalised. In addition, the lenders have agreed to extend the covenant test deferral date and the maturities of the financing facilities agreed in December 2017 to 30 April 2018 to enable the successful execution of all documentation required for the refinancing. The additional facilities comprise cash facilities of £196.6m plus bonding facilities of up to £95m. These new facilities will mature in September 2021. Existing debt and private placement loan notes will be amended to be co-terminous with the new facilities. Borrowings made under the incremental short-term facilities agreed in December 2017 and which now expire on 30 April 2018 (under which the Company has drawn £45m of the revolving credit facility) will be repaid out of the new facilities, once these are in place. In total, this means that the company will have cash borrowing facilities of £834m immediately following the refinancing completion and through to September 2021, subject to certain step-downs in the new facilities over the period. Pricing on both the new facilities, and the existing debt and bonding facilities have been renegotiated as part of the refinancing. It is anticipated that the total interest expense in 2018 will be approximately £56m of which circa £34m will be cash interest. The increased cost of bonding instruments already issued will be circa £3.2m, of which the cash impact is less than £1m. Additionally, as part of the proposed deal terms, the company anticipates that it will issue warrants to the providers of the new cash and bonding facilities to buy shares at 10 pence per share (the nominal price of each share). If exercised, this would provide the warrant holders with an interest of up to 20% of the post-issue share capital. We have, as part of this process, engaged extensively with the Trustee of the Interserve section of the Interserve Pension Scheme with respect to the new refinanced structure and their security protection. This has been agreed with them, subject to the finalisation of the required documentation. Debbie White, Interserve's Chief Executive, said: "Today's announcement is a significant milestone for Interserve and a major step in securing a firm financial platform to underpin the Group's future. We are encouraged by the support from our lenders in respect of these new facilities, which will allow the new management team to execute our business plan, focused on delivering a great service for customers, driving growth and restoring value."
swisspaul
09 Mar 2018
Re: Not a bad day and the swing today - me thinks Bots, or the insiders got it wrong
schwee
08 Mar 2018
Re: Not a bad day Insider dealing. Don't hold your breath for the regulators to take action.
swisspaul
08 Mar 2018
Re: Not a bad day Wot happened - is it news or bots
onewayticket
08 Mar 2018
Not a bad day
Ripley94
04 Mar 2018
Winnifrith De-ramping he wrights on blog rescue bid reported in telegraph .
SS18 ICBM
02 Mar 2018
A woman at the helm..... .....can only generate one outcome.
numberbiter
28 Feb 2018
Re: Capita on a rebound OWT, you say, do your own research. We I did a few months ago when I had this as a 'strong sell' at 99p. Now the shares trade at 57p. I am afraid this company has all the negative attributes as Carillion had and it must be odds on that it goes the same way.
