{"id":3890,"date":"2019-03-12T08:21:24","date_gmt":"2019-03-12T08:21:24","guid":{"rendered":"https:\/\/cita.co.uk\/news\/?p=3890"},"modified":"2019-03-12T08:21:24","modified_gmt":"2019-03-12T08:21:24","slug":"interserve-warns-shareholders-not-to-expect-better-deal","status":"publish","type":"post","link":"https:\/\/cita.co.uk\/news\/interserve-warns-shareholders-not-to-expect-better-deal\/","title":{"rendered":"Interserve warns shareholders not to expect better deal"},"content":{"rendered":"

Interserve warned shareholders last night that it has run out of time to improve on the present rescue plan before a critical vote on Friday.<\/p>\n

The debt-ridden contractor also confirmed it had held talks with it rebel main shareholder, Coltrane Asset Management, about looking at a better deal, but said the only proposal on the table remained the plan that left all existing shareholders with 5% of the business.<\/p>\n

Interserve issued a statement yesterday evening after reports that it may sweeten the present debt for equity swap plan for a second time to leave shareholders with a 7.5% interest in the group.<\/p>\n

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But the board quashed rumours about a last-ditch deal sweetener to win over Coltrane.<\/p>\n

The stage is now set for a nail-biting few days ahead of Friday morning’s crucial rescue plan vote.<\/p>\n

Interserve has warned that should it fail to gain shareholder approval, lenders would instantly place the group into a pre-pack administration, leaving shareholders with nothing.<\/p>\n

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The firm said the new pre-packed firm would continue to trade saving jobs and pensions, although there were no reassurances about where trade contractors and suppliers would stand.<\/p>\n

In ever more challenging exchanges, majority investor Coltrane has threatened to hold Interserve bosses personally liable for millions of pounds of losses should the firm fall into administration.<\/p>\n

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It is understood to have written to directors to warn them that it will take legal action for what it claims are disclosure failings and unfairly favouring lenders over shareholders.<\/p>\n

In the statement issued last night, Interserve said: “The board confirms that it has been in discussions with Coltrane and its lenders which have sought to establish the basis on which Coltrane would support the company’s restructuring proposal.<\/p>\n

“Although the board is seeking to improve the position of all shareholders, there is no certainty that it will be able to do so in the very limited time available.<\/p>\n

“The only proposal which is currently capable of being implemented is the recommended Deleveraging Plan through which, inter alia, shareholders will retain 5% of the equity of the restructured Interserve with the ability to acquire further equity through the open offer.”<\/p>\n

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from Construction Enquirer https:\/\/ift.tt\/2NWndlr<\/p>\n","protected":false},"excerpt":{"rendered":"

Interserve warned shareholders last night that it has run out of time to improve on the present rescue plan before a critical vote on Friday. The debt-ridden contractor also confirmed it had held talks with it rebel main shareholder, Coltrane Asset Management, about looking at a better deal, but said the only proposal on the […]<\/p>\n","protected":false},"author":1,"featured_media":147,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[9],"class_list":["post-3890","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-construction-enquirer"],"_links":{"self":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/3890","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/comments?post=3890"}],"version-history":[{"count":1,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/3890\/revisions"}],"predecessor-version":[{"id":3891,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/3890\/revisions\/3891"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media\/155"}],"wp:attachment":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media?parent=3890"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/categories?post=3890"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/tags?post=3890"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}